Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Sunday, April 6, 2014

Survey Shows Adults Are Financially Illiterate

Financialliteracy

April is Financial Literacy Month and many adults need more of it according to a new survey: 

The National Foundation for Credit Counseling found that 61% of U.S. adults do not have a budget.  Other worrisome findings include 34% of households carrying month-to-month credit card debt, 60% not checking their credit score in the last year, and 41% grading themselves a “C” or lower in financial literacy. 

Those who are a part of the budget-less 61% should take these three simple steps to begin creating a plan for where their money is best spent:

  1. Determine monthly net pay.
  2. List major expenses.
  3. Track discretionary spending.

See Libby Kane, 61% of US Adults Don’t Keep Track of Their Money, Business Insider, Apr. 2, 2014.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/04/survey-shows-adults-are-financially-illiterate-.html

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Comments

Thank you for the post. I agree completely, but I don't think not checking credit score is a problem. Carrying credit card debt can improve your score. Banks have sold this as a measure of responsibility, but it's a measure they created and won't even reveal exactly how they calculate it.

Posted by: Charles J Gervasi | Apr 7, 2014 11:41:55 AM

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