Friday, April 13, 2012

Financial Literacy 101 – Part 1

Numbers matter:
•    46% of American workers have tried to estimate how much they will need to save for a comfortable retirement;
•    49.7% of adults in the U.S. can define ‘budget deficit’;
•    65% of Americans have not requested a copy of their credit report in the last year;
•    70% of Americans say that their inability to save enough money is a ‘significant obstacle to their achieving the American Dream’;
•    13 states require high school students to take a course in personal finance;
•    20% of teachers feel they are ‘very competent’ to teach a personal finance course;
•    $25,250 is the average amount of student loan debt owed by 2010 college grads;
•    $125,000  is the average amount that American workers 60 years of age and older have in the 401(k) accounts-enough to generate some $6,000 of annual income during retirement years, withdrawing no more than 5%/year.
These statistics from various sources as reported in the Chicago Tribune.
Gregory Karp, writing for the Tribune, reports that many/most Americans do not have the knowledge they need to make sound financial decisions—that is decisions about earning, investing, saving, spending and dealing with credit and debt.
In his article, Ted Beck, CEO of the National Endowment for Financial Education and Laura Levine, president and CEO of the youth financial literacy organization JumpStart Coalition agree that most of us need to improve our awareness of the basics of finances in order to make smarter monetary decisions.
If you are contemplating filing for a Chapter 7 or Chapter 13 personal bankruptcy, do not proceed without an experienced and knowledgeable bankruptcy attorney from Macey Bankruptcy Law at your side. For your free initial consultation, call us Monday thru Saturday and evenings at 800-260-1402 or log onto www.maceybankruptcylaw.com. 
And please read Part 2 for resources to improve your financial expertise.

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