Thursday, December 29, 2011

The "Gift" of Financial Literacy

MyFoxDetroit.com has an interesting take on how to turn holiday gifts into something bigger - finanical literacy.

The key point:


Christmas and birthdays are often a time when kids get a windfall of cash and gift cards. Should you let them run right out and spend it all? Whoa. Not so fast. An incredible teaching opportunity for your kids has just presented itself.

Thursday, December 22, 2011

New Year's Financial Resolutions

CouponCabin.com published a survey this week looking at financial resolutions for 2012. Near the top of the list were "paying off debt," "increasing retirement savings," and "saving."

According to the survey:

Thirty-seven percent of U.S. adults surveyed said they feel less financially secure than they did at the beginning of 2011, while 43% said they are neither more or less financially secure. More than one-in-five (21%) said when they look back at the start of 2011, they feel more financially secure this year.

Monday, December 19, 2011

Interesting Survey Regarding Financial Protection

New York Life sponsored a recent survey designed to measure a family's level of financial security. The survey focused in on how "protected" Americans feel.

Among the findings:


Thinking about any savings accounts, emergency funds, or life insurance coverage they may have, the majority, 53%, report that they are financially under-protected, with one in five (19%) believing they are severely under-protected. Just 46% describe their family as being protected when it comes to their finances, the survey revealed.
The survey is another in a long list detailing the lack of financial security felt by Americans. The problem is particuarly acute in middle- and low-income communities. In this survey, those with an income of $50,000 or more were twice as likely to feel they had adequate financial protection.

So what is the solution? Certainly increasing financial literacy is a step. But public policy makers - along with the financial industry - must also make certain that middle-income consumers have access to financial tools and resources.

Saturday, December 3, 2011

Solutions for Low Financial Literacy

This blog noted a study out last month ranking financial know-how by state. A Houston Chronicle columnist picks up on his state's low ranking.

The column hits on an interesting dilemma. Most of the public policy discussion around financial literacy focuses (rightly) on teaching financial literacy in schools. This piece has interesting ideas about how to reach adults who long ago left the classroom. One idea - employers.