Survey Shows Americans Lacking in Financial Literacy
A new Bankrate survey shows Americans - especially millennials - prefer to sit on cash as their main method for long term investing.
The survey shows 40% of young Americans prefer cash and Americans overall choose it over the stock market or real estate. Financial analysts call the trend disturbing given the importance of investing for retirement. Fifth-Third Bank Spokesman David Hosick says they're attempting to boost financial literacy with their 10th annual Financial Empowerment Mobile eBus.
The bus is traveling to Terre Haute, Columbus, Bloomington, Lafayette, Indianapolis and Fort Wayne this month. Hosick says they partner with community organizations in an effort to reach underserved communities. Bankers counsel people on proper investing, credit, homeownership, budgets and foreclosure prevention.
Hosick says Fifth-Third Bank actually has two e-buses that have traveled nationwide and visited 150 cities in an effort to boost financial literacy.