Faculty Publications

Title

The Cost of Financial Illiteracy

Document Type

Article

Publication Date

4-3-2017

Abstract

April is Financial Literacy Month and everywhere you turn you see depressing statistics. Data taken from the Survey of Consumer Finances from the Federal Reserve Board shows that the median retirement savings for heads of households between ages 55 and 64 is a paltry $100,000. To put that into perspective, experts believe that even with Medicare, seniors may need up to $350,000 to pay medical bills.