Assessment of Personal Financial Wellness of Teachers

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Proper financial education is an important part of life because it affects virtually every aspect of it. Everyone will likely someday face a difficult financial situation, whether large or small, that requires time and money. Having a good understanding of daily cash inflows and outflows in personal finances will help make tough situations less stressful and easier to handle. Cash (1996) Among five risk stressors in life ( relationships, work, health , crime/violence, & personal finance), personal finance was rated as the number one source of stress, concerns about personal finance are five times higher than those regarding health. Garman et al (1996) research has indicated a relation between personal finance stress and backache, alcoholism, gambling and drug abuse. Negative outcomes include stress related illness, failure in marital relationships and lack of financial preparedness for the future. Years ago, the financial life of average family was relatively uncomplicated. People worked for the same company most of their lives, lived a few years on retirement on Social Security and their pension and passed on their modest estate to their children. However increased longevity , changing demographics , and a more complex , dynamic financial world have changed all that. Many of today's retirees will live 30 years or more in retirement - requiring far more financial resources to maintain their desired lifestyle. Downsizing companies no longer provide "cradle-to-the-grave" benefits or job security. With couples having children later in life, many couples are "sandwiched" between paying for college and helping their elderly parents, while also trying to save for their own retirement. This demands new approaches towards savings, retirement, taxes, and estate planning. Wagner ( 1982) financial education is believed to be the number one solution for personal financial behaviors. MetLife (2010) more than three-quarters of employees said financial advice and...
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