February 5, 2015

Wealth & Financial Literacy Linked

Using data from 1,596 older adults in the national Health and Retirement Study, a university of Massachusetts researcher "found that advanced financial literacy levels, which include familiarity with stock market investments and investment risk, are associated with higher levels of wealth accumulation. In fact, respondents with strong financial literacy had, on average, $71,187 more than those with weak financial literacy." Kimberly Palmer explains the study at: http://money.usnews.com/money/personal-finance/articles/2015/02/04/the-secret-of-wealthy-older-adults
"For older adults who want to improve their financial literacy, Chae suggests seeking out local programs related to money management. In some communities with colleges and universities, students volunteer to help older adults through workshops and other programs. Websites, including myretirementpaycheck.org from the nonprofit National Endowment for Financial Education and the government’s mymoney.gov, are also helpful for DIY learning."So attend Financial Planning for Women each month.

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