50 Facts About Personal Finance in America You Need to Know
According to the Pew Research Center, 44% think it will take 3 or more years to recoup their losses for those financially impacted by the pandemic. In comparison, 10% believe their personal finances will never recover.
Some Basics of Personal Finance Planning
1. Financial Planning Improves Outcome
Financial planning exists to help people improve their personal finances. In fact, Savology found that households with financial plans are 2.5 times more likely to save enough for retirement compared to those without any plan in place.
2. Individuals with Financial Plans Feel Better
Having a financial plan makes individuals feel 83% better about their financial decisions and their overall financial situation after just one year.
3. Financial Planning Isn’t Common Practice for American
Research from Charles Schwab, among other sources, indicates that somewhere around 72% of households do not have a written financial plan.
4. American Millennials Lack the Financial Literacy Needed to Succeed
According to Nefe, an outstanding 76% of millennials lack even the most basic financial literacy to make informed decisions about their money.
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