Survey Shows Why FCUL Is Behind Educational Plan
A new survey has found most Floridians are financially conservative, but a significant number put themselves at financial risk by waiting too late to save, running up debt and other poor financial practices.
According to the survey released by a statewide partnership spearheaded by Florida's Chief Financial Officer, Tom Gallagher, The Florida Credit Union League joined with Gallagher's Department of Financial Services as well as the Florida Council on Economic Education, the Florida Insurance Council and the Florida Bankers Association to jointly sponsor and launch a new initiative, "Your Money, Your Life." This initiative was formed in cooperation with the state's financial industries and the Allstate Foundation. It will include public outreach, a media campaign and a comprehensive website at www.yourmoneyyourlife.org.
Among the findings of the survey, conducted by Mason-Dixon Polling & Research:
* About one in five Floridians has suffered a financial crisis due to job loss, divorce or illness, yet most say they don't contribute regularly to an emergency reserve fund.
* The No. 1 money concern of Floridians is having enough money to retire, yet one in four puts nothing aside for retirement each month and an equal number waits until their 40s or 50s to begin saving for retirement.
* Fewer than half of those under 35 invest.
* 44% of those with children have started saving for college.
* More than a third under age 50 say they are "living from paycheck to paycheck."
* 76% have started no new investments this year, and 78% have not added significantly to existing investment.