Sadly, it is likely that you did not know that money habits of the average American reveal that:
Our collective debt best illustrates why we need to increase financial literacy in America. More than a third of U.S. adults worry they won’t save enough by retirement, student-loan debt increased to over $1.5 trillion nationwide last year and almost half of American adults say they lack enough money for emergencies.
Savings and investing go together these days, as 401(k)s and other nest eggs rise and fall in value as the markets gyrate.
But according to a Gallup poll, Americans’ opinions on long-term investments vary sharply – and reflect misconceptions – depending on income and age:
We seem frank about our financial shortcomings: Two out of five adults give themselves average or failing grades on personal finance. Moreover, only 33% of parents talk to their kids about money.
By understanding how to better manage money and make the most of limited resources, many Americans can improve personal financial situations. Where did you learn about personal finance – and do you keep trying to learn more?
We also appear ready and eager to inject financial literacy into formal education. More than half (52%) of teens want to learn more about handling money and are most interested in budgeting, saving, checking accounts and investing. Most (85%) American parents also think high school graduation requirements need to include a course in personal finance.
The Internet offers a wealth of information on finance – but when you don’t understand why you need to use it, you’re unlikely to pursue this information on your own.
Do so anyway and lift yourself out of these grim statistics – talk to your financial advisor and ask for some help.
Partner, Financial Planner
Mike enjoys getting to know and understand his clients and their needs. Mike guides clients through the financial planning process to help them identify their goals and create a plan to achieve them. His expertise is working with folks nearing retirement and young couples looking to save for retirement and plan for their children’s education. Mike retired from the Air Force in 2014 and went back to school as a non-traditional student at the University of Northern Iowa. He obtained a bachelor’s degree in accounting. Mike is a CERTIFIED FINANCIAL PLANNER™, and a member of the National Association of Personal Financial Advisors, XY Planning Network and Fee Only Network.
