An analysis of the importance of personal finance topics and the level of knowledge possessed by working adults
DOI:
https://doi.org/10.61190/fsr.v15i1.4844Keywords:
Financial literacy among working adults, Importance of personal finance topicsAbstract
This study attempts to identify the important questions in personal financial literacy and the deficiencies in employees’ knowledge in those areas. Surveying benefit administrators at 212 U.S. companies, we found that the participants rate retirement planning and personal finance basics as two important topics where there are deficiencies in employees’ knowledge. We also observed deficiencies in other areas such as investments and estate planning. In contrast, employees are relatively well informed about company benefits. The results suggest that educational programs should focus on improving employees’ knowledge in areas where deficiencies exist.
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