The research recommends families aim to save at least six weeks of take-home pay. don’t have enough money saved in an emergency fund. 2: Two in three families lack an emergency fundĪccording to an analysis from JPMorgan Chase, a majority of families in the U.S. It’s likely that these figures have only grown worse. The study was conducted during a period of economic growth and declining employment - two factors heavily impacted by the current pandemic. Those between the ages of 18 to 34 have the highest levels of financial stress (63%) and anxiety (55%). The study found persisting and widening gaps between those who are struggling and those who are prospering financially - skewing generationally. Younger Americans are feeling the greatest burden. Forty-four percent say discussing their finances is stressful. Over 53% of adults say thinking about their financial situation makes them anxious. In fact, a 2018 FINRA study found financial capability, stability, and confidence aren’t improving. It turns out many Americans aren’t financially literate. Here are 10 statistics that illustrate the state of financial literacy in America. A lot has changed, but the data offer a snapshot of our financial health, and how well prepared we were to weather what has become a historic economic crisis. It’s important to note that a majority of these studies were conducted prior to the coronavirus pandemic. Some speak to our understanding of personal finance, others to how well we follow through on them.
The statistics that emerged offer a glimpse into how well-equipped we are as a country to manage our money. We reviewed the latest reports to better understand the state of financial literacy in America.
They understand the importance of financial literacy to create success and financial stability. People want to make smart financial decisions - even if they can’t always do it. Americans have a financial literacy problem.įortunately, there’s also reason for hope.
0 kommentar(er)
