personal finance has grown in importance in the past decade. articles about personal finance and books on sustainable retirement plans frequently appear in leading newspapers and bestseller lists. Also personal finance tips are available everywhere and classes on personal finance are offered at institutions that range from local churches to major corporations.
Reading a single personal finance article can make an enormous difference to someones financial future. Since the beginning of the recession, companies have had to cut back on financial security options that many workers had previously taken for granted. This trend has been underway for years, but the Financial Crisis of 2008 accelerated the process.
From now on, employees will have to take control of their financial security, since pensions and health insurance for life are growing increasingly rare. Also, because of the depreciation of the value of housing, many retirees and younger workers cannot rely on the real estate value of their houses to see them through hard times.
Social security provides some support, but not so much that workers would not benefit from investigating some personal finance articles to find options which work best for them. Employers will probably come to support more independent personal finance options, options which can be carried from one job to another.
This is not to say that pensions will disappear entirely or be replaced by 401Ks. But even the employees of companies and institutions that still provide conventional retirement options such as pensions would probably benefit from learning about personal finance. If the past decade taught anything, it is that financial circumstances change frequently and that often business plans collapse because of events that cannot be controlled.
For this reason, it is important that workers try to take control of their personal finance options to the fullest extent possible. It is not a guarantee of prosperity, but at the very least it can help ensure security in a world which might be completely different tomorrow.
28 Jan 2013