According to a recent survey conducted by the Oppenheimer Funds, the following eye-opening findings were discovered about the American worker:
- 62% say they live paycheck to paycheck.
- 56% have an outstanding credit-card balance of $3,000 or more.
- 62% of women say they have not bought any investment products ever.
- 45% of women would buy 30 pairs of shoes before saving $30,000 in retirement assets.
- 65% of women and 48% of men said they do not know how a mutual fund works.
- Nearly 65% did not know that when interest rates go up bond prices typically go down.
- 38% of women have not started saving for retirement.
Such statistics may seem appalling, but they are a reality for most, especially the student loan debt laden members of Generation X. Add to the equation regular credit card debt, the cost of home ownership, the ever increasing cost of health care, and all of the other financial surprises life tends to send our way, it is easy to see how the findings noted above are truly reality.
How can we improve our outlook for a secure financial future? I believe the process begins with education and the willingness to begin taking action now. While it is true that there are no guarantees in life, I do believe we have the ability to determine our own financial destinies. The key is to just begin. Start today by enrolling in your company's retirement plan or by opening a savings account.
Even the greatest journey begins with one step. Take that step today, so we can make positive change for our financial futures.
