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A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

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5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

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Lack of Financial Literacy Costs Many Americans

January 25, 2023

Being financially literate has many positive benefits for your life. Understanding how finances works can set you up for success, but can also support your loved ones well into the future with things like gifting and estate planning. A recent study found that financial literacy cost 15% of US adults, a minimum of $10,000 in 2022. The research was gathered and reported by the National Financial Educators Council and shows that nearly 40% of adults say that their financial literacy costs them at least $500. That’s an increase from 2021 numbers. The average cost that an American loss due to lack of financial understanding was $1,819.

The survey was conducted with 3000 adults all over the nation between October and December. Financial literacy refers to many different money related topics like saving, income, budgeting, investing, and understanding how things like credit scores and interest rates work.

Other studies have attempted to learn more about just how much Americans know about their finances. A TIAA Institute GFLEC Personal Finance Index is a test used to determine basic financial literacy, and adults typically answer 50% of those money questions correctly. Lack of knowledge about finances can impact everything from saving for emergencies to how much debt you take on and more. Regardless of what last year looked like for you, this is a chance to turn the page and start fresh with your financial strategies.

Working with a qualified financial professional is one way to make sure that you have covered all of your primary concerns with finances and have a place to get your questions answered.

If you’d like some more financial education, check out our 27 Principles to Investing playlist: https://www.youtube.com/playlist?list=PLB62qn_iXR3t2Bn-AfVTgRNdSXq6fDLBz


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Schedule your free Exploratory phone call

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can be of assistance.

Careers/Open Positions

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listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
How Financial Frictions Hinder Innovations

A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a ...

The post How Financial Frictions Hinder Innovations first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
5 Budgeting Myths That Stop People from Saving

Budgeting is crucial for managing your money well. However, many people avoid it because they ...

The post 5 Budgeting Myths That Stop People from Saving first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more