One’s golden years should be rife with well, gold, but seniors can be ill-equipped to tackle their personal finances if they lack financial literacy.
According to a new FINRA study, lower financial literacy among seniors adds up to poorer decision-making, higher vulnerability to scams and lower psychological well-being.
“I find that roughly 45% of people in retirement lack financial literacy,” said Peyton Leonard, a finance expert with EffortlessInsurance.com. “A lot of times, they lack financial literacy because they are no longer in the workforce. They become comfortable in their retirement and forget the skills they used to have.”
Leonard likens the phenomenon to kids going into the summer break after the school year.
“All that they learned the previous year goes out the window,” Leonard said….