Financial Literacy – Generation Wealth

First in a series of age-related discussions about the financial, emotional and psychological aspects of life’s major money decisions.

Key Takeaways

  •  You’ve told us that financial literacy is one of the most important topics we cover in our newsletter, blogs and videos.
  • Financial literacy is the ability to understand how money works in the real world and the skill sets needed to make informed decisions about all of one’s financial resources.
  • April is National Financial Literacy Month and we’ll be sharing a number of educational resources with you about that important topic.

Financial literacy. You’ve told us again and again that it’s the most important area we’ve covered in our newsletters, blogs and videos. Thanks to your feedback, we’re doing a five-part blog series on this topic over the next month. Financial literacy covers all of the major decisions that take place in life. It’s about both the psychological side (the art) and the financial side (the science). The two sides are pretty much inseparable. Or as Wikipedia defines it: Financial literacy is “the ability to understand how money works in the world” and the skills and knowledge needed to make informed decisions about all of our financial resources.

Views on money start very early in life

As early as age three or four, we know that children start to build a psychology around money that’s heavily influenced by their parents and families. That’s where their education starts and those lessons (or not) tend to stay with us for our entire lives. We’ll have a whole segment on that.

Next, we’ll explore the financial literacy of Millennials—young adults born between the early 1980s and mid-1990s. Like earlier generations, Millennials are pursuing the American Dream—holding grown-up real jobs, buying houses and starting families. But financially speaking, they’re often starting life again. If they don’t understand the emotional and psychological aspects of money, then it’s a very good age to start the financial education process.

Next we’ll discuss the Generation Xers and Baby Boomers—the massive group of Americans age 30 to 65 who are driving so much of the money flow and activity. They have lots of decisions to make about children, families and college tuition, and often eldercare. They have a lot on their daily plates, but they still have to focus long-term on what kind of retirement they’d like to enjoy. It’s not easy.

Finally, we’ll get to current retirees. They’re concerned about making their money last. But they’re also having uncomfortable conversations about money and wealth transfer with their children, grandchildren, nieces and nephews. There are lots of decisions to be made. They may become disabled. Eventually they’ll die. There are estate issues as an estimated $41 trillion will be transferring to Boomers and Gen Xers in the coming years—that’s right I said trillion.


It’s not easy. That’s why we’re holding a March seminar called “Taking Charge of Your Wealth: For Those Who’ve Retired or Are About to Retire.” It’s an entrée to National Financial Literacy Month in April, and it will hit on many of the issues we discuss each week in our blog. For more information, go to the Events page or our website and then scroll down to “Seminars.”

Hope to see you next time as well as well as at our seminar. Enjoy. Gary  | 1-800-480-7913


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