09/13/2023
Millennials in particular face unique challenges when it comes to managing money; 72% carry at least one student loan with an average balance of $34,000 while 19% spend more than they make each month.
Even worse 44% lack emergency savings and 37% owe more on their credit cards than what they can access in case of emergencies.
Unfortunately only 16% consider personal finance education important enough, which could explain why so few people take advantage from professional advice available out there – such as that provided by certified advisors who specialize in this field – even though it would be beneficial both financially.
And emotionally speaking, since 58% Baby Boomers believe Social Security will provide them with sufficient income during retirement years despite 30% workers being confident about having enough funds set aside once retired.
Finally, although majority (58%) insure property properly, car loans remain high ($19703) along with minimum payments made on time (32%).
On top off all these facts, those paying off balances fully every month represent just 30%.
