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August 05, 2013 at 02:27 PM
Why take on the role of an educator?
Because it’s key to helping a consumer have a better understanding of why saving, insuring and investing is an opportunity that lightens the burden of daily life, eventual retirement and the possible need to cover the cost of long-term care services.
Before consumers can think seriously about LTC finance, they might need to get the rest of their personal finances under some reasonable level of control.
As we know, financial services change over time and what was right at 30, may require adjustment at 45 or 50. So before you enter the picture, where does the education begin?
Parents play such a pivotal role for their children — important life lessons that are passed on from generation to generation.
My parents didn’t have much money. My mom and dad raised seven kids on $1.90 an hour for more than 20 years. But they had a plan and stuck to a daily budget. Their hard-earned money had to work for them in very creative ways. My siblings and I learned to do the same thing.
I was pleasantly surprised when I saw that a recent 2013 study organized by Genworth found that younger Americans (25 to 39) have a financial plan for their future and are just as likely as other age groups (40 to 50) to have a financial plan.
The finding is particularly insightful given the economic turmoil of the past several years, from the Great Recession to the Fiscal Cliff. The results indicate that younger people have taken heed.
