Americans may benefit from focusing more on financial literacy

May 12, 2011

Many Americans may benefit from setting some time aside to review their finances.

April is Financial Literacy Month, and Money Management International has been making efforts to encourage the public to make a pledge to improve their financial wellness. However, many may not follow through with that pledge, financial advisor Joe Templin says in a column for Workbytes.

Templin says that even with the vast availability of information and financial advice online, many Americans have not planned properly for their financial futures. This problem follows through to important investments, such as life insurance.

"Even though there are more websites now that offer financial guidance and advice than there were life insurance agents a century ago, today one third of families own no life insurance," Templin says. "Those who do have life insurance have, on average, only enough to cover less than three years of salary."

In order to encourage individuals to evaluate their financial health and make plans to improve their planning if necessary, Templin has provided some advice. He recommends Americans commit to reading a financial article each day for the remainder of April in order to expand their awareness, spend two hours reviewing their financial situation and seek free financial education sources online.

Poor financial literacy can lead to unpreparedness for the future and, according to a recent survey, may contribute to the inability of some senior citizens to retire on time.  

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