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Financial education is essential to help consumers save enough to ensure adequate retirement income and avoid high debt that can lead to bankruptcy, default and foreclosure.
However, in its 2019 report on the financial well-being of American households, the Federal Reserve Board of Governors found that many Americans are not ready to retire.
A quarter said they have no retirement savings, and less than 4 in 10 non-retired people think their retirement savings are on track. Of those with self-managed retirement savings, nearly 60% admitted that they were not very confident in making retirement decisions.
Financial education is a topic that has broad implications for economic health, and improvements can pave the way for a strong and competitive global economy.
Any improvement in financial education will have a major impact on consumers and their ability to secure their future.
Recent trends make it even more imperative that consumers understand basic finance as they are asked to bear more of the burden of investment decisions in their retirement accounts as they navigate more complex financial products and options.
Financial matters are not easy to manage, but once mastered, they can significantly ease the burden of life.
What is financial education
Financial education is the confluence of money, credit and debt management and the knowledge needed to make financially responsible decisions, decisions that are integral to our daily lives.
Financial education includes understanding how a checking account works, what it really means to use a credit card, and ways to avoid debt.
In short, financial education has an impact on the problems that a young family finds essential in the balance sheet is budget, acheter une maison, the financer l'education des enfants et de s'assure un revenu pensioned.
The lack of financial knowledge is a problem that does not only affect emerging or developing economies.
Consumers in developed or advanced economies also lack an understanding of financial principles to understand and negotiate the financial landscape, manage financial risk effectively, and avoid financial pitfalls.
Countries around the world, from Korea to Australia to Germany, are dealing with populations that fail to understand basic economic principles.
The level of financial literacy varies by education level and income, but there is evidence that highly educated, high-income consumers may be just as financially illiterate as low-educated, higher-income consumers).
And it seems that consumers are reluctant to learn. The Organization for Economic Co-operation and Development (OECD) cited a Canadian study that found choosing the right investment for retirement savings was more stressful than visiting the dentist.