Russell’s Take: More than 60% of Americans haven’t tried to figure out their retirement savings needs and more than half of us worry that we’re going to run out of money in retirement. But worse, a lot of us don’t have the knowledge to even start improving our finances. Equally as bad, more than 80% of Americans couldn’t correctly answer five simple questions about investing, inflation and interest.
Those and other sobering statistics come from Financial Capability in the United States 2016, a new wide-ranging study from the FINRA Investor Education Foundation (you can read a summary in an article on PlanSponsor.com). Unemployment may be low and the U.S. stock market may be near record highs, but it’s pretty clear that a lot of us need some help managing our financial futures.
As Marketers, we all can (and need) do more to help improve these stats. We can’t put money in people’s pockets directly or force them to save. However, we can continue to create new and engaging content to effectively educate people to make informed decisions – content that hopefully convinces them to create a budget, invest for the long-term and plan for the future.