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Fast Facts: The Financial Literacy Gap

Fast Facts: The Financial Literacy Gap

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Published by: The Partnership for a Secure Financial Future on Apr 04, 2012
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10/21/2013

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To: Fast Facts List
Fast Facts: THE FINANCIAL LITERACY GAP
The single most important issue for individual Americans to act on today is  making better choices about managing money ,according a survey of young adults.
FACT:
41% of U.S. adults,or more than 92 million people living in America, gave themselves agrade of C, D, or F on their knowledge of personal finance.
FACT:
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FACT:
The financial literacy gap is especially acute among young adults. Many young adults reportthat they 
 to make good financial choices when it comes to using debtwisely (28%), saving for the future (40%), or investing their money (43%).
FACT: 
Nearly 50% of teens are unsure of how to use a credit card effectively,yet 24% think highschool or younger is when they should get their first credit card.
FACT: 
44% of parentsadmit to needing more guidance on how to best teach their children the skillsnecessary to become financially responsible and successful adults.
FACT:
The U.S. Department of Treasury sponsors a National Financial Capability Challenge forstudents online. In 2011, 84,372 students took the online test. The national average score was 69%.
 
Interested in knowing how your literacy stacks up?
The test is only available forstudents, but sample questions are attached.
Answers will be included in next week’s Fast
Facts.
 Financial literacy is about more than basic banking.
 It is about retirement savings, insurance,student loans, helping the underbanked, serving the military, and more. The Financial Services Roundtable keeps track of the various financial literacy efforts of member companies in each of thesecategories. Contact Judy Chapa, VP of Financial Literacy, at   judy@fsround.org  for more information.
 
 
Financial Services HOTLINE:
If you have questions about this topic or any other issue facingfinancial services, please reach out to Abby directly at 202-589-2531 or abbyresearch@fsround.org. 
 
Learn more about the Financial Services Industry at www.OurFinancialFuture.com.
 OurFinancialFuture.com is continuously updated to bring you the most useful information about theindustry in real-time.
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(The next Allstate poll about financial literacy is scheduled to be released on April 9
th
).

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