Two of the three most intimidating financial topics will surprise you
Why crypto isn't much more intimidating than two old-school topics.
Hi Friends,
The numbers always tell a story – and often with a plot twist we don’t see coming.
This week, we’re continuing our series on 2024 Financial Wellness Stats.
In our last note, we discussed the importance of focusing on financial health in the workplace. (Missed it? Drop a comment below and we’ll send it to you.)
Today we’re diving in to a new NerdWallet report about American financial angst and the most intimidating money topics.
According to the study, nearly 4 in 5 Americans (79%) say they find at least one financial topic intimidating. Top of the list? Cryptocurrency (32%), investing (30%) and budgeting (29%).
That’s nearly a three-way tie for the most intimidating money topic. What is mind-blowing is that investing and budgeting, two traditional financial health markers, are practically tied with crypto!
You would think crypto would be far more intimidating than both investing and budgeting – it’s newer and there’s technological complexity, volatility, security concerns, regulatory uncertainty, perceived risk, and misinformation to contend with.
So, why is there a three-way tie? Why isn’t crypto above and beyond THE most intimidating money topic? (As I would have suspected.)
Many Americans did not receive formal education on personal finance, investing, or budgeting in school or from their families. So a certain level of foundational knowledge was never instilled – and therefore these topics are basically just as intimidating as crypto.
It can be overwhelming when you don’t have the basics down.
I remember when I was writing “Launching Financial Grownups,” and my publisher wanted to cut the chapter on how to read and understand your paycheck. They felt that everyone knows that already. I held my ground and that chapter is one of the ones people always thank me for including.
Even if we know the basics ourselves, we should never assume that those we care about, including our team members, don’t need help in those areas. We can assume that they are likely embarrassed to ask for help, or don’t even know to ask for help.
The good news is, it’s never too late to gain control of your financial wellness. And it’s never too late for employers to offer financial wellness support to their employees, whether that’s a first step or a complementary program to existing efforts.
Our in-person workshops and virtual group Q&A sessions are designed with the basics in mind. Plus, we make it FUN so it’s not only educational, it’s entertaining. And that helps with content retention.
And to come full circle, the group settings take away the intimidation factor. Attendees know they aren’t alone in wanting to improve their financial well-being.
Reach out today to learn more, or put us in touch with your HR Leader or Employee Resource Group.
Lets connect on TikTok, Instagram, and LinkedIn and please share any ideas in the comments (or just say hi!).
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