Every few years, The Financial Industry Regulatory Authority (FINRA) conducts its National Financial Capability Study to better understand Americans’ knowledge about financial principles like compounding interest, diversification, bond prices, and more. One key indicator from this study is a five-question test of basic financial literacy questions.
On its most recent test, FINRA found a concerning result: only 34% of Americans could answer at least four of the five questions correctly.
There’s a startling lack of financial literacy in America today, and this can pose problems for both older and younger generations. For instance:
These statistics paint a picture of a country where most citizens — from Millennials to current retirees — could greatly benefit from financial education classes. Poor wealth management skills can limit your long-term goals and complicate retirement plans while exposing you to unnecessary risks. When it comes to managing your wealth, the TIAA Institute finds that people tend to be the least knowledgeable about topics related to financial risk.
A decision to retain a personal financial advisor can be a large commitment, and many people are understandably hesitant to take this route as their first step in wealth management.
Financial education is a lower-commitment option that can give you the skills you need to organize your wealth and put it to work. Much has been said about requirements (or lack thereof) for American children to take financial education classes in high school. While early education in financial literacy is certainly important, it’s never too late to master wealth management.
Just a single wealth management course for adults, with as few as two sessions, can give you the resources and insights needed to construct a personalized financial plan and realize ambitious future goals.
The Financial Educators Network™ connects adults with wealth management courses that help them build key fiscal skills. With FEN, It’s possible to master wealth management fundamentals quickly, in an objective, educational setting that is free from high-pressure sales tactics or commitments to financial products.
Our course attendees change the course of their financial trajectory under the guidance of instructors who are experienced practicing financial professionals, licensed and trained to provide wealth management services. Nonetheless, none of our instructors promote any financial products; they’re here to give you the skills you need to make the right decisions on your own.
Explore your options and find an in-person wealth management course near you or virtual course you can take from the comfort of your own home. Since 2001, more than 500,000 people have attended FEN financial education classes at colleges, schools, and universities nationwide, and now online everywhere.