There is no federal standard for teaching financial literacy here in the United States, and while some states have made an effort to get more financial instruction into their school systems, the general consensus among planning experts is that more time and attention should be invested in financial education.
As things stand today, financial literacy is often left up to family or the individual. Without a systematic approach or access to high-quality financial advice, many Americans simply never develop a high degree of financial literacy, and their standard of living and retirement readiness both suffer as a result.
This dynamic is explored in a new analysis published by the Colcom Group, a consulting and accounting firm. The report suggests that even young professionals in the world of accounting and advice can have blind spots in key areas of basic finance, while members of the public are often only marginally informed about the steps and strategies they can utilize to improve their financial standing over time.
The good news is that there are now more tools and learning opportunities available to people at all phases of their financial journey. At the same time, the basic building blocks of healthy financial habits aren’t very difficult to teach. It just takes a little effort and commitment.
See the slideshow for a review of important early career financial habits — and how to teach them — drawn from the Colcom Group report.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.