10 The State of American Finances
Commentary & Conclusions
The loss of asset value during the prolonged recession made it much more difficult for Americans to save and to set aside a nest egg to accumulate wealth and/or save college tuition for their children. This has fueled increased credit card use and more debt. Additional issues such as identity theft, data security and credit scores add to some financial concerns for consumers.
Many Americans are financially unprepared for an emergency, but still have trouble saving and believe a higher salary would solve their financial troubles. One of the keys to higher earnings through better jobs in today’s competitive economy is advanced education.
The good news is that there are a number of great opportunities for graduates. There are more high-tech jobs available that require specialized skill sets, and employers are offering lucrative salaries to those who qualify for these positions. Luckily our younger generation – which is also the most educated in our history – is responsible for starting a record number of entrepreneurial businesses that are creating many employment opportunities in the small business sector.
There is a powerful need for:
- 1 Job creation with cost of living wages;
- 2 More affordable higher education, and;
- 3 An increase in initiatives that promote widespread, comprehensive financial literacy for people of all ages.