As part of National Financial Literacy Month, Fifth Third commissioned a national survey that revealed insights into our behaviors in checking and savings, 401(k) plans and credit. While the survey found that nearly 60 percent of respondents feel they are financially savvy, 44 percent are living paycheck to paycheck.
Other findings from the survey include:
• 88 percent of Americans know that APR means Annual Percentage Rate, however, only 38.5 percent know the APR on their primary credit card.
• 81.6 percent of those surveyed without higher education or post-secondary education believe that having a savings account is important; yet one third do not have one.
• 45 percent of Millennials are contributing to their 401(k) plan. But they might not be contributing enough: Only 13 percent know they are able to contribute a maximum of $18,000 per year.
With the economy improving and more companies providing wage increases for employees, now is a good time for people to start thinking about their financial future.
Tom Raper name changes
Tom Raper RVs finally was renamed last week, months after the longtime dealership based in Richmond, Ind., was sold to Camping World, a national recreational vehicle company based in Bowling Green, Ky.
I can still remember the commercial growing up that touted customers could, “Save today, the Tom Raper way.”
Tom Raper RVs had its 60-acre Richmond lot and locations in Fairfield and Columbus. The locations now have signs representing Camping World. According to the former company’s website, Tom Raper started with $2,000 in April 1964 when he opened a used-car dealership in Richmond.
That car dealership was turned into one of the country’s largest RV dealerships. The company was sold to David Bane in 2002.
Chamber director retiring
Fairborn Area Chamber of Commerce executive director Paul Newman will retire May 1 from the organization’s leadership role.
Newman has been involved with the Fairborn chamber for 22 years. He served as a board member for 16 years, twice as president, and six years as executive director following his retirement as Wright State University’s senior associate athletics director.
Newman is a member of 21 Miami Valley boards, committees or organizations, officials said.
His longtime work in Fairborn has been complimented by business owners and city leaders.
Rich Gillette is the Dayton Daily News business editor. He can be reached at (937) 225-0623 or email him at rich.gillette@coxinc.com. Follow him at Twitter @RichGillette
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