Personal finance potpourri
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Disclosure: I do have a Fidelity account, but I've had it long before Paul McCartney became a spokesman for the financial services firm. While lucrative product endorsements are an important part of a celebrity's income, I can't help but wonder why the prominent and beloved Beatle would sell out. Didn't Paul once sing, "I don't care too much for money"? Well, maybe his point of view has changed. Here's his latest slogan, as espoused on Fidelity's Web site: "The key is, never stop doing what you love."

Here's some good news: Most teenagers are not easily influenced by celebrities either when it comes to financial products or firms. Teenagers of multiple cultural backgrounds were asked, "If your favorite celebrity were featured in a commercial using a specific credit card or bank, would it make you want to use that card or bank?" Their response was overwhelmingly negative, led by 96 percent Caucasians and followed by 90 percent African-Americans, 85 percent Asians and 75 percent Hispanics. Guess who tops the list of trusted financial advisers? Good ol' Mom, who also happens to be the primary source of income for teens across all ethnic backgrounds. Just a little over a quarter of the teens surveyed hold part-time after-school jobs.

Roughly two-thirds of the survey participants expect they will someday need a retirement savings plan, life insurance and student loans. Less than half say they will need a mortgage, and less than a third will need a financial adviser, according to the study sponsored by FIND/SVP Inc., a business research consultant.

About a third of the surveyed teens are saving for their college education. Still, 88 percent believe that scholarships and grants will pay their way. Only about 7 percent think their parents will pay for their college education.

The College Board will be releasing its annual report on college costs this month. Stay tuned for this reality check.

Missing the forest for the trees?
Sometimes fund companies say the darndest things.

Last week, Putnam Investments released a study that claims the retirement-services industry has been placing too much emphasis on individual fund performance and not enough on other drivers of retirement wealth. According to the study, "analysis shows that comparing various combinations of fourth-quartile funds (bottom performers) versus first-quartile funds (top performers) would have resulted in minimal differences in retirement wealth over the last 14 years."