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Community Response to the Need for Financial Education

Community Response to the Need for Financial Education. Kathy Stokes Murray Drafting the Blueprint for Women’s Retirement Security 2006 WISER Symposium. Response to the Need. American Savings Education Council Founded in 1995 Spearheaded by EBRI and the Department of Labor

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Community Response to the Need for Financial Education

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  1. Community Response to the Need for Financial Education Kathy Stokes Murray Drafting the Blueprint for Women’s Retirement Security 2006 WISER Symposium KSM COMMUNICATIONS LLC Be Heard.

  2. Response to the Need • American Savings Education Council • Founded in 1995 • Spearheaded by EBRI and the Department of Labor • Coalition involved 150 private sector businesses • Focus: build awareness on the importance of planning and saving for a secure retirement KSM COMMUNICATIONS LLC Be Heard.

  3. Financial Education Outlets • In the workplace • Workers are more likely to save for retirement through work than on their own • Employers that successfully engage workers are better able to attract, retain, and retire workers • At large • Let people know what they can expect from other sources, and what they must do for themselves KSM COMMUNICATIONS LLC Be Heard.

  4. 1995 58% had money saved 32% had tried to calculate how much they’ll need 2006 70% have money saved 42% have tried to calculate how much they’ll need Then and Now *Source: The 2006 Retirement Confidence Survey, EBRI IB# 292 KSM COMMUNICATIONS LLC Be Heard.

  5. Bottom Line • Behavioral finance offers insights into why people don’t act in their own best interests • Automatic retirement plan design helps overcome these barriers… BUT • Automatic defaults don’t teach people what they need to know to succeed in financial planning Financial education in the workplace remains as important as ever KSM COMMUNICATIONS LLC Be Heard.

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