Tags: Springleaf | dentist | finances | paycheck

Survey: 17 Percent of Americans Would Rather Visit Dentist Than Learn Finances

By    |   Friday, 14 November 2014 01:26 PM

Various studies have confirmed the inadequacy of savings for many — if not most — Americans. And many of us apparently aren't too interested in learning how to do better.

A new survey from Springleaf Financial shows that 17 percent of the 2,010 U.S. consumers surveyed would rather visit the dentist than spend only 30 minutes learning how to manage their money.

"We are concerned that so many Americans aren’t willing to take the time to learn the skills they need to make better financial decisions," says Dave Hogan, head of marketing and analytics at Springleaf.

"The study serves as an eye opener to just how critical financial education is among today’s adults and how far we still have to go."

The survey also reveals:

• 43 percent of the respondents say they can't survive more than one month without a paycheck.
• 19 percent note they could not miss a single paycheck without having to borrow money or sell assets.
• 26 percent say they save inconsistently, rarely or not at all, and the total is a hefty 20 percent for those earning more than $200,000 a year.

Meanwhile, CNBC offers five ways to enhance your financial situation for retirement.

1. "Capture savings opportunities." If you have children, you generally are free of financial responsibility for them at some point in your 50s. Take advantage of that extra cash to save for retirement.

2. "Aim to max out your 401k, IRA and other tax-advantaged accounts." Workers 50 and up can contribute extra to their 401k accounts in an IRA. So do it if you can.

3. "Hang on to your job just a little longer." The longer you put off retirement, the more wealth you can accumulate by the time you get there.

4. "Strategize Social Security." The rule of thumb is that the longer you wait to collect on Social Security, the better, because that allows time for your benefits to build up. But if you need money soon, you may not have a choice.

5. "Curtail expenses." It always bears repeating that the less you spend, the more you can save.

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Various studies have confirmed the inadequacy of savings for many — if not most — Americans. And many of us apparently aren't too interested in learning how to do better.
Springleaf, dentist, finances, paycheck
352
2014-26-14
Friday, 14 November 2014 01:26 PM
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