Last week the National Financial Educators Council (NFEC) announced the results of its most recent financial literacy survey. A nationwide poll of 1251 adults revealed that less than 36 percent of people turn to a financial professional for help when they have a financial question.
The survey, conducted from September 26 to October 1, 2020, revealed that nearly 40 percent of Americans ask their parents, family, friends, or coworkers for guidance. Almost 25 percent of respondents said they didn’t have anyone trusted to turn to, while only 35.9 percent said they turned to a financial professional.
Financial Literacy Epidemic
Describing America’s lack of financial literacy as an “illiteracy epidemic,” the NFEC is driven by its mission to empower, “individuals and organizations that are seeking to build or enhance a financial education or coaching program by providing resources, training, and expertise that reduce the cost per impact, deliver measurable results, and maximize learner achievement.”
As Vince Shorb, CEO of the NFEC, commented, “It’s clear that people who don’t yet have money available to invest into real estate, insurance products, or equities lack access to qualified professionals to consult for financial guidance. It’s essential for people to gain access to guidance and solid information when they’re young, because the financial decisions they make as young adults will have direct impact on their financial futures.”
Treating the Financial Literacy Epidemic
Last month, NFEC launched a petition website to advocate for a comprehensive financial education program in all US public schools. Currently only 6 states require a standalone high school course in personal finance be taken, while another 15 states require personal finance coursework integrated into another course.
“Our children,” said Shorb, “should all graduate high school with the skills to be self-sufficient and the confidence to make good financial decisions.”
Follow this link to learn more about TeachFinancialLiteracy.org
About the NFEC
The National Financial Educators Council (NFEC) provides resources, advocacy, and research results to the financial education industry. A recognized thought leader, the NFEC sponsors think tanks and collects empirical data on financial literacy-related topics, with the central goal of discovering best practices to share with colleagues in the financial education arena.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Any tax advice contained herein is of a general nature. You should seek specific advice from your tax professional before pursuing any idea contemplated herein.
Securities offered through Lion Street Financial, LLC (LSF) and Valmark Securities, Inc. (VSI), each a member of FINRA and SIPC. Investment advisory services offered through CapAcuity, LLC; Lion Street Advisors, LLC (LSF) and Valmark Advisers, Inc. (VAI), each an SEC registered investment advisor. Please refer to your investment advisory agreement and the Form ADV disclosures provided to you for more information. VAI/VSI, LSF and CapAcuity, LLC. are non-affiliated entities and separate entities from OneDigital and Fulcrum Partners.
Unless otherwise noted, VAI/VSI, LSF are not affiliated, associated, authorized, endorsed by, or in any way officially connected with any other company, agency or government agency identified or referenced in this document.