Longevity Literacy and Financial Literacy
Longevity literacy and financial literacy are two important concepts that are becoming increasingly important today. While financial literacy has been a critical life skill for decades, longevity literacy is a newer concept that is gaining traction, as people live longer and need more planning for the future.
Financial Literacy
Financial literacy is the ability to understand and manage financial matters effectively.
It includes understanding topics such as budgeting, saving, credit, interest rates, investing, and managing debt. Being financially literate is important because it helps people to make informed financial decisions, avoid pitfalls with finances, and achieve financial goals.
Americans still have quite a way to go with financial literacy – thirty-six percent of Gen Z adults scored 51 percent on a financial literacy test, compared to 48 percent of millennial adults, 48 percent of Gen X adults, and 59 percent of baby boomer adults.
One-quarter of Americans say they don’t have anyone they can ask for trusted financial guidance. Forty-one percent say they look to parents, family, friends, or co-workers for answers to financial questions. Only 33.4 percent say they turn to financial professionals.
Find a trusted investment counselor to assist you to plan your financial future.
Longevity Literacy
Longevity literacy refers to the knowledge and skills necessary to plan for a longer lifespan. This includes understanding issues such as healthcare, retirement, long-term care needs, and even estate planning.
“As people live longer, learning about longevity has become increasingly important for individuals and families to plan for a financially secure future,” says Gary W Isler Senior Vice President of Investment at David Lerner Associates. Gary also mentions, “Financial decisions made early on can have a significant impact on a person's ability to plan for a long life.”
There are several ways in which individuals can improve their longevity and financial literacy. One way is to seek education and resources on these topics. Many community organizations, government agencies, and financial institutions offer courses and workshops on financial and longevity literacy, which can help individuals learn the skills they need to make informed decisions.
Another way to improve longevity and financial literacy is to seek the advice of professionals in these areas. Investment counselors, estate planners, and healthcare professionals can provide valuable guidance on planning for the future and making informed decisions. They can help folks understand their options and make choices that align with their long-term goals.
Longevity literacy and financial literacy are two critical skills that individuals need to plan for a long and financially secure life. By understanding the relationship between these two concepts, individuals can make informed decisions that will benefit them throughout their lives.
Improving longevity and financial literacy requires ongoing education and seeking advice from professionals in these fields. By doing so, you can set yourself up for a more secure financial future and a longer, healthier life.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc.
This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s personal circumstances.
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