Financial literacy is something we try to reinforce with our clients at Beyond Finance. Our holistic support involves psychological understanding, financial therapy, and developing a customized plan that will streamline their payments for 24 to 48 months.
One subject that comes up frequently on our client calls and therapy sessions is not understanding how to handle money. It’s something that should have been taught in school or a topic brought up by our parents, but that’s usually not the case. There are elementary tasks like avoiding late payments, understanding an APR, and living within your means are usually in need of reinforcement.
However, when it comes to retirement lessons and how to prepare for those twilight years, our clients and a majority of Americans have serious concerns. In a recent Zippia survey, we learn only 57% of U.S. adults believe they are “financially literate.” Also, 77% are “financially anxious.”
A CNBC survey shows 56% of Americans who believe they are “not on track” for retirement. Additionally, only 11% report maxing out their 401(k) contributions. Regretfully, 46% of that group say they’re contributing as much as they can afford, the “Your Money” survey found.
That reality led Go Banking Rates creating an expert panel of financial professionals representing the entire industry. The financial therapist selected was Beyond Finance’s Chief Financial Wellness Advisor, Dr. Erika Rasure.
She talked about “keeping track of your financial progress” before you retire.
“Put your savings steps and goals on paper and keep track. Being intentional and making the process fun is a great way to visualize the progress you’re making toward retirement.”
For more information on this article, we encourage you to bookmark it and read it when you can. How confident do you feel about retirement lessons? How certain do you feel about your current financial situation? Sift through the Beyond Finance newsroom and blog when you can. You’ll find many financial topics and practical applications for a new journey with debt today.