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When Should Financial Literacy Begin?

April happens to be financial literacy month – something of which I think we would all agree that we could stand more.

The impact of financial illiteracy is not lost on the public, according to a recent poll - 89% of respondents agree that lack of financial education contributes to some of the biggest social issues our country faces, including poverty (58%), lack of job opportunities (53%), unemployment (53%) and wealth inequality (52%).

And if there’s a chorus that I’ve heard repeated time and again since I’ve been in this business, it’s the consistent notion that if only people were exposed to some level of finance basics BEFORE they got to the workforce, it would be a lot easier to help them prepare for retirement.

This week we’d like your thoughts on financial literacy – what, when, how much – and, of course, who.

Question Title

* 1. When did YOU start learning about finance(s)?

pre-Kindergarden

K-3rd grade

4th Grade - 6th Grade

Junior High

High School

College

That first 401(k) meeting...

Any comments?

Question Title

* 2. WHO first taught you about finance(s)? (there might be overlap with the prior question)

Parents

Relatives (who weren't parents).

A teacher.

A friend.

I was self-motivated.

A specific class at school.

Something else?

Question Title

* 3. WHY did you start learning about finance(s)?

Parents made a point of it.

Relatives (who weren't parents) had an opportunity.

A teacher provided those insights.

A friend got me started.

I was self-motivated.

I took a specific class at school.

Something else?

Question Title

* 4. When do you think we should start teaching kids about finance(s)?

pre-Kindergarden

K-3rd grade

4th Grade - 6th Grade

Junior High

High School

College

That first 401(k) meeting...

Any comments?

Question Title

* 5. Setting aside general financial literacy concerns, which of the following would you say is MOST important for 401(k) savers to know/master?

the importance of saving

how to budget

the impact/importance of the employer match

how to figure out how much to save

the magic of compounding

the impact of inflation

what a mutual fund is – and isn’t

the difference between stocks and bonds

how social security works

how to pick the right target-date fund

Question Title

* 6. Other comments about financial literacy, measuring financial literacy, the relevancy of financial literacy, interest in financial literacy, the lack of interest in financial literacy, the need for financial literacy, the impact of financial literacy, the impact of a lack of financial literacy, the obsession with financial literacy, or life in general?

Question Title

* 7. OK, last question; how're you doing (check all that apply today)?

I'm good.

I'm great.

I'm hanging in there.

There are good days & not-so-good days.

What day IS it, anyway?

I'm as good as can be expected.

want to expand on that?

Question Title

* 8. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Wholesaler

Consultant

Other (please specify)

Question Title

* 9. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 10. Suggestions for future survey questions? Seriously - what would you like to know about/from your fellow NAPA-Net readers? Or what would you like to be asked?

Question Title

* 11. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so (don't forget your email)!