April is National Financial Literacy Month, an annual observation NAIFA wholeheartedly agrees with. But why is financial literacy important and what are we doing about it?
FINRA surveys consistently show that around two-thirds of Americans lack basic financial understanding, and their lack of knowledge is significant. Those who score higher on FINRA’s financial literacy quiz show a greater tendency to earn more than they spend, have an emergency fund of three-months’ salary or more, contribute to retirement accounts, and accurately estimate their retirement savings needs.
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