The #FridayFive: Building Financial Literacy
Do you follow @AmericaSaves on Twitter? If not, you may have missed out on great articles or posts this week about personal finance, savings, or news from America Saves and its campaigns. ICYMI, we share with you each Friday the top five pieces that highlight important topics for savers and partners alike.
This week’s #FridayFive are:
1. Education savings is on the brain here at America Saves HQ! This week, USA Today shared details from a recent study by Allianz Life of single parents' savings habits. They found that nearly half of single parent respondents "identified their children's education as their primary motivation for developing and executing a long-term financial plan." In many instances, this translates to: children's education now, retirement later...maybe. While we were excited to hear that goal-based savings played a significant role, don't forget that retirement savings can often be an easy "set it and forget it" means of future planning!
2. 85% of young people surveyed by TIAA-CREF indicated that they would want to have conversations with their grandparents about money and savings. Surprised? Whether it's saving for college, planning for a big purchase, learning to invest or simply learning how to save, having the conversation can help grandchildren of all ages learn smart lessons!
3. The Urban Institute recently revealed that 35% of Americans have accounts in collections, bringing up the ever-asked question: Why aren't people reaching out for help? In the 2014 NFCC Financial Literacy Survey, consumers admitted to the often false beliefs that have kept them from seeking assistance. Misconceptions about financial counseling, embarrassment, and fear of the impact on (perhaps already damaged) credit topped the list.
4. We certainly think that this could apply to many things in life, but when you're seeking out someone to help you organize your present in order to plan for your future, the last thing you want is someone who gets you further lost in the weeds. Credentials are important, but not the whole; find someone who speaks your financial language!
Einstein said "If you can't explain it to a six year old, you don't understand it yourself" - same applies to a planner #creditchat— Money Crashers (@MoneyCrashers) August 6, 2014
5. Credit myths are like hydras - just when you think you've squashed one, two more grow in its place. This one, however, is really intriguing and really calls attention to the fact that everyone has more than one credit score and therefore more than one credit report! #themoreyouknow, #amiright?
Thanks for joining us for this week’s #FridayFive! We’ll see you here next week.
- Written by Tammy G. Bruzon
- Category: Blog
- Published: 08 August 2014