Financial Literacy Low, Need for Financial Guidance High, and Geier Asset Management Answering The Call To Action
Financial Literacy Survey Reveals the Need for Advisors to Up Their Game
Financial Literacy Month has come to an end. However we are left with some very powerful data to reflect on. The National Foundation of Credit Counseling (NFCC) and the Network Branded Prepaid Card Association released the results of the 2013 Financial Literacy Survey. The survey focuses on American’s attitudes and behaviors relating to finance.
Not enough savings, not being able to pay financial obligations, health insurance, credit, and job loss were the top 5 financial concerns plaguing those consumers who participated in this survey (about 2,037 adults). The numbers in these categories are amazing! However, that was not what concerned me the most as a financial advisor. The numbers that were even more unsettling were those related to grading their knowledge of personal finance. 40% of U.S. adults gave themselves a grade of C, D, or F, and 78% agree that they would benefit from additional advice and answers to everyday financial questions from a professional.
Click on the link to read the article by Credit Union Magazine, and get access to the actual survey results.
So why aren’t they reaching out to a financial professional? What is holding them back? Lack of trust, myths such as “I have to have a lot of money to work with a financial advisor,” not knowing where to find a reputable advisor, fear of sharing something as intimate as your financial life? Whatever the reason, these numbers are alarming, and need to be reversed. This serves as a call to action to advisors everywhere. What can we do to help individuals and families take the next step with confidence and comfort?
We have decided to offer free one hour financial consultations including 401k and investment portfolio reviews during the month of June. Even if you just want to come in and ask questions relating to financial planning, retirement planning, saving strategies, refinancing options, or investing in general, we are ready and waiting. Let’s change the numbers! Give us a call at (410) 824-1853.