Cheat Sheet – Eric McWhinnie
“Excuses are abundant when trying to comprehend why Americans don’t take better care of their money, but the source of the problem appears to be a distaste for education. As a nation, we consistently flunk the understanding of basic financial concepts. A recent study from the American College of Financial Services finds that eight out of 10 retirement-age Americans with at least $100,000 in assets failed a basic quiz on how to make their nest eggs last throughout retirement…Even with modern-day advancements and accessible education, America’s largest generation is failing to understand financial issues. The Financial Industry Regulatory Authority (FINRA) finds that only 24% of millennials are able to correctly answer four or five questions on a simple five-question financial literacy quiz. That figure drops to just 18% among those from 18 to 26. The Cheat Sheet recently spoke with Andrew Ferraro, CFP, CIMA, a Wealth Advisor at Strategic Wealth Partners, to better understand how young adults can improve their financial literacy. Let’s take a look at the top three things you need to know about building wealth and planning for retirement.”(more)