Financial literacy is important. According to CNBC, 77% of Americans are anxious about their financial situation. Intuit tells us 65% of Americans have no idea how much they spent last month. Only 32% of American households have a budget for the month. If employees cannot make ends meet, whoever offers them more money will get their loyalty. Trained employees will jump from job to job. Knowing how to live within your means is important.

Our American culture does not help get this message across. If consumer spending is almost 70% of GDP, the economy needs people to spend, spend and spend some more to keep the numbers up. This is not limited to people making at or near the minimum wage. CNBC reported not only are 63% of Americans are living paycheck to paycheck, 47% of Americans with six figure incomes are doing the same. The need for financial literacy extends across the earning spectrum.

Once upon a time, talking about money was simply not done. Then came the popularity of investing and the financial news channels on cable TV. What people do with money became a spectator sport. The problem of not knowing how to manage money became compounded because of bad advice.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.