The National Foundation for Credit Counseling® (NFCC®) and NerdWallet, a personal finance website, released the results of the 2015
In the survey, 92% of Americans said they were very or somewhat confident in their most recent big financial decision (e.g., picking a credit card, buying a car, refinancing a mortgage). As many as 59% of consumers said they deserve an “A” or “B” when it comes to their own personal financial knowledge. Overall, three in four (75%) agree that they would benefit from advice and answers to everyday financial questions from a professional. Realizing the need for help is a start, but taking action is what will make the difference.
Survey data also reveal that 70% of Americans are currently worried about their personal finances. Their concerns may be justified — 60% continue to spend without a budget. That is nearly the same as last year, which was the highest percentage in six years. Moreover, about one in five (21%) say they are now spending more than they did in 2014.
“Many Americans are spending their adult lives slowly chipping away at a mountain of student loan debt only to find themselves approaching retirement later in life with little or no savings,” said
Management of credit card debt is an area where consumers have made some progress. Although one in three households (33%) carry credit card balances from month to month, the percentage with balances below
While 57% of Americans are saving for their retirement and 66% maintain non-retirement savings, 28% of Americans are worried that they do not have enough savings.
Regarding education, only 6% of Americans feel that their student loans were a good investment. More adults would advise against student loans than would recommend them (11% vs. 7%, respectively). Of those who are repaying their own student loans or their children’s educational loans, the majority (58%) expressed that they are unable to establish emergency or retirement savings or purchase a car as a result of that financial commitment.
“These findings portray a bigger picture of the financial literacy knowledge Americans lack today,” says
The full survey will be available
About the survey
NerdWallet gives consumers clarity around key financial decisions at every stage of their lives. When it comes to credit cards, insurance, loans or expenses like hospital costs, consumers make almost all their decisions in the dark. NerdWallet is changing that, helping guide consumer’s decisions with free, accessible tools, research and expert advice that can’t be found anywhere else. We call it putting knowledge in your wallet.
Read the full story at http://www.prweb.com/releases/2015/04/prweb12633753.htm