Why is financial literacy so important today?
Major shifts in the economic practices in our country are the impetus for increasing financial literacy. According to Kristina Zucchi, CFA, in a recent Investopedia article, Americans have more financial decisions to make than ever.
Past generations relied on pension plans for retirement. As that practice has changed to a variety of retirement investment options offered by employers which rely on the employee to make decisions, there are more questions. This dynamic is complicated further by the fact that more products and options are available, including online options, and global markets which factor into decisions that need to be made.
The uncertainty of Social Security coupled with longer lifespans are also contributing to changes which require more progressive education opportunities.
It is critical to provide these options throughout the lifecycle–as children, high school students, college students, young adults and more mature adults–because needs and motivations continually change.
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