How much savings do you need to feel comfortable? This Investopedia article says it’s different for everybody. However, while 69% of Americans surveyed feel they’re living comfortably, many cannot cover an unexpected expense of $400 without selling something or borrowing money. People might feel comfortable but are they really?
Betting the house
Gambler's fallacy is when a string of "wins" tempts us to think a losing streak will follow – and it's easy to understand how people lose money this way. This Freakonomics podcast digs into how the thinking trap influences our choices – leading anyone, including investors, umpires, loans approval officers and judges, to make mistakes.
Many adults around the world have low financial literacy. Many don’t understand compound interest; others fail to make budgets or set goals to help their long-term finances, as this OECD study points out. An average score, across 30 different countries, of 13 out of 21 shows there is plenty of room for improvement, it says.