Financial literacy in Singapore slumps

Category: Basic Money Management
Published: Friday, 17 April 2015
Written by Admin

MasterCards financial literacy score is a measured through a weighted sum of three components: basic money management, financial planning and investment.

Myanmar scored higher than its peers in the savings category of Financial Planning, which the study attributed to the practice of saving amid a lack of social security benefits.

On the flip side, Japan was the biggest spender of savings and retirement funds. Organization for Economic Cooperation and Development statistics show that Japans household savings rate is around 0.6 percent of disposable household income, compared with 9.3 percent and 5.3 percent in Australia and South Korea, respectively.

Under the financial planning component, most of Asia Pacific countries scored highly under Save Regularly but have low knowledge of Retirement funds needed.

The lack of retirement planning should cause particularly concern, said Seshadri. It is not enough to provide access to financial services, we must ensure that everyone knows how to save, budget and invest so that their well-being can be secured over the long term.

Financial Literacy Education Needed

Category: Basic Money Management
Published: Monday, 13 April 2015
Written by Admin

Basic money management is a survival skill -- and the sooner its learned, the less chance our children will make financial mistakes that cripple them for years into their adulthood. During this legislative session, state Sen. Ted Kennedy Jr. introduced Senate Bill 319, An Act Concerning Financial Literacy Education, to start turning this situation around. If you care about our young adults having the tools and knowledge to successfully manage their financial lives, please tell your representatives to get behind this effort.

Marcie LaBelle,Manchester

Most College Students Have No Idea How to Manage Their Money

Category: Basic Money Management
Published: Monday, 13 April 2015
Written by Admin

College students are earning a failing grade in basic money management, a new survey by HigherOne and EverFi has found. Researchers studied the financial knowledge and attitudes of 42,000 college students across the US and found that few of them were keeping track of their spending or even concerned about paying bills on time. Nearly one quarter had credit card balances exceeding $1,000, and only 58% reported feeling confident in their ability to manage their money.

Even more alarming was students' performance on a test of basic financial literacy. On average, students provided correct answers to just 2.3 out of 6 questions. Today's college students are also less likely to keep track of bills, follow a budget, or save money compared to those surveyed in 2012.

Despite their limited financial knowledge, students are taking on more debt than ever to fund their education. People who graduated with debt in 2013 from public, four-year schools had borrowed an average of $25,600 to pay for college, 20% more than graduates a decade earlier, according to the College Board. Yet only 44% of students surveyed by HigherOne and EverFi said they were worried about the amount of money they were borrowing for their education.

Overall, the survey results point to the pressing need for better financial education among college students. But there was one relative bright spot when it came to students and financial knowledge. The researchers also surveyed 1,000 community college students and found that they were more likely to manage their money on their own, check their account balances, budget, and curtail spending when money was tight than their counterparts at four-year schools.

Schaub named Hancock Saves program coordiantor

Category: Basic Money Management
Published: Sunday, 12 April 2015
Written by Admin

Jenny Schaub has been selected as the new program coordinator for Hancock Saves. She replaces Amy Carles, who accepted another full-time position.
Hancock Saves is an affiliate of America Saves, a national organization focused on helping individuals increase savings and manage debt. The program is funded by United Way of Hancock County and is housed at the Hancock County Office of Ohio State University Extension.
Schaub has been involved with Hancock Saves since 2008 as part of the volunteer committee, providing advice, assistance and time with the programs provided. She holds a bachelor’s degree in communications from the University of Toledo.
Schaub has been a volunteer with Century Health, Hope House and the Hancock County Relay for Life, as well as Hancock Saves.
She will be responsible for increasing community support for Hancock Saves, coordinating classes on basic money management, debt and credit management, home ownership and other related topics. She will also focus on managing the United Way grant as well as soliciting other grant opportunities and developing partnerships with community businesses to support Hancock Saves programs.
A basic money management class is scheduled for 11:30 am to 1 pm April 29 at the Family Center, 1800 N. Blanchard St.
To join a class, or for more information, contact Schaub at 419-422-3851 or #x73;#x63;#x68;#x61;#117;#98;.69#x40;#x6f;#x73;#x75;#x2e;#101;#100;u.