SAN DIEGO — We talk a lot about the retirement crisis in this country: whether it's in the form of underfunded pensions or 401(k)s.
But financial illiteracy poses as great a threat to a workforce that increasingly barely knows how to save, let alone retire. That was the problem panelists tackled in one of the last sesssions of the day here at NAPA's annual 401(k) Summit.
Consider: 60 percent of employees have no rainy-day fund whatsoever. And of those who do, 46 percent of them have less than $10,000 in savings. Collectively, we're a nation working under $1.2 trillion in student loan debt. Finally, the average household credit card debt is $15,279.
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