The 2011 Retirement Confidence Survey was just released by the Employee Benefit Research Institute, EBRI. It reveals the current outlook and sentiments of American workers on their finances and their ability to retire. The report is filled with a variety of troubling statistics regarding the financial condition of most Americans.
Unfortunately, the vast majority of Americans will not have the financial resources to ever be able to retire. Therefore, they will be forced to work far longer than they had ever planned on working because most Americans have not planned or saved adequately for their retirement. The report also stated that over a third of the respondents guessed at how much they might need for retirement.
This report reveals the importance of financial literacy. Financial Literacy must become more than an annual proclamation. Financial literacy must become our own individual mandate and obsession in our lives. We must understand the importance of financial literacy in our own lives. More importantly, we must assume full responsibility for the outcome of our lives.
There are hundreds of government, state and non-profit agencies that promote financial literacy and provide financial literacy resources and classes. Many of these resources and classes are free. There are resources available for any age. Therefore, I feel it is not a lack of information that keeps us from achieving our financial goals it is a lack of will or personal commitment on our part.
I challenge you with a simple question – how much time do you spend each day watching TV, surfing the internet, interacting on social media sites vs. how much time do you spend each day reading or researching personal finance topics online to improve your financial literacy? What is more important?
I hope you will take the time to click on the link and read the key findings of the report and see how your sentiments and outlook on your ability to retire compare to the key findings in the report.
More importantly, I hope the report will inspire you to take action to ensure you secure your own financial future before it is too late. Your hopes, goals and dreams for your life are far too important to leave to chance hoping it all works out someday. Make the “someday in your life” a reality today by taking committed action every day to secure your financial future and goals for your life.
2011 Retirement Confidence Survey – Key Findings, Press Release
http://www.ebri.org/pdf/PR916.15Mar11.RCS-2011.pdf
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