How would you rate your knowledge of finances? A new survey suggests a lot of us have a lot to learn. It asks 2-thousand Americans about their financial literacy and money habits and finds that almost half (43%) don’t have a clue what a 401(k) is.
The poll also reveals:
- People aren’t very confident about their financial knowledge, as only 30% think they could win a personal finance trivia game.
- More than a third (35%) admit they don’t know what “interest” means in a financial context.
- Despite not understanding these things, 39% still consider themselves more financially literate than other people.
- When it comes to starting healthy financial habits, four in 10 Americans say they procrastinate. Gen Z is the most likely to put it off (49%), while baby boomers are least likely (22%).
- So why are people postponing their personal finance tasks? Stress is the biggest reason (25%), followed by feeling like their financial health is already bad and can’t get any worse, while some folks blame it on forgetfulness (13%).
- In general, Americans check their banking app twice a day, on average. When they do, half say they feel nervous, but it’s worse for Gen Z, as nearly two-thirds (65%) of them feel anxious about it.
- But 26% of all respondents avoid signing into their banking apps on a daily basis.
- While 80% of those polled try to stick to a monthly budget, they admit they only do about 66% of the time.
- Finances can even affect relationships, as 39% have had their partner’s unhealthy spending habits negatively impact their romance.
Source: SWNS Digital