There is a reason why we focus on educating our clients at Smart Financial. We want to ensure our clients understand retirement tools and how they can affect retirement. If only money came with instructions! If it did, the route toward financial security would be clear and direct. Unfortunately, many have inadequate financial knowledge, and for them, the path is more obscure.
The U.S. ranked fourteenth in Standard & Poor’s 2015 Global Financial Literacy Study, with just 57% of the country’s population estimated as financially literate.1
Obviously, the other 43% of Americans have some degree of financial understanding – but it is mixed with a degree of incomprehension.
Statistics aside, think about how a lack of financial knowledge hurts people’s chances to build or protect wealth. How about the employee who skips retirement plan enrollment at work, mistakenly thinking that a tax-advantaged retirement account is the same as a bank account? Or the small business owner puzzled by cash flow and profit-and-loss statements? Or the borrower who fails to grasp the long-term consequences of only making interest payments on a credit card or loan?
At Smart Financial we continually educate ourselves so we can provide the best customer service and pass that knowledge on to you. We stay on top of economic updates, tax law, market developments, Social Security, and much more. Consumers should as well. Ten years from now, you may find yourself in an entirely different place financially. The economy, the Wall Street climate, and even the investment opportunities ahead of you, could all differ from what you see today. If your financial knowledge is ten or twenty years out of date, you risk being at a disadvantage.
Financial literacy is not about prevention, but instead about empowerment. The more you understand about personal finance, the more opportunity you give yourself to make smart money decisions.
Here at Smart Financial we want to empower our clients and educated them as much as possible about retirement. To further empower yourself and friends, please take advantage of our educational seminars.
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
1 – marketwatch.com/story/should-colleges-require-a-financial-literacy-class-2017-04-03/ [4/3/17]
2 – investopedia.com/news/3-ways-improve-financial-literacy/ [4/21/17]
3 – marketwatch.com/story/most-americans-failed-this-eight-question-retirement-quiz-2017-03-23 [3/23/17]
Investment advisory services offered through Capital Asset Advisory Services, LLC., a registered investment advisor. Not associated with or endorsed by the Social Security Administration or any other government agency. Smart Financial does not offer legal or tax advice. Please consult the appropriate professional regarding our individual circumstance.