Wills, Trusts & Estates Prof Blog

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

Sunday, April 6, 2014

Survey Shows Adults Are Financially Illiterate


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.


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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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