The answer is prioritization. The statistics that emerged offer a glimpse into how well-equipped we are as a country to manage our … Each year it reveals how Americans feel about their finances and what they know as it relates to financial literacy, as well as how they put that knowledge into practice when it comes to retirement, savings, credit card debt, student loan debt and more. An investment in financial literacy … 62% of U.S. adults have carried credit card debt in last 12 months. Given the current economic downturn due to the pandemic, the number of Americans struggling to make ends meet is likely exacerbated. Lower Level To simplify the lesson, select only two or three statistics from the chart to focus students’ attention. Research shows states requiring students to take and pass a personal finance class, produce more informed, college-ready students. According to a 2017 CareerBuilder survey, the majority of the country is living paycheck to paycheck. Further, these debt obligations heavily impact Millennials’ views of financial success. The 2019 Financial Literacy Annual Report of the Consumer Financial Protection Bureau details the Bureau's financial literacy activities and strategy to improve the financial literacy of consumers. All Rights Reserved.Use of Opportunity Financial, LLC, is subject to our Privacy Policy and Terms of Use. 2017 Consumer Financial Literacy Survey: From the National Foundation for Credit Counseling and Washington-based credit union, BECU, the survey found an increase in Americans’ credit card debt, decreases in the number of people with non-retirement savings and higher levels of concern about long-term financial … Higher Level For an additional challenge, distribute copies of the article “Here’s How Teens … Nearly 6 in 10 (58%) find it difficult to minimize their debt primarily due to unexpected financial emergencies (19%) or reduction of income (19%). When asked what areas of personal finance worry them, the number one response was retiring with enough money saved. The fact is that the financial literacy statistics reflect what happens when you never teach kids about money. A lot has changed, but the data offer a snapshot of our financial health, and how well prepared we were to weather what has become a historic economic crisis. Americans stuck in a hand-to-mouth cycle often feel limited by their financial situation. People ages 18 to 34 years old had the most significant drop in ability to answer financial literacy questions correctly over several years. 10 Eye-Opening Financial Literacy Statistics, 20 Must-Know Terms to Boost Your Financial Literacy Vocabulary, 7 Expert Perspectives on Why Financial Literacy Is Important, California Disclosures and Privacy Policy. In fact, 10% of consumers ages 18 to 29 have credit card debt that is over 90 days late. Articles provided in connection with this blog are general in nature, provided for informational purposes only and are not a substitute for individualized professional advice. The NFCC’s Financial Literacy Survey provides an overview of financial literacy statistics in the U.S. You can download the press release, key findings, data sheet and infographic near the bottom of the page. If savings run out, what’s their Plan B? If you are a student loan borrower, look into student loan refinance, consolidation, and loan forgiveness. And nearly two in five indicate that they carry balances from month to month, resulting in interest and late fees. Forty-five states and D.C. do not require standardized testing. But, the top areas of personal finance worry among U.S. adults continue to be retiring without having enough money set aside (13%)and having insufficient “rainy day” savings for an emergency (12%). About the SurveyThe 2020 Financial Literacy Survey was conducted online within the United States by The Harris Poll on behalf of the National Foundation for Credit Counseling and Discover Financial Services between March 9th and March 13th, 2020 among 2,004 U.S. adults ages 18+. 16% more U.S adults say their household carries credit card debt from month-to-month than last year (43% vs. 37% in 2019). Personal finance education during formative years provides students with the knowledge and skills necessary to manage their finances and increase their financial well-being. ... Jun 17, 2020, 08:00am EDT. Every two years, the Council for Economic Education (CEE) conducts a comprehensive look into the state of K-12 economic and financial education in the United States, collecting data from all 50 states and … Compared to last year, slightly more people are facing obstacles to homeownership. In fact, 27 states received grades of C, D, or F for subpar efforts. Americans struggle with financial literacy. Youth Financial Literacy Statistics Bill Field 2020-12-11T07:29:00-08:00 Youth Financial Literacy Statistics While today’s youth struggles with their finances and dig themselves into monetary holes … It’s eye-opening to learn a majority of Americans abstain from this financial literacy basic. 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. In fact, fewer than one in five U.S. adults feels very confident about their saving habits. In 2020, student loan debt reached a record high of $1.56 trillion. I think financial literacy is a big … In 2017, a national report card highlighted a discrepancy in the way states handled high school financial literacy across the country. Credit card debt is dangerous because the high interest rates and low minimum payments can lead to a vicious cycle of debt. The Standard & Poor's Ratings Services Global Financial Literacy Survey is the world’s largest, most comprehensive global measurement of financial literacy. And it’s crippling young Americans. We make no representation that we will improve or attempt to improve your credit record, history, or rating through the use of the resources provided through the OppLoans blog. And it’s hitting young people especially hard. There are some financial education statistics that do give us hope. Financial Literacy Statistics, Data and Results. Americans have a financial literacy problem. And make sure to take advantage of the current federal student loan forbearance. In contrast, participants 55 years of age and older performed better than in previous years. For complete survey methodology, including weighting variables, please contact Bruce McClary at bmcclary@nfcc.org. 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