The Cities with the Highest Vacancy Rates
The three top cities are located in the Sunshine State.
Tracking current financial literacy trends in the U.S.
What we don’t know about money leads to chronic illness.
Almost half of all lesbian, gay, bisexual, transgender and queer middle-income earners suffer from financial insecurity.
What not to do: Join a pyramid scheme
Our favorite answer: Marrying the wrong person.
Think it means being rich? Think again.
Study finds that women are more likely to financially prepare for the future
Most Americans aren’t financially prepared to handle an emergency expense. Cars and sickness are the worst.
No matter what our wealth level, we seem to waste money. There are some that see money as burning a hole in their pocket and they must spend it. Still others have proven it’s possible to save considerable money even when not making a millionaire’s salary. To some, wasting money might be buying a coffee […]
No state in the union has an A in financial literacy
Millionaires are expected to have it all, but here’s why they fear losing it — and what you can learn from them.
If you’re financially literate, it means that you understand a wide range of key consumer finance topics. You:
You don’t have to be a financial expert to be financially literate; you just need to know enough that you can manage your money day to day without causing problems. When it comes to personal finance, knowledge really is power. The more you know, the more likely you are to be successful.
According to an 2017 Mintel study published through Experian, most Americans aren’t confident about their financial knowledge. Only 19% of Americans would give themselves an “A” for financial literacy. The rest of us fully admit that when it comes to solid money management, we know that we don’t know.
The same study found 21% of Americans are “not at all confident” that they can achieve their retirement goals. That makes sense, because if you don’t know how to strategically manage debt and invest wisely, you can save effectively.
The National Financial Educators Council offers a National Financial Capability Test that measures your financial IQ. They created the test for 15-18 year-olds to see whether or not young adults are prepared for financial independence. Last year, that age group scored an average grade of 60.
However, the test is also open online to adults of all ages. They don’t score much better at 63.17, on average. In fact, only 48% of the over 17,200 people that have taken the test received a passing grade.
If you have some time, we recommend following the link above to take the test. It can be a good way to figure out if and where you lack key financial knowledge. Then you can come back here to explore options to get out of credit card debt, student loans and back taxes.
WalletHub conducted a WalletLiteacy Survey this year to see which states had the highest and lowest levels of financial literacy in the U.S. The scores measured everything from Financial Literacy Test grades for high school students to the number of adults with savings.
New Hampshire scored the highest at 72.26, while Louisiana scored the lowest at 57.10. Still, it’s not saying much when the highest score is barely a “C”; it just goes to show how far we all have to go before we can really claim to have a high literacy rate.
If you think grade-school educators are any more engaged with personal finance education now than they were when you went to school, think again. According to a National Association of Federally-Insured Credit Unions study, almost 7 in 10 Millennials admit they haven’t received any education.
Oddly, the same study revealed that 3 out of 5 Millennials reported they were “extremely” or “very” knowledgeable about financial products. You may be able to chock that up to the inexperience of youth. Unlike the adults polled in #1, Millennials haven’t had time to make enough mistakes to realize they don’t know enough.
Without classroom courses to learn, most people learn by encountering financial products in their daily lives. However, given that 25 times more money gets spent on marketing than on basic education, most people only encounter financial products when someone is trying to “sell” them a product. That’s according to a CFPB study of spending by financial institutions.
That’s not exactly a recipe for financial success. Without a basic knowledge of financial products outside of an up-sell marketing message, people don’t know what to use and what to avoid. For example, let’s say you overspend on credit and end up $10,000 in debt. Your mailbox is likely to be filled with offers for debt consolidation loans, balance transfer credit cards and settlement offers. How do you know which option to use to actually get out of debt successfully?
If you just read that question and don’t know how to answer it, start here. However, it shows just how dangerous a marketing culture without education can be.
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