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Latest News: Marketing

A "C" in Financial Literacy

Thursday, April 03, 2014   (0 Comments)
Posted by: Susan Dyer
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Once again, adults have given themselves a grade of C or lower on their personal financial literacy knowledge according to the latest 2014 Financial Literacy Survey conducted by the National Foundation for Credit Counseling (NFCC). (Download the full survey (pdf))
 
Consider these results:
  • Forty-one percent of adults gave themselves a grade of C, D or F on their knowledge of personal finance
  • More than half of respondents (61 percent) admitted not having a budget. This is the highest percentage in six years.
  • About one third (34 percent) carry credit card debt month to month, and 15 percent roll over more than $2,500 in debt per month.
  • Top concerns expressed are not having enough in an emergency savings (16 percent) and retiring without having enough money set aside (16 percent).  
Despite these concerns, adults are spending more than in previous years, with only 29 percent saying they spent less than last year.

This is why we launched the Money Possible campaign. Adults are in need of basic financial knowledge, and without one, they could fall deeper and deeper into debt. Our three families each have a different financial issue, and are working with a financial counselor to find ways to reduce spending, save for retirement, pay back loans and create a budget that works for them.

The campaign is an integrated approach using: