GuideVine was featured on DailyMail.co.uk for a recent study they conducted on the financial literacy and long term financial planning goals for Americans.
According to new research, commissioned by GuideVine – a service matching people with financial advisors – focused on 1,000 people age 30 and over, it revealed:
- Less than half of adults over 30 can explain what a 401(k) is, while census data shows only a third of Americans are saving into one.
- One third do not know how inflation works
- A quarter of those polled don’t save money each month
- Thirty-six percent said a comfortable retirement isn’t on the cards for them.
Raghav Sharma, CEO at GuideVine, said, ‘The results of GuideVine’s survey, while alarming, aren’t shocking. GuideVine has helped thousands of people find the best financial resources, and time and again, the biggest barrier is low financial literacy and not feeling confident enough about finances and money to even know where to begin.
‘There is also a certain inertia to taking action. Unlike a broken bone where you’d immediately seek the advice of a doctor, people routinely postpone researching and making important long-term financial decisions.’
To learn more about finding a financial advisor please visit GuideVine.com