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Living Beyond our Means: We Are a Financially Illiterate Nation

Balentine Chairman and CEO Robert Balentine’s op-ed for the Atlanta Business Chronicle, “Living beyond our means: We are a financially illiterate nation,” discusses the rampant financial literacy crisis sweeping our nation. In this op-ed, Robert writes:

One week after Hillary Clinton claimed she and her husband were “dead broke” after leaving the White House, Joe Biden has attempted to one up the former secretary of state with his own personal finances. “Don’t hold it against me that I don’t own a single stock or bond,” he stated at the Working Families Summit on June 23. “I don’t have a savings account.” He concluded this by acknowledging that he does, indeed, have a good salary and a good pension plan, to which the audience erupted in applause. While these comments may be an attempt to seem relatable to potential voters, (the “Joe the Plumber” metaphor of the 2016 presidential election, perhaps?), they are an important indicator of the financial health of our country.

At age 71, Vice President Biden’s financial situation is a perfect example of what many Americans face—without the cushy pension plan.

We have spent too much, saved too little and lived beyond our means. Simply put, we are a financially illiterate nation. At a recent industry conference, Pershing Advisor Solutions CEO Mark Tibergien went so far as to suggest that the Great Recession was caused in great part by this rampant financial illiteracy. After hearing political leaders so flippantly admit to their own lack of savings, it is easy to see how Mr. Tibergien arrived at this conclusion.

Click here to read the entire article “Living beyond our means: We are a financially illiterate nation” written by Balentine CEO Robert Balentine for the Atlanta Business Chronicle.

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