TIAA Reports Lower Retirement Savings
TIAA Reports Lower Retirement Savings: Surya Kolluri, Head of the TIAA Institute and Andrea Hasler, the Deputy Academic Director and an Assistant Research Professor in Financial Literacy at the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business, present an overview of financial literacy covering the five Ws: what, why, when, where, and who. It explains what financial literacy is, why it's important, and when and where people can learn about it. This video also discusses who needs financial literacy and offers some tips for improving financial literacy skills, such as setting financial goals, creating a budget, and seeking professional advice. Additionally, it provides a list of helpful resources for those looking to improve their financial literacy, including government websites, non-profit organizations, and books. The video concludes by emphasizing the importance of financial literacy in achieving financial well-being and security.
Key Takeaways
- Check if your employer offers a 401(k) or retirement plan match—not claiming it is essentially leaving free money on the table; aim to contribute at least enough to get the full employer match
- Use retirement calculators provided by your employer or financial websites to determine how much you should be saving monthly for your desired retirement lifestyle
- Start financial education early through accessible resources like Khan Academy, community libraries, and employer-provided materials, especially if you didn't attend college
- Plan for a potential 100-year lifespan—Gen Z especially needs to rethink the traditional education-work-retire timeline and consider how to manage multiple career changes and longer retirement periods
- Improve your 'working knowledge' of compound interest and basic financial concepts through scenario-based learning rather than memorization, since lower financial literacy correlates directly with being 3-4 times more likely to have debt and emergency fund problems
TIAA Reports Lower Retirement Savings: Surya Kolluri, Head of the TIAA Institute and Andrea Sticha, the research director for the Financial Freedom Initiative at Stanford University Graduate School of Business, present an overview of financial literacy covering the five Ws: what, why, when, where, and who. It explains what financial literacy is, why it's important, and when and where people can learn about it. This video also discusses who needs financial literacy and offers some tips for improving financial literacy skills, such as setting financial goals, creating a budget, and seeking professional advice. Additionally, it provides a list of helpful resources for those looking to improve their financial literacy, including government websites, non-profit organizations, and books. The video concludes by emphasizing the importance of financial literacy in achieving financial well-being and security.
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