President Of Knobull Reports Dismal Financial Literacy Capabilities In US

PROVIDENCE, R.I. - April 14, 2023 - PRLog -- Lynn Bentley, President of Knobull reported, "A new survey of more than 1,000 adults found that just 12% of Americans feel financially prepared for the future. 30% don't blame their apprehension on any lack of financial understanding."

Pessimism Persists Up to Retirement Age

Their just getting started, the second-largest group was Gen Z. Nearly 15% of 18- to 24-year-olds are confident they are covered.

Among those who are uncertain about their ability to manage money, 56% to 63% of every age group between 18 and 64 attribute their trepidation to not knowing enough about financial matters.

Whom Can You Trust With Your Financial Education?

Learn enough to make smart future money moves, you'll find no shortage of people, podcasts and publications that all want to become your go-to source of info.

Literally Anyone Can Become a Financial Influencer

According to the California Department of Financial Protection and Innovation, you shouldn't put too much stock in "finfluencers". The aforementioned celebs, for example, are accused of failing to disclose that they were paid for their endorsements.

Red flags include:

• Free offers
• Paid courses or training sessions
• Dubious claims like getting rich quickly, easily eliminating large debts in a short time or building a real estate empire with no money down
• Pressure to buy, join or subscribe

Stick With Fiduciaries and Sources That Trade on Their Reputations

That's not to say that all financial influencers are frauds. You can find credible financial and money-management regulatory bodies and established publications with long records of vetting their sources and verifying their facts — e.g., Forbes, Investor's Business Daily, Knobull Guides and Money Magazine.

But There Are Too Many Topics and Too Little Time

People avoid financial education because the sheer volume of subjects and strategies can feel confusing and overwhelming. Start simple. Before you dive into options trading and house flipping, build a foundation based on the fundamentals.

The Big Three: Budgeting, Saving and Investing

Budgeting, saving and investing are critical skills for individuals of all ages to learn. It's important to understand how to create a budget and stick to it, making smart decisions about spending and saving. By saving early and often, using compounding in your favor, you can grow your wealth over time.

Learn How Compounding Works Either for You or Against You

It means earning interest not only on your initial investment but also on the interest that accrues over time. The longer you save, the more your money can compound. However, it's important to remember that compounding can also work against you.

Nothing You Say to a Lender Will Speak Louder Than Your Credit History

Every individual should concentrate on building an excellent credit history. It involves managing your credit cards well and making payments on time.