As reported in USA Today, 80% of Americans aged 60-75 failed a retirement literacy test. The reaction of many readers was that high schools and colleges need to do a better job teaching personal finance. Blame was also placed on the shift from company-provided pensions to personal retirement accounts and longer lifespans.
Regardless the causes, the problem provides credit unions with endless community engagement and financial education opportunities. At CUNFL, we believe engagement and education occur on many levels via many platforms. We’re not alone in our assessment. Numerous studies point to the need in America for financial literacy beginning with early education. That’s why we created The Berenstain Bears Financial Literacy Program.
What solutions would you recommend?