Hi Andrew: I agree with your assessment about financial literacy not just in Israel but also in the US. If you look at my LinkedIn profile, you will see that have been in the financial services industry a long time. Trying to get people to take the time needed to educate themselves is not easy. In the US, we always read about people after they are successful but only hear about what it took to get there either after they retire or die! At least in the US, I have said for decades that people convince themselves that they cannot possibly understand finances & spend more time buying a car or a refrigerator before they hand over their life savings to manage! I also find that many adults have an attention span that is not much longer than a 1st grader when it comes to learning about finances! Would love to know how riseup deals with this.
Deborah- thanks for sharing. My sense is that riseup tries to reduce the friction as much as possible - by making the "how" and "why" of saving and investing super simple. It's challenging as you say, because most people think short and not long-term. Another key is the community. riseup's Facebook community is one of the most active I've seen. People talk about their financial struggles and goals, and others really respond and help. It's pretty inspiring. Maybe like why weight watchers has been successful. Doing anything with others makes it so much easier. Even in the individualistic USA, more community could probably help.
Hi Andrew: I agree with your assessment about financial literacy not just in Israel but also in the US. If you look at my LinkedIn profile, you will see that have been in the financial services industry a long time. Trying to get people to take the time needed to educate themselves is not easy. In the US, we always read about people after they are successful but only hear about what it took to get there either after they retire or die! At least in the US, I have said for decades that people convince themselves that they cannot possibly understand finances & spend more time buying a car or a refrigerator before they hand over their life savings to manage! I also find that many adults have an attention span that is not much longer than a 1st grader when it comes to learning about finances! Would love to know how riseup deals with this.
Deborah- thanks for sharing. My sense is that riseup tries to reduce the friction as much as possible - by making the "how" and "why" of saving and investing super simple. It's challenging as you say, because most people think short and not long-term. Another key is the community. riseup's Facebook community is one of the most active I've seen. People talk about their financial struggles and goals, and others really respond and help. It's pretty inspiring. Maybe like why weight watchers has been successful. Doing anything with others makes it so much easier. Even in the individualistic USA, more community could probably help.