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The Dynamic Landscape of Financial Education

SOFA NFLM 2016

Since 2003, April has been recognized as National Financial Literacy Month. It’s a 30-day period consisting of nationwide efforts to promote financial awareness and its benefits among all generations of Americans. As the old chestnut says, “knowledge is power,” and strong financial awareness empowers people to make good decisions about their future.

But on that note, just why is financial education so important? Unfortunately, studies show a widespread lack of financial awareness – and with it comes greater potential for shortfalls in Americans’ financial well-being. It’s a trend with tremendous implications for all Americans.

What Do the Numbers Say?

Year after year, studies are published showing the shortfall in financial literacy – and how this translates into lowered financial well-being. Consider the following:

• In the first-ever S&P Global FinLit Survey (a global survey with a test measuring financial literacy among adults), just 57% of American adults passed
• Study data from BankRate.com indicates 36% of surveyed adults don’t have a penny saved for retirement, and 25% of people aged 50-64 have yet to start saving
• The Employee Benefit Research Institute reports almost 60% of American workers aged 55 and over have less than $100,000 in retirement savings
• Institute data also shows almost 25% of these workers have less than $1,000 in retirement savings
• Not having enough retirement money continues to be a top concern (15% name as top worry), as reported by the National Foundation for Credit Counseling
• According to data from Champlain College’s Center for Financial Literacy, just seven of 50 states received an “A” or “B” in their efforts to promote financial literacy in the classroom
• The center gave 30 states a “C,” “D,” or “F” in their efforts to promote classroom financial education

In short, this gap in financial education leads to other shortcomings. Opportunities become more limited to accumulate wealth and to build a secure, enjoyable future. People deserve better, and equipping them with strong financial knowledge is the first step toward alleviating this trend.

What’s the Solution?

Good decision-making starts with solid financial awareness. But of course it doesn’t happen just overnight. Rather, it begins with understanding the fundamentals of financial management and money management. At SafeMoney.com, we’re committed to help investors achieve the retirement of their dreams, starting with helping people to make well-informed decisions through financial education. For National Financial Literacy Month, SafeMoney.com is partnering with the Society for Financial Awareness (SOFA) to promote financial literacy and help financial literacy across the U.S.

SOFA is a nationwide, non-profit organization with an extensive track record of helping countless corporations, organizations, and communities in the United States strengthen their financial knowledge. Since 1993, it has been a steadfast advocate for consumer education and bringing this to all Americans.

If you're ready for personal guidance with your retirement financial future, SafeMoney.com can help you. Use our Find a Licensed Advisor section to connect directly with an independent financial professional, and to request a personal strategy session to discuss your needs and goals. And should you have any questions or concerns, call 877.476.9723.

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