With back-to-school season fast approaching, a new survey from Edward Jones reveals it’s a worrying time for many households.
Nearly one-third of respondents said they have anxiety or stress around their current financial situation, and the start of the school year also highlights how the lack of financial education causes issues well into adulthood.
Only 20% of those who took part in the poll said they had received financial education at school, and 28% cite this as a reason for their financial anxiety as adults. Thirty-three states are currently requiring or recommending that high school students should receive financial education before graduating.
“Developing greater financial knowledge and confidence has to start earlier in school," said Vanessa Okwuraiwe, principal at Edward Jones. “Our data demonstrates that knowledge builds confidence — for example, roughly 60% of respondents believe they would be more confident in their financial situation with a better understanding of debt management — so it’s our goal to empower individuals to secure their financial futures.”
Among the key topics that poll participants highlighted as financial matters they would like to know more about are:
They also said that they have financial knowledge gaps around financial caregiving, student debt management, understanding certificates of deposit and investing in the capital markets.
Despite the desire for more information, more respondents said they rely on the financial knowledge of their friends or themselves rather than a financial advisor.
Edward Jones has a financial education program in collaboration with Everfi that aims to reach 1 million learners by the end of 2025.
“The back-to-school season can be associated with nerves and anxieties for a number of reasons, but lack of financial education does not have to be one of them,” Okwuraiweb added. “A new school year can be an empowering opportunity to learn new skills and take more control of your finances.
Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.
Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.
Auditors flagged the commingling. The COO allegedly knew. Investors kept getting the pitch
The advisors on the move include two brothers leading a family practice in Connecticut, and a husband-and-wife tandem working with business owners in the West Coast.
Business owners and their heirs may be making assumptions instead of having conversations, creating challenges for succession planning, according to new research.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
