According to the Federal Reserve Board’s May 2023 report Economic Well-Being of U.S. Households in 2022, nearly four in 10 US adults reported that they couldn’t cover a $400 emergency expense with cash, savings, or a credit card paid off at the next statement.
The Federal Reserve Board noted, the higher savings aren’t
While 75% of Americans consider themselves financially savvy, 36% don’t know how, or prefer not, to answer basic financial literacy questions, according to KeyBank’s 2020 Financial Wellness Survey. This Financial Capability Month, Americans are facing new and unprecedented wellness challenges—both financial and health related—due to the spread of COVID-19. With temporary
Throughout April we
The National Financial Educators Council (NFEC) recently asked nearly 7,000 teens and young adults (aged 15-18) across all 50 U.S. states to respond to a test measuring their current personal finance knowledge. This 30-question quiz – the National Financial Literacy Test – was conducted in December 2019 and assessed respondents’ capability to earn, save, and
Scammers are taking advantage of fears surrounding the Coronavirus.
It’s critically important to stay on high alert to reduce your risk from being a victim to scammers.
Scammers are taking advantage of the coronavirus outbreak, using fake emails, fake texts, social media posts and fake phone calls asking individuals for money or security
Americans would have gladly swapped out a math class or two in order to receive a better education when it came to their own personal finances, according to new research. A third of millennials would have cut geometry from their school curriculum in favor of personal finance — and other common classes respondents would boot
It’s been argued that the proliferation of user-friendly, highly accessible fintech tools has helped bridge the financial wellness gap in the U.S. However, the widespread lack of financial literacy here has remained a stubborn obstacle to financial inclusion. While new, mobile-based apps and offerings have led to increased participation among natural savers and investors and the more
The most cheerful people on the planet are about to get some help managing their finances.
In Finland, which topped the most recent UN world happiness report, the central bank is drawing up a financial literacy strategy for citizens.
The idea, conceived in a country that outperforms much of the rich world in education, is to figure
Entering a new year is a time many begin setting goals for themselves. Time and time again, people start the year saying they are going to save more and spend less, so as 2020 begins, savings is once again top of mind.
While many consumers set this goal, the state of savings in America shows it
There is a lot you can get done in a half-hour. Binge your favorite sitcom, take a nap or finish a chapter of a book. You can also take the first step to financial independence in under 30 minutes. Do you know your net worth? You don’t have to be a millionaire to figure it
The way we buy things nowadays has changed in the past years. If 50 years ago you could buy food or clothes only with cash, now you have a lot of other options. You can have multiple bank and credit cards to use when online shopping. But having access to so many financial resources can
According to the new Financial Wellness Survey from KeyBank, 75% of consumers consider themselves financially savvy, with 41% stating they’re savvier than most or consider themselves an expert when it comes to personal finance. Despite this, more than half (54%) admit they have made a financial “faux pas”—referring to a money “false step” or error—and
Money makes the world go around. Yet, despite a healthy economy and low unemployment, most Americans live on the brink of financial crisis. Studies show that nearly 40% of the population doesn’t have enough cash resources to cover an unexpected $400 expense, while a $1,000 emergency or a missed paycheck
Financial wellness differs from financial literacy. Clearly, Financial Wellness and financial literacy are not the same things. Surprised? This author was, too. But it turns out there’s a major difference between being financially literate and achieving financial well-being.
Essentially, there are some of the fundamental differences between financial literacy and financial wellness. Financial literacy means the
Throughout school, students learn advanced mathematical and chemical equations, American history, art, music and English. But most Americans never learn how to properly manage money. Debt is an accepted part of most people’s lives. Thirty percent of Americans have no long-term financial plan. Some have a tendency to spend money when and where they
The vast majority of workers under the age of 34 lack basic knowledge about their 401(k) retirement plans, according to the new Financial Wellness in the Workplace Study from Fisher Investments 401(k) Solutions.
The report surveyed 1,000 employees at companies with between five and 350 workers on their retirement knowledge and preparedness, and found that 84%
It’s been a decade since the Great Recession’s upheaval, and while some measures of Americans’ economic well-being have recovered like the unemployment rate, their financial literacy isn’t one of them.
Between 2009 and 2018, there was an 8% slip in the amount of people who could correctly answer most questions about interest rates, inflation, bond prices,
As the gap between the Haves and the Have-nots continues to widen, cash-strapped Americans are failing to save money, struggling with student loan debt and facing decreasing financial literacy, despite economic growth and declining unemployment over the past 10 years, according to new research from the FINRA Investor Education Foundation (FINRA Foundation). The study, “
