Financial Literacy: We Can Do Better

“Americans are struggling and at times they're clueless — and that's a disaster recipe right there,” said George Barany, director of the America Saves initiative at the Consumer Federation of America.

Financial literacy: An epic fail in America

When it comes to being financially literate, Americans fall woefully short. Although the U.S. is the world's largest economy, the Standard & Poor's Global Financial Literacy Survey ranks it No. 14 (tied with Switzerland) when measuring the proportion of adults in the country who are financially literate. To put that into perspective: the U.S. adult financial literacy level, at 57%, is only slightly higher than that of Botswana, whose economy is 1,127% smaller. Click here to read the rest of this article from InvestmentNews

What Is Financial Literacy and Why Does It Matter to Me?

Financial literacy is a hot-button issue as memories still linger over the Great Recession and as millions of baby boomers hit retirement age, and as a legion of younger Americans battle skyrocketing student loan debt.

How important is financial literacy? According to data from the National Financial Educator Council, “lacking” financial literacy and not having a grip on one’s personal finances can lead to big problems for Americans.

Out of 1,500 U.S. adults surveyed, respondents said that, on average, they lost $1,230 dollars in 2018 by not properly understanding basic household finance issues – that’s about the monthly mortgage on a modest home. Almost 20% reported not understanding their finances cost them $2,500, based on calculations provided by the NFEC. Altogether, a lack of financial literacy cost Americans a total of $295 billion in 2018. To read more of TheStreet.com article, click here

Click here to read the latest academic research that supports financial literacy

The PFW Scale™ is an effective way to evaluate employee financial stress. Click here to learn how your organization can benefit by using the Personal Financial Wellness Survey™

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