Americans clueless about 401(k)s
April 6, 2015 by Marlene Y. Satter
Americans like to think of themselves as financially astute, but 90 percent of those under 50 have no idea how much money they’re allowed to add to their 401(k)s.
This and other disturbing findings were the result of a survey from Fifth Third Bank, which also discovered that 44 percent live paycheck-to-paycheck and that they’re twice as likely to check social media than to check savings or checking account balances each day.
Sixty percent of respondents believe themselves to be up on financial matters, but their other answers belie that evaluation.
Originally Posted at LifeHealthPro on April 2, 2015 by Marlene Y. Satter.
Categories: Industry Articles
