Americans struggle with financial literacy
Experts detailed how poor financial literacy could lead to disadvantageous personal finance decisions.
The experts indicated that despite being urged to make positive choices, Americans — especially those who have lower levels of income and educational attainment — are typically unprepared when making major financial decisions, according to a news report from CBS News. For instance, younger individuals are often tasked with deciding whether to take on student loan debt or get a credit card and employees must navigate the complexity of the retirement system. However, many Americans may struggle to make choices that provide value later in life.
The experts proposed regulatory changes to the personal finance sector designed to benefit Americans, including automatic enrollment in Roth retirement accounts that follow employees throughout their careers; mortgage portability and assumability, which allow individuals to move locations easier; and savings accounts with stable and transparent interest and fee rates. Having adequate opportunities to take the proper financial path would involve government intervention to ensure that personal financial products are easy to understand, safe and affordable, the experts said.
Read more: CBS News
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