February 19, 2025

Personal Economic Consulting

Smart Investment, Bright Future

Saving for retirement? Financial literacy is the key to success

Saving for retirement? Financial literacy is the key to success

What is financial literacy?

Would you believe there’s a day set aside each year, recognizing the importance of personal finance?

August 14 is National Financial Awareness Day! It is a day devoted to increasing the financial IQ for everyone; from young people starting out to seniors who are well into retirement.

Financial literacy starts with an awareness of your own ability to effectively manage your income and expenditures. If you aren’t great at managing your money, there are tools out there to help you. 

Financial literacy helps people effectively manage their income and expenditures.

Financial illiteracy and seniors

Retirement does not happen by accident for most people. The decision is generally based on accumulated savings from all sources and access to affordable healthcare.

The numbers associated with Americans’ ability to save, however are discouraging. According to a 2024 Forbes report, 22% of Baby Boomers of retirement age are still working, driven by concerns over increased life expectancy, a changeable economy and lack of personal savings.

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