Financial Finesse has announced today the launch of the Nation’s first Web site designed to combat financial illiteracy in America, offering resources for Americans to educate themselves on how to make important financial decisions and join efforts in the movement for mandating financial education in the US.
GetFinancialFinesse.org is a multi-platform resource center that combines education and advocacy so Americans can help themselves and their communities become financially savvy.
The site comes after a 10 year study on financial literacy among US employees by Financial Finesse, which has found that Americans’ lack of financial literacy has reached crisis proportions and will continue to create economic instability if not resolved.
Financial Finesses’ research has exposed a lack of financial education among US employees that is startling. Their studies have found that 86 percent of US employees have no idea if they are on track to retire and 73 percent of those studied aren’t sure if their asset allocation is appropriate for them in order to meet their retirement goals. The study also revealed that 53 percent of employees admit they don’t have any general knowledge of investment options. On a wellness scale of one to 10, created by Financial Finesse’s Think Tank of Certified Financial Planners™, US employees ranked a letter grade of “F” in basic money management, retirement planning, investing, debt management and tax planning.
The company’s research is compiled from employees of over 300 companies nationwide, typically average income-earning Americans. Considering the lack of financial knowledge seen in this range, financial illiteracy is most likely a worse problem in lower income-earning brackets.
“As a result of such poor financial knowledge, many American households are making irrational financial decisions and continuing to build poor habits that will worsen future economic conditions”, says Liz Davidson, founder of GetFinancialFinesse.org. The current crisis was brought on partly because millions of Americans were taking out mortgages they could not afford, over-spending, pushing their credit limits and invested too aggressively in the stock market or getting tangled in financial scams.
GetFinancialFinesse.org is the first Web site that combines current legislation and advocacy efforts in financial literacy with easy to understand financial education. The site includes unique features like:
- Updates on current, pending and considered legislation in financial literacy with information on how these laws affect everyday Americans.
- A large content library containing free and easy to understand resources such as articles, calculators, podcasts, personal assessments and other tools on financial topics that are easily attainable in five seconds or less.
- An interactive map and direct link to contact Senators and Congressmen and women with an optional email template so users can easily reach their states to advocate financial literacy.
“A more financially savvy America will mean less volatile markets and more responsible decision-making”, Davidson says. Financial Finesse’s behavioral change studies have shown that 93 percent of US employees who’ve participated in one of the company’s workshops have made at least one significant change to better their financial situation within 30 days of participating, and on average employees make at least three changes to better their situations. Employees reported their top three changes as:
- Reducing their monthly expenses
- Reducing their credit card debt
- Using the calculators and/or worksheets they received as follow-up materials from Financial Finesse.
“Educating Americans is necessary if we want to stabilize our economy and create a proactive nation,” says Davidson. “The movement toward financial education is such an important one because ultimately, our financial decisions rely solely on our financial knowledge and our economy relies on how Americans are handling their finances.”
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