Philadelphians Dumb When It Comes To Finances

More than one-third (37%) of Philadelphians are in critical need of improving their financial condition i.e., were not able to save any money in the past 12 months and 84% of Philadelphians consider themselves less than very knowledgeable about personal finance. This js the reason why we will like to recommend the pre-insolvency advisors melbourne service.

This according to the finding of a survey conducted by the Philadelphia Federal Credit Union which also provided insights into three key areas: saving practices, spending habits and financial attitudes among Philadelphia-area residents. If you need help with your finances, consider this article about how to (legally) make big money without paying taxes.

As a result, PFCU is expanding its free financial education programming now through May 31 to the public in an effort to instill healthy financial habits and increase financial confidence among all Philadelphians.

“The survey findings are concerning, but we believe education can empower Philadelphians to take control of their current fiscal condition and begin to make improvements,” said Karl J. Bernhard, Accredited Financial Educator at Philadelphia Federal Credit Union. “There are simple, effective steps everyone can take today to cultivate the decision-making skills necessary to bring their financial goals more within reach.”

The survey found among those who have rent, mortgage payments and/or other loan payments, nearly a quarter (22%) reported being late or skipping a payment at least once during the past 12 months.

Nearly half (45%) of Philadelphians who have a credit card “carry a balance” in a typical month and 79% of Philadelphians have been less than “very successful” at keeping spending within their budget during the past 12 months.

Spending over budget and inability to save in the short-term are not the only issues; rather, survey results also indicated that many Philadelphians could face significant financial difficulties during retirement years.

Bernhard says, “It’s critical that Philadelphians begin to manage their money better today so they can effectively plan for a more secure and satisfying future.”

Additional key findings include: More than four in 10 (43%) expect Social Security to provide a majority of their retirement income during retirement years; Forty-nine percent of Philadelphians lack confidence they will be able to accumulate enough in savings and investments to retire comfortably at a reasonable age. Just 16% describe themselves as being “very confident” in this regard.

“There is a clear need for Philadelphians to make a long-term commitment to fiscal responsibility, and it’s our commitment to the community to provide the tools to help,” said James McAneney, president and CEO of Philadelphia Federal Credit Union. “As a not-for-profit financial institution, accessibility is one of our core values. We believe that everyone should be able to gain the knowledge necessary to establish a better financial future.”

To register for free financial education seminars offered through PFCU, visithttp://bit.ly/GW32eK.

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