People in their mid-50s tend to make smart financial moves, so where does that leave younger generations?
Financial literacy peaks at age 54, according to a 2022 study. That’s around the time you’ve gained enough knowledge and experience to make sound money decisions — and before your cognitive ability might start to ebb.
Navigate your 20s Perhaps the biggest blunder for young earners is spending too much and saving too little. They may also lack the long-term perspective that encourages long-range planning. People in their 20s process incoming information quickly. But their high level of fluid intelligence can work against them. Cursory research into a consumer trend or hot sector of the stock market can spur them to make rash investments. Such impulsive moves might backfire.
Navigate your 30s “ Resist the temptation to lower your 401 contribution to boost your take-home pay. ” Another common blunder involves disability insurance. If your employer offers short-term disability insurance as an employee perk, you may think you’re all set. Navigate your 40s “ ‘The 40s are often the most expensive in anyone’s life. Life is getting more complicated.’”
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