There’s a $6.6 trillion gap between the pensions and retirement savings of U.S. households and what they should have to maintain their living standards in retirement – and the gap is growing. Retirement Income Deficit report by Retirement USA
Only 14% of baby boomers have a written retirement strategy. Transamerica Center for Retirement Studies.
Financial decision-making can be influenced positively by presenting high-quality, non-complex information; providing incentives for good decisions; and facilitating the best use of available information in real-life situations. Altman M. Implications of Behavioural Economics for Financial Literacy and Public Policy as reported in the National Financial Capability Strategy.
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“The widespread deficit in financial literacy has raised a good deal of concern among government agencies, policymakers, and leaders in the community and business sectors. There are several reasons for this concern. First, the number and complexity of available financial products have increased dramatically in the past two decades, effectively transferring a higher burden of financial responsibility and risk to the consumer.”
National Financial Capability Strategy
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