economy
Some people spend more than 13 hours a week dealing with finances—how to get your time back, from money experts
The TIAA Institute finds that those with low marks for financial literacy are likelier than their peers to spend more than 10 hours a week dealing with money.
TL;DR
- Individuals with low financial literacy spend about 13 hours weekly on personal finance, while those with high literacy spend around four hours.
- Building an emergency fund covering three to six months of expenses is crucial for peace of mind and saving time.
- Automating financial tasks such as bill payments, subscriptions, and debt payments, as well as transfers to savings, frees up significant time.
- Consolidating financial accounts and using apps that offer a consolidated view can simplify money management.
- Leveraging employer-provided financial wellness resources and seeking professional advice, potentially through pro bono events, can enhance financial literacy.
- Focusing on targeted financial knowledge relevant to one's life stage is more effective than trying to learn everything about money.