{"id":16369,"date":"2019-08-14T07:00:03","date_gmt":"2019-08-14T11:00:03","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/families-failing-to-discuss-life-insurance\/"},"modified":"2019-08-14T07:00:03","modified_gmt":"2019-08-14T11:00:03","slug":"families-failing-to-discuss-life-insurance","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/08\/14\/families-failing-to-discuss-life-insurance\/","title":{"rendered":"Families failing to discuss life insurance"},"content":{"rendered":"\n
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Less than a third of Americans say their families discussed life insurance or the basics of investing, a worrying statistic according to LIMRA<\/a> Secure Retirement Institute.<\/p>\n

Its study also found that only 13% of American adults feel knowledgeable about financial products and investments and that, while more than half of consumes cite their family as the top source of financial information, 58% said they wished their families taught them more about investments and other financial topics.<\/p>\n

Alison Salka, senior vice president and director of LIMRA research, said: \u201cMany Americans say they aren\u2019t confident they have the financial knowledge to make informed decisions about products that could help them secure their financial well-being.<\/p>\n

\u201cWhile families \u2013 particularly parents \u2013 were likely to teach their children about saving and budgeting, they were less likely to discuss life insurance or the basics of investing. Today\u2019s consumers face a more complicated financial reality than prior generations. It is important that people understand the financial risks they face and have knowledge about the different tools they can use to mitigate that risk.\u201d<\/p>\n

The LIMRA SRI research shows the concept of saving in general was the most common financial topic families discussed (77%). Nearly half (48%) Americans remember discussing monthly budgeting, saving for retirement, taking out loans and other debt, and how credit cards work.<\/p>\n

Consumers who say they have knowledge about financial products and investments are more likely to save for retirement. Financial knowledge had the strongest impact among millennials, with just over half (55%) who said they weren\u2019t knowledgeable also revealing they were saving for retirement, while 84% of millennials who did feel knowledgeable said they were saving for retirement.<\/p>\n

\u201cBeginning to save for retirement early in one\u2019s career can have a demonstrable impact on a person\u2019s retirement security down the line,\u201d added Salka. \u201cThe power of compound interest and time are undeniable. This is just one reason why it is important to start teaching children when they are young about financial matters, like saving for retirement and investing.\u201d<\/p>\n

There is welcome news for those with less dinner-time finance chat. Seven in 10 parents are at least somewhat interested in resources from financial services companies to help them educate their children about financial topics. When asked, parents say websites and online videos, such as YouTube, are the top two platforms they prefer to access information for their children. More than a third of parents with children under age 10 also said they would like to get information through online or mobile games, while parents of older children (ages 10-17) say they would prefer financial information taught in classes in local schools.<\/p>\n

\u201cOverall our findings show that consumers have an appetite to learn more about financial products and investments and to teach their children about financial matters,\u201d said Cecilia Shiner, LIMRA SRI associate research director and author of the study. \u201cIn addition to traditional online tools financial services companies currently use to help educate Americans about these topics, it is important that they develop age-appropriate, engaging materials that parents can use to teach their children so they can be better prepared to make sound financial decisions when they become adults.\u201d<\/p>\n

Read the original article at https:\/\/www.lifehealthpro.ca\/rss\/ <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Less than a third of Americans say their families discussed life insurance or the basics of investing, a worrying statistic according to LIMRA Secure Retirement Institute. Its study also found that only 13% of...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16369"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16369"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16369\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}