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Adults Don't Make the Grade When it Comes to Financial Literacy

Tuesday, April 08, 2014   (0 Comments)
Posted by: Susan Dyer
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April 8, 2014 - (WICHITA, Kansas)

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).
 
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 a 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 include 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.

Kansas credit unions have always recognized the importance of financial literacy—both for their members and in their communities. Their main priority is to serve members of all ages and help them achieve financial success.

Adult Financial Education
Credit unions offer classes, seminars and other types of member education throughout the year, and many have financial counselors on staff to help members learn basic money management. Currently in Kansas, there are more than 20 credit union staff earning a financial counseling certification.  

Youth Financial Education
Kansas credit unions know that financial health starts early, and have programs targeted at all age levels from elementary to high school. In addition, Kansas credit unions operate 16 in-school branches that employ more than 80 students and teach the value of saving money.
            
Money Possible Consumer Financial Literacy Campaign
Evident by the statistics above, adults are in need of basic financial knowledge. Money Possible: Destroy Debt is a pilot program created by KCUA’s Innovation and Implementation Lab to address the need for smart money management.  

The Money Possible campaign follows Kansas credit union members as they work with the Consumer Credit Counseling Service to destroy their household debt, and learn how to effectively manage their money.

Launched March 3 and continuing for 16 weeks, the campaign is an integrated approach using social media, a website and television spots, and is a learning experience for everyone, not just for the participants. By watching the television segments and visiting the moneypossibe.org website, consumers can gather tips, resources and teach themselves smart money habits.