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Financial Wellness By The Numbers

Financial Wellness By The Numbers

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 herehere, and here for the sources to the numbers above

Need some measurement numbers? The PFW Scale™ is an effective metric to measure the impact of employee financial wellness programs. Click here to learn how your organization can benefit by using the Personal Financial Wellness Survey™

Solving The Financial Health Paradox

An Ernst and Young study asked consumers to rate their own financial health, and 83 percent rated themselves “good,” “very good” or “excellent.” Contrast this figure with what we know about their actual situation:

  • 60 percent of Americans say they are financially stressed.
  • 56 percent of Americans have less than $10,000 saved for retirement.
  • 40 million American families have no retirement savings at all.
  • 40 percent of Americans are not prepared to meet a $400 short-term emergency.

Fortunately, even though the vast majority of consumers rate themselves as financially healthy, the study found that most still want to improve. Click here to read more. 

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