Many consumers have little understanding of the long-term problems that poor financial decisions can create. One of the key reasons that many Americans struggle with making the right decisions when saving and investing is a lack of financial understanding.
Financial literacy is becoming increasingly important as more and more people manage their own retirement accounts, trade personal assets online, or carry various types of debt such as student loans, medical bills, and credit card debt. Credit cards are being used much more frequently, after all. A recent article states that “In 2019, credit use accounted for 24% of payments, up from 22% in 2017.” When it comes to credit cards, it’s easy to get into financial trouble.
A lack of financial literacy can negatively affect people in different economies at various levels of development. Any improvement in financial literacy can help people plan for the future. Recently, different factors have made it more difficult for Americans to manage their finances. Financial products and options have gotten more complex and harder to understand. Becoming more financially literate is challenging, but can greatly lessen these complexities.
If you have any questions about your current financial products, or if we can help in any way, please don’t hesitate to reach out to us.