Facts, Stats & Financial Realities

Before we get into the book, can you relate or know of anyone experiencing these financial facts, stats and realities when it comes to money, debt, income and wealth? Check this out ...

FINANCIAL LITERACY

  • Over 70% of people couldn’t correctly answer 3 questions on interest rate, inflation and risk diversification, yet they rated themselves a 5 out of 7 in their financial knowledge.
  • The gap between perception and reality certainly creates a false confidence and mistakes when making critical financial decisions.
  • 64% of adults reported money as a significant source of stress with women consistently reporting higher levels of stress than men.
  • 47% of U.S. adults said money has a negative impact on their mental health, including causing stress. One of the most prevalent and enduring types of stress is financial stress. Would you agree?
  • Managing money has been especially difficult with the relentless financial constraints over the past couple of years: A global plandemic, a potential recession and persistently high prices. When keeping up with finances doesn’t go well, it seems like nothing else does either.
  • Do you understand the basics of interest rates, inflation and risk diversification?
  • Does thinking or talking about money cause you stress and anxiety? Do you know what that is?
  • Are you concerned about having enough in your bank account to pay bills?

SAVINGS

  • 60% of Americans would NOT be able to cover a $1,000 emergency expense with their savings. Financial emergencies without savings can force individuals to cut back on essential and non-essential expenses, potentially affecting their quality of life.
  • Do you have an emergency savings account?
  • Could you handle an unexpected expense of $1,000 or $5,000 without going into debt?

BUDGETING

  • 60% of U.S. adults do not have a budget, which is a fundamental tool for managing finances effectively.
  • Do you have a written budget? If yes, do you refer to and track it monthly?

RETIREMENT SAVINGS

  • An astounding 50% of adults 40-59 have less than $100,000 saved for retirement, not even enough to cover basic living expenses like housing, utilities, food and healthcare. And, 30% have NO retirement savings.
  • For people nearing retirement, ages 56-61, the average savings was only $21,000, nowhere near what’s needed to supplement Social Security and live comfortably.
  • Do you have enough, or even anything, saved up for your retirement?
  • Do you know how much money you need to live the lifestyle you want in retirement?
  • Do you have fears about future financial stability and retirement savings?

SOCIAL SECURITY

  • Nearly 40% of older Americans have no other source of retirement income besides Social Security. This means they have little to no supplemental income from savings, pensions, or investments.
  • 54% of adults believe they have a good understanding of how Social Security works, but their actual knowledge often falls short. And, 67% of future retirees did not know what factors to consider when deciding the best age to start claiming benefits.
  • Have you reviewed your Social Security Benefits and do you know what age is best for you to begin taking retirement benefits?
  • Are you planning on living solely on Social Security retirement benefits when you stop working?

INFLATION

  • Do you have a handle on how inflation affects your money today and for the future?
  • 42% of adults do not feel confident in understanding inflation and effects on purchasing power. Inflation can cause you to have inadequate savings, make investment mistakes, debt mismanagement and budgeting issues.

COST OF LIVING

  • 69% of Americans say cost of living has gotten worse in the last 3 years. 42% have less long-term savings and 34% are in worse shape with their investments.
  • Have you experienced an increase in your cost of living since 2020? If so, how has this affected your overall financial situation?
  • Do you feel that your short-term savings have improved, stayed the same, or gotten worse over the past three years?
  • How have your investments, including retirement savings, performed in the last three years? Have you noticed any significant changes?"

INVESTING

  • 68% of those polled did NOT feel confident about their knowledge of investing.
  • 45% of non-investors cited lack of knowledge as a primary reason for not participating in the stock market.
  • While 45% of Americans own stocks, only about 25% could correctly explain what the DJIA or S&P 500 measures. This indicates a gap between stock market participation and understanding of key market indicators.
  • Do you understand the basic principles of investing, such as risk and return, diversification, and especially asset allocation?
  • Have you ever invested in the stock market, bonds, or mutual funds? If so, how comfortable did you feel making those decisions?
  • Do you have a clear investment strategy or plan for achieving your financial goals?
  • Are you actively seeking to learn more about investing through books, courses, or professional advice?
  • Are you one of the many people who are unsure where to begin when seeking financial advice.
  • Do you know what resources are available to you or whom to trust?
  • Are you concerned about the perceived cost of financial advice and hidden fees?
  • Have you hesitated getting advice because of fear of judgment and pride?
  • Do you fall into the category of people that believe they don’t have enough money to start investing?

(THERE'S MORE INSIDE → FACTS, STATS & FINANCIAL REALITIES)

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LORI WILSON

YOUR MONEY COACH

For over 18 years, I immersed myself in the world of financial services as an advisor, mastering a broad spectrum of areas from insurance (i.e., life, disability, long-term care, health) to investments and comprehensive financial planning. Today, I'm dedicated to helping my clients improve their financial literacy, as too many people are so unprepared — not just for retirement, but for managing their day-to-day finances. This has to change. The ever lurking problem is that money does bring up both anxiety and fear, not just because people lack capability or the ability to grasp or understand money, but because financial literacy was NEVER TAUGHT to them, either by their parents, society, in school or a combination of those three.

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As a MONEY COACH, LORI WILSON is dedicated to helping you improve your financial literacy, as too many people are so unprepared, not just for retirement, but for managing their day-to-day finances. Lori's mission is to provide the financial knowledge her clients need to make clear, confident, and informed decisions about money. When you're ready to start your journey to financial mastery, you can call upon Lori to help.

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