Financial literacy is a big deal.
There is an understanding that to achieve security in retirement, people need to have the confidence and ability to make well-informed and lasting decisions about their finances throughout their lives. Nevertheless, only a fraction of households feel confident about retirement savings, and one-third of adults in their late 50s say they have failed to develop any retirement savings plan.
What is responsible for the low level of retirement preparedness? The absence of financial education is one critical role in retirement security. In this case, we must take the bull by the horns and change our mindsets and behaviors regarding financial literacy over the long term. Make it personal!