Financial education helps people learn about savings, credit, and loans. It also helps prepare people for life changes and weather the unexpected. Financial knowledge is essential when planning for retirement.
So, how prepared are adults in the United States for their retirement? The National Endowment for Financial Education (NEFE) conducts polls on key issues, like retirement savings, that affect a person’s financial past, present, and future.
Here’s what we have learned over the past year:
In a financial well-being poll conducted during the COVID-19 pandemic, 85% of respondents confirmed that some aspect of their personal finances was causing them stress. For 31% of respondents–that concern was “having enough saved for retirement.”
In that same poll, 70% said they made financial adjustments due to the COVID-19 pandemic.
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