There’s no doubt that financial decisions have a crucial impact on our lives.
Everyone should have access to knowledge on how to save money, buy a home, make smart purchases, and build a robust portfolio of investments. This information can be dry at times, but it can also be the difference between being living month-to-month and achieving financial independence.
Yet statistics show that only about 16.4% of high school grads were required to take a course on personal finance, and problems go far deeper than that. Right now, financial literacy is dropping around the globe – and even worse, a record-high amount of debt is weighing younger generations down.
Introducing Wealth 101
Today we’re proud to announce our partnership with U.S. non-profit Next Gen Personal Finance, which specializes in offering free personal finance resources for teachers and students.
Together, we’ve created Wealth 101, an educational resource that will feature regular infographics on how to make responsible financial decisions:
|About Wealth 101
Wealth 101 is the personal finance course you’ve always deserved. Using powerful infographics and data visualizations, it will be updated regularly to build out a compelling base of lessons for people of all ages and backgrounds.
Wealth 101 infographics can all be accessed at http://wealth.visualcapitalist.com
(These infographics will also be posted on the regular Visual Capitalist site, as well.)
To start, here are our first two infographics for the project.
The first deals with the problem of financial literacy, while the other showcases the financial concepts that we’ll be addressing as we build out Wealth 101.
The Financial Literacy Problem
Financial literacy has been dropping for years. This giant infographic shows why that’s a problem, and what we can do to make future generations more prepared:
The Personal Finance Landscape
This personal finance wheel covers the most important concepts you need to know in order to gain financial independence:
Click on the above previews to see the full infographics.
Lastly, we appreciate your support as we continue to build out this resource!
NGPF is a free high-school personal finance curriculum and professional development partner helping teachers deliver essential money understanding in an easy-to-grasp, engaging way.
Visual Capitalist is a leading financial media site that creates and curates enriched visual content focused on emerging trends in business and investing.
Ranked: The Best Countries to Retire In
Which countries are the best equipped to support their aging population? This graphic show the best countries to retire in around the world.
Ranked: The Best Countries to Retire in Around the World
Our global population is getting older. By 2050, the OECD predicts that 30% of people worldwide will be aged 65 or over.
While some countries are relatively prepared to handle this increase in the elderly demographic, others are already feeling the squeeze and struggling with the challenges that come with a rapidly aging population.
Which countries are the best equipped to support their senior citizens? This graphic uses data from the 2022 Natixis Global Retirement Index to show the best countries to retire in around the world, based on several different factors that we’ll dig into below.
What Makes a Country Retirement-Friendly?
When people consider what makes a place an ideal retirement location, it’s natural to think about white sand beaches, hot climates, and endless sunny days. And, in truth, the right net worth opens up a world of opportunity of where to enjoy one’s golden years.
The Global Retirement Index (GRI) examines retirement from different, more quantitative perspective. The annual report looks at 44 different countries and ranks them based on their retirement security. The index considers 18 factors, which are grouped into four overarching categories:
- Health: Health spend per capita, life expectancy, and non-insured health spend.
- Quality of Life: Happiness levels, water and sanitation, air quality, other environmental factors, and biodiversity/habitat.
- Material Wellbeing: Income per capita, income equality, and employment levels.
- Finances in Retirement: Government debt, old-age dependency, interest rates, inflation, governance, tax pressure, and bank non-performing loans.
Using these 18 metrics, a score from 0.01 to 1 is determined for each country, which is then converted to a percentage. For a more detailed explanation of the report’s methodology, explore Appendix A (page 72) of the report.
The Top 25 Best Countries to Retire in
With an overall score of 81%, Norway comes in at number one as the most retirement-friendly country on the list.
|6||🇳🇿 New Zealand||75%||85%||81%||64%||71%|
|10||🇨🇿 Czech Republic||73%||76%||68%||84%||64%|
|17||🇰🇷 South Korea||70%||80%||59%||68%||73%|
|18||🇺🇸 United States||69%||85%||72%||56%||67%|
|19||🇬🇧 United Kingdom||69%||83%||82%||61%||55%|
Norway is at the top of this year’s ranking for several reasons. For starters, it achieved the highest score in the Health category, largely because of its high average life expectancy, which is 83 years old, or 9 years longer than the global average.
Norway also has the highest score of all the countries for Governance, a category gauged by assessing country corruption levels, political stability, and government effectiveness, and is in a three-way tie with Japan and Luxembourg in the Health category.
Second on the list is another European country, Switzerland, with an overall score of 80%. It’s the highest-ranked country for environmental factors, and it also has the highest overall score in the Finances in Retirement category.
A Regional Breakdown
While European countries dominate the top 10 in the ranking, how does Europe rank as a region as a whole? Before diving in, it’s important to note that the study actually breaks up Europe into two sections: Eastern Europe (grouped with Central Asia) and Western Europe.
|3||Eastern Europe and Central Asia||49%|
And from a regional perspective, North America comes in first place despite the fact no countries in the region made it into the top 10. North America only has two countries included in the ranking: Canada (#15) and the U.S. (#18), which both rank relatively high.
In contrast, Western and Eastern Europe have more countries to account for, which ultimately lowers their regional average.
The Future of Retirement
As longevity rises and the retirement aged population continues to increase worldwide, many countries are opting to change their pension policies in an effort to encourage people to stay in the workforce longer.
For instance, in 2018, people in the UK could claim their State Pension once they turned 65. By 2028, this age requirement will be raised to 67.
However, government intervention may not be necessary, as many people around the world are already staying in the workforce beyond the traditional retirement age (perhaps more out of necessity than choice).
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