Financial literacy. It’s a vital topic, given the need to save for retirement.
And there’s plenty of data to suggest that Americans could stand to get much better when it comes to understanding finances. To cite one recent example, a 2015 survey from McGraw Hill Financial showed that U.S. millennials aged 15-34 ranked just 21st worldwide in financial literacy, per the Wall Street Journal. Overall, Americans were 14th in the survey.
With greater financial literacy comes an increased realization of the need to save for retirement.
As Plexus Financial Services practice leader Allison Winge noted earlier this year, many Americans need to step up their savings – and fast.
“Overall, it could be an epidemic, quite frankly, for Americans to not have sufficient savings,” Winge said. “If you look at the average retirement savings, it’s gone up, so as an industry, we’re moving the needle a little bit, but not enough. Average savings, I think I saw a recent stat that it was around $90,000 — still clearly not enough for people to retire on. And with the number of baby boomers retiring, it could be very scary.
“I think we need a complete overhaul in our system, starting with not only what we’re doing from an employee benefit standpoint, but starting, very young, (with) financial literacy in schools. So PFS has actually gone through the National Financial Educators Council to be certified to teach financial literacy courses on budgeting, on teaching money concepts to kids, and hopefully we can make a difference that way.
Plexus Financial Services shares the vision of the National Financial Educators Council, an independent educational body that strives to “create a world where people are informed to make qualified financial decisions that improve their lives.” With the certification, PFS personnel will have the opportunity to teach grade-school children about basic financial topics. The hope? A new generation enters adult with a strong financial educational foundation – and the financial literacy they need to succeed.
For more information on PFS, contact us at 847-307-6222, or visit PlexusFs.com.
Disclaimer: Plexus Financial Services does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable; we cannot assure the accuracy or completeness of these materials.
Plexus Financial Services is located at 21805 Field Parkway, Suite 300, Deer Park, Illinois 60010. The company phone number is 847-307-6222.
Securities and advisory services offered through Plexus Financial Services LLC, member FINRA/ SIPC, a registered investment adviser.