Businesses step in to help adults seeking financial literacy

Navigating finances and managing debt can be tricky and detrimental. That is why many adults are seeking help with financial literacy.  

"What ends up happening is people use credit in place of having that emergency fund because they didn't plan or predict these things," said financial consultant Zoe Abbott, who created a business to help others facing money issues.

Abbott said her business helps people feel happy about their finances through education, free seminars, and free one-on-one appointments. 

She said she saw the toll of financial stress on her own family. 

"My father filed bankruptcy three times in my life before he passed away, and he actually passed away in his 50s of a stroke amid his third bankruptcy, and it was just so shocking, and I just saw him struggle with money his entire life and money related things," said Abbott.

Abbott said financial issues can carry over into the workforce. Having a lot of stress can affect someone's performance if they don't feel like they are cared for, Abbott said. 

One study found a majority of workers are facing at least one source of significant financial stress. 

"That used to be a lot different before. You know you could be at the same job for 30, 40 years, retire, pension, retirement, social security. Nowadays. it's not like that," said Abbott.

The pandemic only magnified that stress. Abbott said it made it more clear that people need to take control of their savings and investment plans. 

Financial literacy programs offered by companies are becoming appealing for employees.

"If employers actually were to push education and push people to really start creating and setting something else up outside of that it's awesome. Because the average person doesn't work at a job for more than seven years now," said Abbott.

Getting your financial house in order can help in other areas of life. Abbott said having the knowledge can put you more in control. 

For more information about Zoe Abbott, https://thezoeabbott.com/.

For more information about financial literacy organizations, visit these sites: 

  1. https://operationhope.org/
  2. https://www.clearpoint.org/
  3. https://www.nfcc.org/
  4. https://moneythink.org/
  5. https://www.nefe.org/