Experts Anticipate Upcoming Financial Education With a New Administration
President-elect Joe Biden’s win renews hope for financial wellness strategies in the future, and such changes could come with possible requirements for employers, employees and advisers.
With a new president coming into office in January, it’s time to focus on financial wellness education, industry experts say.
President-elect Joe Biden has outlined plans for taxes, retirement planning and Social Security, but he has yet to announce a strategy for nationwide financial education in a year in which the pandemic has aggravated financial illiteracy, especially for lower income workers without proper resources, says Kenneth Van Leeuwen, managing director and founder of Van Leeuwen and Co.
“Internet connections and learning tools are second nature for many, but, for a lot of lower income people, these are the folks who are going to need more financial wellness education,” he notes. “Many don’t even have an internet connection where they can go and do an online tutorial for some type of incentive-based education.”