Deficits in Financial Literacy Cost Americans $415 Billion in 2020
Lack of financial knowledge and education can have a powerful impact on individuals’ personal finances.
Top Business Leaders Launch Movement to Embed Financial Literacy Into American Culture
A prominent group of business, sports, entertainment, and nonprofit leaders are coming together today to launch “Financial Literacy for All,” a national initiative to support embedding financial literacy into American culture.
Two in three families lack an emergency fund
According to an analysis from JPMorgan Chase, a majority of families in the U.S. don’t have enough money saved in an emergency fund.
78% of adults live paycheck to paycheck
According to a 2017 CareerBuilder survey, the majority of the country is living paycheck to paycheck. Living paycheck to paycheck means you are spending most or all of your monthly income on expenses. Once essentials are paid, there’s no money left over for savings.
Three in five adults don’t keep a budget
In 2019, a survey revealed two in five U.S. adults said they have a budget and follow it to keep track of spending. But the survey also revealed three in five U.S. adults self-reported that they do not budget.
Four in five youths failed a financial literacy quiz
According to a study by FINRA Investor Education Foundation, there is a clear trend of declining financial literacy. On average, young Americans couldn’t answer a majority of financial literacy questions correctly.
54% of millennials are concerned about student loans
In 2020, student loan debt reached a record high of $1.56 trillion. And its crippling young Americans. Further, these debt obligations heavily impact Millennials’ views of financial success.
60% of adults had credit card debt in the past year
Americans owe a record high in credit card debt, topping $1 trillion, according to the Federal Reserve Bank. And it’s hitting young people especially hard. In fact, 10% of consumers ages 18 to 29 have credit card debt that is over 90 days late.
Four in five adults experience barriers to homeownership
Homeownership is a financial milestone — touted as a pillar of the American dream. But four out of five U.S. adults will experience financial barriers when trying to purchase a home.