It comes as no surprise that consumers in the Greater Philadelphia and Delaware regions are worried about their financial security. After all, rising expenses, shaky income prospects, and a seemingly uncertain economic climate can make it hard to keep your finances afloat — even for those with the best intentions. According to a recent study conducted by WSFS Financial Corporation (WSFS), 91% of respondents in the Greater Philadelphia and Delaware region said they were either “somewhat” or “very confident” in their ability to weather an economic downturn or recession. However, 34% of those surveyed said they were not confident at all that they could make it through tough times financially. The goal of the WSFS study, which surveyed 1,001 residents of the Greater Philadelphia and Delaware region, was to gauge the financial goals, confidence, and access of those 18 years and older living in the area.
Building Financial Confidence Through Education
In today’s economic landscape, financial stability is a top priority for many individuals. But, without the proper financial education, achieving this stability can be challenging. The recent WSFS study found that 44% of individuals felt they did not receive enough financial education and guidance about managing their money. This lack of education can lead to feelings of uncertainty and worry about one’s financial future. In the following discussion, we’ll examine the crucial role of financial education in fostering confidence and reaching financial goals. Through this exploration, we’ll highlight how financial savvy leads to a brighter, more secure financial future.
“Financial education plays a key role in building the confidence needed to achieve many major goals in life,” said Vernita Dorsey, Senior Vice President, Director of Community Strategy at WSFS Bank. “We understand the importance of working with the broader community to provide key lessons to students and adults of all age ranges. Learning is lifelong, and I encourage consumers to use tools like the WSFS Knowledge Center for tips and resources, in addition to our in-person Associate led workshops to further build their financial confidence.”
Financial education is crucial in building confidence when it comes to managing money. Without the knowledge of basic financial concepts, individuals may feel uncertain about making informed decisions related to their finances. The recent WSFS study found that 43% of individuals received their financial education from banks and financial service providers, while 42% received it from various online sources such as websites, blogs, social media, and podcasts. It is important to note that there are many resources available for individuals to educate themselves on financial matters. Online resources can be especially beneficial as they provide access to information at any time, from anywhere.
When it comes to financial goals, having the knowledge and confidence to manage money effectively is paramount. According to the recent WSFS study, the top financial goals for individuals in the Philadelphia and Delaware regions are building an emergency fund, increasing savings in retirement accounts, and paying off debts. By understanding the importance of these goals and having the knowledge to achieve them, individuals can take steps toward financial stability.
One key aspect of financial education that is often overlooked is understanding credit scores and reports. These reports are essential in accessing loans and mortgages and can impact an individual’s ability to secure employment or rental housing. Understanding credit scores and reports can be daunting, but there are many resources available to educate individuals on how to improve their score and how to dispute errors on their reports.
In addition to understanding credit scores and reports, it is also crucial to educate oneself on investment options. A lack of education in this area can lead to poor investment decisions or missed opportunities for financial growth. Individuals should take the time to research and understand investment options, such as stocks, bonds, and mutual funds. With knowledge of the risks and returns associated with each investment option, individuals can make informed decisions about where to allocate their money.
In conclusion, financial education is essential for building confidence and achieving financial goals. The lack of financial education can lead to feelings of uncertainty and worry about one’s financial future. In the Greater Philadelphia and Delaware regions, building an emergency fund, increasing savings in retirement accounts, and paying off debts are the top financial goals. By understanding the importance of these goals and having the knowledge to achieve them, individuals can take steps toward financial stability. Remember, with the plethora of resources available, educating oneself on financial matters is achievable and will help build the confidence needed to make informed decisions about money.
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This article is intended for informational, entertainment or educational purposes only and should not be construed as advice, guidance or counsel. It is provided without warranty of any kind.