Here are some numbers that measure financial wellness in the U.S.
- The U.S. ranks 14th globally in terms of financial literacy
- With a 57% literacy, the U.S. beats Botswana (52%) but gets edged out by countries like Germany (66%) or Canada (68%)
- Only 16.4% of U.S. students are required to take a personal finance class in schools
- 76% of millennials lack basic financial knowledge
- Between 2009-2015, Americans got worse at answering five key personal finance questions posed by FINRA – a major U.S. financial regulator
And worse, this lack of knowledge is translating into anxiety and even fear.
- Four of five adults say they were never given the opportunity to learn about personal finance
- 70% of millennials are stressed and anxious about saving for retirement
- 22% of millennials feel overwhelmed about their finances
- 13% of millennials feel scared regarding their financial future
Meanwhile, student and credit care debt is soaring to new highs.
- The average US household owes about $135,768 in debts.
- The average household with credit card debt will pay roughly $1,141 in interest per year.
- Average student loan debt total per person: $31,172
- Average monthly student loan payment for graduates: $393
- Total student loan debt in the U.S.: $1.52 trillion
- Time to pay off student debt: 10 to 30 years
Click here for more statistics on the financial health of Americans from the latest academic research.
Click here, here, and here for the sources to the numbers above