As the market continues its run upwards, it is important to look down and see how real, everyday people are doing financially?
According to the Financial Literacy Council, the US national average scores 62.42% of all questions correctly. Only 3 in 5 people questions understood on the most basic of levels. This is such a basic test that a large majority of the questions involve goal setting. A sample question:
Many celebrities, professional athletes, and entrepreneurs—people who can afford to live their desired lifestyles—have goals for their personal and professional achievements. Why do these successful people set goals?
So, we must all look at ourselves and where we lack skills.
Financial Worries & Healthcare
Lack of financial preparation, but also the lack of financial support in terms of both insurance accessibility, and copay coverage, have become deeply troubling to the average American.
According to Value Penguin, ” Between 2010 and 2011, average premiums increased 9.6% for individual policies and 5.6% for families.” This as a single year, is astounding. Especially given that the average pay only increased 3.13% according to the Social Security Administration.
Obviously, political changes need to be made. However, in the meantime, personal financial changes must also occur. But, how will change happen if the average American lacks financial literacy?
The video below is several years out of date, and as such, inequality today is significantly worse today. Despite these flaws, it still provides an scary insight into what is occurring financially.
An easy solution to the improving this, strengthening personal finance skills. Only by investing will personal wealth grow and individuals flourish.
This problem extends to each of us. We must all learn. Political changes should occur. The American educational system should teach applicable skills like money management. Most importantly, we must all strive to save and invest.
To help encourage personal growth, The First Amendment Press will share resources and weekly articles to help individuals strengthen their pocketbooks and prospects for the future.