(InvestigateTV) — A recent NerdWallet study found 47% of Americans lack confidence in their financial decision making.
The study also found that money skills tend to grow with age, income and education.
Melissa Lambarena, a personal finance expert with NerdWallet, said 30% of Gen Z says they’re confident in their ability to make good financial decisions compared to 39% of millennials, 47% of Gen Xers and 62% of Baby Boomers.
“Many of us don’t get financial education in schools though,” Lambarena said. “This is something that we figure out as we go along with different financial needs or milestones that we have to meet. And a lot of times we have to figure it out on our own or refer to sources online that might not always have the best or correct information.”
Lambarena said there are so many ways to build financial confidence. People can refer to their bank or credit union for online resources or even workshops that might teach them how different financial products might work.
Libraries sometimes hold these workshops as well.
“There are also free or low-cost apps you can use to stay on top of your finances and learn how to build healthy financial habits,” she said. “The financial planning associations may also offer free pro bono services if you can qualify.”
Those that look for financial information online should remember to double check sources and do their research. They should also consider checking in with a reputable professional who has the proper certifications to advise them, like a good financial planner.
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