Today there is a widespread need for financial education. People throughout the United States want to know how money works and how they can make it work for them. But it's hard to gain this knowledge - schools don't teach it and families rarely talk about it. The bottom line is if you don't understand the power of money, then you can't put it to work for you.
An understanding of financial fundamentals helps you make wise choices, and better manage and protect your money and your family. It empowers you to become more confident financially. When U.S. adults of all economic backgrounds are asked which of five basic financial concepts they understand, 82 percent say they understand at least one. The most understood concept is the importance of saving now versus saving later, which 77 percent say they understand. However, when it comes to more advanced financial concepts, less than half of U.S. adults express familiarity with them. For example, 49 percent say they understand the effects of compounding interest and only 30 percent say they understand the value of investment tactics.
How comfortable are you with key financial concepts?
Have you considered meeting with a financial professional? Financial professionals help people understand financial concepts and navigate the sea of financial products so they can better protect their families and secure their futures. Twenty-one percent of Americans already meet regularly with a financial professional. Their financial confidence grows, as they stay actively engaged in keeping their goals and dreams on track. With help from their financial professional, they are reaching critical milestones on their financial journey. In the process, they are also learning about key financial concepts and strategies that enable them to make better decisions about their futures. Many Americans are ready to positively transform their financial conditions, if they are not already doing so. Meeting with a financial professional can be a great starting point.
Your WFG financial professional can help you become more familiar with them to help you make better decisions about your future.