Americans Stink at Money Management

Here's a post that asks How Wise Are We With Money?

The answer: not wise at all.

Some key highlights (or lowlights, if you prefer):

• 3 in 10 have a long-term savings plan
• 2 in 3 adults don't have a budget
• 33% don't pay their bills on time
• 3 states require a personal finance class to graduate high school

As we've seen over the years here at FMF, this is just the tip of the iceberg. Pick any financial topic -- investing, retirement, emergency fund, etc. -- and there's way more bad news than good news.

It's amazing (in a bad way) that we are so bad off individually as a country when the basic concepts of money management are pretty simple to understand and implement.

What's the solution to this? Financial education? Forced savings? Eliminating the ability to borrow?

How about common sense, good judgment, and self-control?

Yes, I think I like those options better.

Comments

[Edward]

Please send me the URL to your new site. Thanks. Edward.

[Willie]

Please send me the URL to your new site. Thanks.

[Millennial Moola]

I saw somehwere that 62% of Americans dont even have $500 for an emergency. No wonder there is a pawn shop in almost every middle class and lower neighborhood in America

[Josh Stein]

Yeah, I've seen that stat as well - and the proliferation of such shops seems to indicate that this isn't inaccurate.

[Patricia F.]

Please send me the link to your new website.