![]() We deal with money and make financial decisions every day. Less than half of US States require students to take a course on personal finance. The lack of money management knowledge may cost you your financial health.Īccording to the NFEC study, the average US citizen lost $1,634 in 2020 because of insufficient personal finance understanding.Įven more concerning is the fact that the data represents an increase from the 20 surveys, when Americans lost $1,230 and $1,279, on average. ![]() (Source: National Financial Educators Council) Financial illiteracy cost Americans $415 billion in 2020. This is causing them to overlook the important aspects of their finances. But it seems that a lot of Millennials aren’t equipped to make the most of these. Millennial personal finance tools and options are more widespread than ever. This could be because of the rise in technology. Less than a quarter of Millennials have a basic understanding of finances and the need to save and budget. This is a pretty sobering statistic when you think about it. (Source: National Endowment for Financial Education) Only 24% of Millennials demonstrate basic financial literacy. So we’re going to kick off by looking at some of the country’s financial literacy stats.īuckle up, it’s going to be a bumpy ride! 1. Stats About Financial Literacy in the USįinancial literacy needs to be encouraged among the populace. They will help you spot your own potential mistakes and make the right plans for your financial future right now. This is why it is important to make sure you check out this list of essential personal finance stats. The cost of living seems to be getting higher. Our earnings seem to be covering less and less these days.
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