Managing money successfully is no small feat, and recent findings suggest many Americans struggle with basic financial skills. According to the TIAA Institute’s 2023 Personal Finance (P-Fin) Index, financial literacy in the U.S. has hit its lowest point since 2017, with only 48% of adults correctly answering questions on personal finance.
Dr. Erika Rasure, chief financial wellness advisor at Beyond Finance, spoke with GoBankingRates.com and Yahoo! Finance for an article to address some of the most common financial myths she and her peers in financial therapy encounter.
Rasure emphasized that budgeting is “a tool, not a fix-all” and that its effectiveness lies in consistency, practice, and tailoring it to individual needs.
“It’s easy to be scared of — or feel restricted by — a budget. Yet, having one gives you freedom. With a budget, you know exactly where every dollar is going,” she said. “It creates a plan and empowers you to make saying ‘yes’ or ‘no’ easy. If a particular expense is not in the budget, it’s off the table.”
By shedding light on these financial myths, Dr. Rasure hopes to empower individuals to approach their finances with confidence and clarity.
As one of the nation’s largest debt consolidation organizations, Beyond Finance is dedicated to empowering consumers with a smarter path to financial freedom. Through tailored solutions, Beyond Finance helps clients reduce monthly payments, minimize interest impact, and achieve a debt-free life—using proprietary tools designed for transparency and ease-of-use.
About Beyond Finance, LLC
Beyond Finance, LLC, is one of the nation’s largest debt consolidation companies. In its commitment to providing clients with a personalized approach to move beyond debt, Beyond Finance provides simple and transparent solutions that help consumers lower their monthly payments, reduce the impact of interest, and reach a debt-free life sooner. Beyond Finance holds an A+ rating with the Better Business Bureau and was awarded with 3 ConsumerAffairs’ inaugural “Buyer’s Choice Awards” in 2024 for Best Customer Service, Experience with Staff, and Transparency within its category. Beyond Finance has offices in Chicago, Atlanta, San Diego, and Houston. For more information, visit BeyondFinance.com.