As the economy seeks equilibrium, most Americans feel they are still behind the curve when it comes to understanding their money.
More than half of Americans surprisingly still do not have a budget and a large percent of adults give themselves failing grades when it comes to financial literacy a poll conducted by the National Foundation for Credit Counseling found.
“This year’s survey once again confirms what we already know: the need for financial education is great,” said Susan Keating, president and CEO of the NFCC. “Without a solid foundation on which to base everyday financial decisions, Americans are on a slippery slope as they begin to rebuild their financial lives following the Great Recession.”
The Harris Poll surveyed more than 2,000 adults in the U.S., and showed a significant lack of knowledge about budgeting, saving and credit. The poll revealed that despite a massive amount of education available to Americans, 61% still do not have a budget — the largest percentage since 2008 — and 41% of the survey respondents gave themselves a failing grade when it came to financial literacy.
The lack of a budget may explain why one in three adults surveyed indicated their household carries credit card debt from month-to-month, with 15% of those rolling over $2,500 or more monthly.
Two other issues relating to budgeting also topped the chart as to the aspect of personal finance that is most worrisome. The top concerns — both registering 16% of those polled — were insufficient “rainy day” savings for an emergency and retiring without having enough money set aside.
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