Financial Literacy

Financial Literacy Awareness Can Greatly Improve

Financial literacy awareness programs’ impact on retirement savings patterns seems to be headed in a positive direction. Numerous studies on financial literacy awareness conclude that such education efforts do, indeed, have a significant impact on retirement preparedness. However, other studies have found no clear correlation, showing that financial literacy education has changed behavior 0.1% of the

Financial literacy: An epic fail in America

For as long as he can remember, Zachary Beneda dreamed of joining the Air Force. But the 23-year-old senior at Texas A&M University, who will be headed to Japan after graduation for his first active-duty assignment as an Air Force support officer, got a rude awakening when he realized he’ll also have to begin paying

What Is Financial Literacy and Why Does It Matter to Me?

Financial literacy is a hot-button issue as memories still linger over the Great Recession and as millions of baby boomers hit retirement age, and as a legion of younger Americans battle skyrocketing student loan debt. How important is financial literacy? According to data from the National Financial Educator Council, “lacking” financial literacy and not having

7 principles for helping employees deal with financial stress

Employees are dealing with financial strain — and they may want some help from their employer to address it. The results of a recent survey on employer wellness programs from software company Welltok, reveals two important takeaways: · More than 60% of survey participants are seeking support from their employer for all aspects of health

Cultural Background Affects Americans’ Ability To Reach Financial Goals

In a December report, The Cut: Exploring Financial Wellness Within Diverse Populations, Prudential Financial builds upon the findings from their 2018 Financial Wellness Census. I spoke to Jim Mahaney, Vice President of Strategic Initiatives at Prudential Financial, about the report and its findings. The biggest takeaway is that cultural background and experience influences the financial standing of

Nearly Half of Older Americans Don’t Have Wills or Estate Plans

If you die, who will get your house, your savings, or, for that matter, your prized collection of baseball cards or that valuable antique clock? If you are like nearly half of Americans over 55, you don’t have an answer — or at least a legally binding one — because you have no will, according

Millennials and money — How employers can be a financial literacy resource

It’s clear that Americans need a little help with their money — in 2018 student loan debts reached a staggering $1.5 trillion crisis, employees continue to retire at a later age every year, and studies have shown that 65% of Americans save little to nothing of their annual income. One subset of the American population

Online Sources Which Can Help Women Gain Financial Literacy

The mortality rate of women has surpassed that of men. Women have to acquire more knowledge in financial planning as husbands or other male counterparts can no longer be treated as a ‘financial plan’. Women now constitute an important part of the working force; have more savings and thus spending power. So financial literacy is an important

Government shutdown highlights the need for financial literacy

The partial federal government shutdown showed us more than President Donald Trump’s willingness to deprive citizens of services, damage national treasures and place ordinary families under financial stress over a border wall that isn’t a cost-effective way to stem illegal immigration. It also illustrated that the recession hasn’t taught Americans nearly enough about managing their

Simple Strategies To Help Anyone Improve Their Financial Literacy

No one wants to feel like they’re scrambling for money every month, especially if they’re already working full-time and struggling to maintain a healthy work-life balance. However, that seems to be a common occurrence in today’s world of high spending and even higher debt. Despite the current financial climate, there are many simple ways anyone can improve

Will Robo-Advisors And Chatbots Eliminate The Need For Financial Literacy?

OBSERVATIONS FROM THE FINTECH SNARK TANK According to one banking industry expert: Traditional methods for financial education are a waste of time when it comes to helping Millennials plan for their financial futures--instead, credit unions should share financial advice that helps Millennials get through the week or month, and relaying that information through mobile platforms and

Shore up your financial literacy

Two-thirds of Americans can't pass a basic financial literacy test, according to a study of 80,000 people by FINRA Investor Education Foundation. That means the majority do not have the knowledge needed to make smart financial decisions, potentially costing them thousands of dollars over a lifetime in missed investment opportunities, debt, poor saving habits and

What we don’t know about finances is costing us

What we don’t know can cost us; and many of us have at least some idea of how much. Respondents to a survey conducted this month reported that their lack of knowledge regarding personal finances likely cost them an average of $1,230 in 2018, as reported by the National Financial Educators Council, a personal finance company

Hard Financial Planning Lessons Learned From The Government Shutdown

The Federal Government shutdown is approaching its fourth week. According to the Washington Post, over 800,000 American workers have missed their first paycheck. As the shutdown continues there are many unfortunate stories about the personal hardship thousands of Americans are facing. An unexpected loss of income is an upsetting personal and financial setback. As a financial

Early Training on Financial Literacy is Every Parent’s Responsibility

Life is hard enough just trying figure out who you are without worrying about financial woes. Parents often forget to teach their kids about the key elements of being financially savvy while their kids are young enough to embrace the idea.  Teaching good habits when kids are young provide a big payoff in the end.

Financial Stress on Employees can Cost Thousands

Financial stress on employees is a very large concern for employers. It not only causes stress for individual employees, financial stress on employees is also a noteworthy expense to companies, in the form of absenteeism, lack of focus while on the job, and lost productivity. John Hancock’s recent Financial Stress Survey revealed how financial stress on employees

What Does It Mean to Be Knowledgeable About Your Finances?

Did you know that: 76% of millennials lack basic financial knowledge. Two-thirds of Americans don’t understand basic financial concepts. For example, they can’t compute the interest on a $20,000 loan with a 10 percent interest rate. Americans are generally overconfident in their financial knowledge, only a few could score a top grade on a financial quiz. In a survey

401k Financial Wellness Hindered by Ongoing Debt Debacle

We’ve heard a lot about the shrinking middle class. Despite an economy with the highest level of corporate profits in years and record employment levels, people are struggling financially. Economic gains have mostly gone to those already well-off. Many of the newly created jobs boosting employment numbers are in low-paying service and retail positions. Wages

Financial Literacy and Financial Wellness Are Two Different Things

Financial literacy and financial wellness are not the same thing. Surprised? This author was, too. But it turns out there’s a major difference between being financially literate and achieving financial well-being. Essentially, there are some of the fundamental differences between financial literacy and financial wellness. Financial literacy means the education component — a term a

Millennials are already behind in their savings for retirement

Imagine a millennial fretting about the rising cost of avocado toast on the way to work, circa 2062. It's the scenario being floated by a new study from Aon that says millennials are already behind in their retirement saving. The report from the risk, retirement and health consulting providersays most won't be able to retire until