Death, politics and religion are usually considered taboo conversation topics, but according to a recent study, they don’t rank as high as another topic: personal finance.
In the report released by Wells Fargo, Americans noted their reluctance to discuss the matter, even though 33 percent said they’re more concerned with their financial health than their physical health.
An article on thestreet.com
outlined the study and the implications of the results.
“Experts involved in the study say it's only natural that Americans shy away from money discussion -- but much like ignoring your physical health, ignoring your financial health is a significant life risk.”
The study also found that 40 percent of respondents have no idea what to do about their financial fears, citing a lack of motivation. The earlier Americans face these fears and begin putting a financial plan into action, the more they could potentially save for their financial future, which would ultimately result in less cause for worry.
A logical first step is opening and contributing to a retirement savings account. Here’s a special calculator
to help illustrate the difference just a year or two of IRA contributions can make in an investor’s portfolio later. Plug in some scenarios and watch how much more you could get out of your account by starting contributions just a year or two earlier.