Financial education helps people learn about savings, credit, and loans. It also helps them prepare for life changes and the unexpected. When planning for retirement financial knowledge is essential.

So, how prepared are adults in the United States for their retirement? The National Endowment for Financial Education (NEFE) conducts polls on how retirement savings affect people’s financial well-being.

Here’s what we have learned:

In a financial well-being poll conducted during the COVID-19 pandemic, 85 percent of respondents confirmed that some aspect of their personal finances was causing them stress. For 31 percent of respondents, that concern was “having enough saved for retirement.”

In that same poll, 70 percent said they made financial adjustments due to the COVID-19 pandemic. Of that group, 27 percent increased contributions to their emergency savings, retirement savings, or other savings or investments. In comparison, 21% tapped into emergency savings—or borrowed against retirement savings.

Lifetime financial education is helpful when it comes to retirement preparation. This includes understanding Social Security retirement benefits and making the most of retirement income.

You can learn more on our Retirement webpage at www.ssa.gov/retirement.

To learn more about NEFE, visit their website at www.nefe.org. Please share this information with friends and family.

Jeri Fields is the manager of the district Social Security office in Ironton.