Many people ignore the financial world because they do not understand it or because they find it stressful. However, it is vital that you know what is going on in the world of finance and how this could affect you. Then, here are some key statistics about wealth you need to know. They could be the encouragement you need to care for and be proactive about your finances.
1. Many People Do Not Plan For Retirement
It was found some years ago that more than half of Americans did not have any retirement savings. The data has barely changed, with the latest stats showing that the average American saves just over $5,000 for their retirement, which is only a fraction of their annual wage. Not only this, but 40% of Americans say that they are behind on their retirement savings, leaving many people worried about the future. You can turn this around by looking for the best retirement plans around now and by contributing to any workplace pension that is offered to you, with only 56% of workers currently doing this.
2. Very Few People Have an Estate Plan
Estate planning is essential so that your money can go to the right place on your death and so your wishes can be followed. However, there are lots of people who do not have an estate plan, even those who have a lot of assets. In fact, only 43% of millennials have participated in estate planning. Estate planning is for everyone, though, and can prevent arguments over your money if you were to die unexpectedly. By planning your estate, you will be able to alleviate any worries and concerns that you have, and you will be able to check that they are legally certified. This means that you should look into the top estate planning strategies today.
3. Financial Advisors Should Be Used More Often
Only 37% of Americans last year saw a financial advisor. However, you should think about hiring a financial advisor even if you do not have a lot of money or are not making your ideal wage yet. They will be able to help you to make the best decisions with your wealth from the very start and set you up for success. They might be able to talk to you about possible investments you should make and tax strategies, meaning that you never miss a trick to make the most out of your money. You should not go for just any financial advisor, though, and you should check that they are reliable and that they have left an array of happy customers in their wake.
Rather than remaining in the dark regarding your finances, you should instead open your mind to the facts. The facts when it comes to the world of finance are shocking, especially when you consider just how essential a happy bank account is to your ability to thrive and have an excellent quality of life. By knowing the data, you might be able to make positive changes in your life.
