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Bad money management: who's to blame

Managing money doesn't come easily to everyone, which is why some argue it's time to rethink how we teach finance.
JJ Feinauer, Deseret News Modified: July 3, 2014 at 10:49 am •  Published: July 3, 2014

Most Americans have no idea how much it costs to retire in a nursing home, according to a recent study by Money Rates.

"Nearly 57 percent of Americans believe a year in a nursing home would cost less than $75,000," according to Money Rates, which is unfortunate, since the real cost can range from $80,000 to upwards of $90,000 per year.

To Bloomberg View's Megan McArdle, not knowing the true cost of retirement is representative of a much larger or possibly more frightening reality.

"Forget socking it away for a nursing home; most people aren’t prepared for life’s current emergencies," she wrote, citing a recent Bankrate survey that shows only 23 percent of Americans have enough saved to cover at least six months' worth of expenses.

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