“Across multiple measures of financial capability, the FINRA Investor Education Foundation’s research shows persistent and widening gaps between those who are prospering and those who are struggling—despite improvements in the economy since the great recession 10 years ago. Separately, the majority of Americans have not tried to determine how much they need to save for retirement, even as just over half (51 percent) express worry about running of money in retirement,” said Gerri Walsh, President of the FINRA Foundation. “America Saves Week and Military Saves Month not only introduce and reinforce basic personal finance concepts, but also motivate Americans to automate savings whenever possible and foster financial wellness.
Financial literacy levels among Americans are alarmingly low, and nearly half of Americans have not set aside money to cover expenses for three months, according to the FINRA Foundation’s most recent financial capability study. These findings signal a great need for targeted financial education programs that raise financial knowledge, particularly in the workplace, to help individuals save and invest to reach their financial goals.”
-Gerri Walsh President, FINRA Investor Education Foundation Senior Vice President, FINRA
January 13, 2020