Businessman is balancing with debt, 3D rendering Getty Royalty FreeGetty
Our minds are wired to prioritize the near-term over the long-term. We shouldnt be surprised that a new survey by New York Life shows most parents list paying down existing debt as their number one financial priority over longer term goals like saving for college or retirement. However, the number of American parents focused on primarily paying down debt is astonishing, with roughly 72 percent of parents saying their primary financial focus in 2019 will be debt management.
The number was even higher for younger parents, ages 18-34. Roughly 80 percent said debt reduction is their primary focus. While debt management is extremely important, i…
Read the full article at: https://www.forbes.com/sites/jamiehopkins/2019/02/27/americans-focus-on-debt-management-but-lose-focus-on-retirement-savings/