Financial

The Economic Cost of Financial Illiteracy

Jul 23, 2014
Credit Alan Cleaver / Flickr

How much do you know, or think you know, about your personal finances? In a world where savings and investment options are increasingly complex, studies show that millions of Americans lack financial literacy.

Paul Brahim, Chairman and CEO of BPU investment firm and a member of the Board of Directors of the Pittsburgh Chapter of the Financial Planning Association, says financial illiteracy is causing a social crisis in retirement.

What to Know About Financial Planning, Post-Great Recession

Apr 30, 2014
Ken Teegardin / www.SeniorLiving.Org

The Great Recession of 2007-2009 crippled many Americans' personal finances and caused a lot of uncertainty when it comes to future financial planning choices. 

"As a result of Dodd-Frank, the capital requirements of banks have increased dramatically. Banks have had to go through initial stress tests and ongoing stress tests. So the banking system is certainly shored up and the TARP program helped that immensely by injecting capital into both banks and into private corporations like General Motors. That helped stem the notion of rampant unemployment because people kept their jobs, and banks didn't collapse, and people didn't lose money. And it was good so there was stability there," said Paul Brahim, Chairman and CEO of BPU Investment Management Inc., and a member of the Greater Pittsburgh Financial Planning Association board of directors.

He talked about some of the changes in our financial systems for consumers, the markets, and regulators, since 2008 and how to make sound investments with the right kind of advisor.

Financial Literacy and Overcoming Generational Poverty

Apr 14, 2013
Lucia's Clay / Flickr

  Money, everybody wants it, everybody needs it, yet we struggle to understand it and to talk about it. Especially those of us who have never had much money to speak of. At this point in financial literacy month we want to take a look at money management from the perspective of generational poverty. What circumstances and financial habits perpetuate poverty and how can families prevail? Tammy Thompson is a Community Liaison and Certified Housing Counselor for NeighborWorks Western PA, she works with adults, kids and families on financial planning at all socioeconomic levels.

Terence Wright / Flickr

  In the first week of April, mortgage financier Fannie Mae reported record earnings for the fourth quarter, 2012 was their first profitable year since 2006. Yet the March jobs report was poor. So with a recovering housing market and fluctuating employment numbers, what does this say about the stability of our financial system? Are we really on a road to recovery? Is it safe to jump back into the stock market? And what are the best ways to do it? Roselyn Wilkinson, Vice President of MD&A Financial Management Co. and Registered Representative of Berthel Fisher continues our series of financial literacy month discussions with advice on smart ways to invest.

Financial Literacy Month: Why Are You Scared to Budget?

Mar 29, 2013
Alan Cleaver / Flickr

  In 2012, 56% of Americans admitted that they do not keep a budget, including more than 1 in 5 who say they don’t have a good idea of how much they spend on housing, food, and entertainment. So what keeps you from budgeting and saving better? What difficulties do you have with financial planning?

Financial Literacy Month starts Monday and each week through the month of April we’ll be tapping into your financial concerns. Debbie Tawney Newsom is the Operations Field Coordinator for NeighborWorks Western Pennsylvania. She teaches community financial education classes and joins us to address your questions about budgeting and saving.