Lack of Financial Literacy Can Cost Americans Thousands

0
704


By Javier Simon
The benefits of compounding earnings on investments are common talking points when it comes to encouraging people to save for retirement through employer plans or individual retirement accounts (IRAs). However, a lack of financial knowledge can also have a snowball effect that causes money to deteriorate rather than accumulate.
According to the latest study by the National Financial Educators Council (NFEC), 28.8% of Americans at least 65 years old reported that lacking knowledge about personal finances caused them to lose $30,000 or more in their lifetime. While this is typically considered retirement age today, the detrimental effects can become much worse as studies show that Americans are concerned about funding living longer and many are choosing to retire later, often to negative results.
Read the Full Article at www.plansponsor.com >>>>

ATTENTION READERS

We See The World From All Sides and Want YOU To Be Fully Informed
In fact, intentional disinformation is a disgraceful scourge in media today. So to assuage any possible errant incorrect information posted herein, we strongly encourage you to seek corroboration from other non-VT sources before forming an educated opinion.

About VT - Policies & Disclosures - Comment Policy
Due to the nature of uncensored content posted by VT's fully independent international writers, VT cannot guarantee absolute validity. All content is owned by the author exclusively. Expressed opinions are NOT necessarily the views of VT, other authors, affiliates, advertisers, sponsors, partners, or technicians. Some content may be satirical in nature. All images are the full responsibility of the article author and NOT VT.
Previous articleTiny houses for veterans: Upstart project moves ahead, ruffling some in old guard
Next articleVeterans Make Great Entrepreneurs