One of the biggest obstacles to achieving good financial health is the lack of communication. Put another way, a great majority of Americans does not like to talk about money. Crippled by feelings of shame and misguided optimism, Americans with financial problems often do nothing to improve their lot, hoping for a miracle.
We all know that the first step to overcoming a problem is admitting that there is a problem. As trite as the saying is, it is true, especially when it comes to extirpating bad financial habits. Fewer and fewer adults are willing to take that difficult first step of acknowledgement.
As evinced in a recent survey, this is increasingly the case with retirees who find themselves in dire financial straits. Members of the so-called Greatest Generation continue to increase their credit card debt with no intention of paying it off before they die. They ignore the warning signs of financial disaster, blaming the faltering economy or simply giving up.
An insightful article released in USA Today provides fresh data about this trend and stresses the importance of communication when fixing problems of personal finance.