Personal finance: Most Americans don’t get it

Posted April 19, 2010 at 11:47 a.m.

By Becky Yerak | Despite living through a serious recession, more than a third of
Americans would give themselves either a C, D or F on their
understanding of personal finance, according to a survey released Monday
by the National Foundation for Credit Counseling.

Also, a third of adults don’t put any part of their annual household
income toward retirement. Although that’s unchanged from the last year’s
annual Consumer Financial Literacy Survey, that’s up 5 percentage
points since the 2008 survey.

Of further concern is the fact that 30 percent of adults say they have
no savings. Indeed, one in four say that if faced with an emergency,
they would charge that expense to a credit card, and 29 percent would
take out a loan.

To read the entire report, click here.


One comment:

  1. Moms Making a Million April 22, 2010 at 11:46 a.m.

    This is why we are so passionate about helping moms become financially independent and giving them resources to start “connecting the dots”. We believe that American poverty and the financial independence and solvency of America’s families begins with moms and are in the hands of moms because they have so much influence over future generations and in their communities.
    As parents we wouldn’t tolerate our children getting D’s and F’s in school. We should tolerate that lack of knowledge and grade when it comes to our future and our family’s security.