Financial Literacy

Study Highlights Connections Between Money Missteps and Financial Literacy

While 75% of Americans consider themselves financially savvy, 36% don’t know how, or prefer not, to answer basic financial literacy questions, according to KeyBank’s 2020 Financial Wellness Survey. This Financial Capability Month, Americans are facing new and unprecedented wellness challenges—both financial and health related—due to the spread of COVID-19. With temporary

Why financial literacy matters in an economic crisis

  • A new survey from the National Endowment for Financial Education finds that nearly 9 in 10 (88%) Americans say the COVID-19 crisis is causing stress on their personal finances.
  • Financial literacy cannot predict or remedy a crisis, but financial education will play a pivotal role in the economic recovery of our country.

Throughout April we

The No. 1 personal finance lesson to take away from the coronavirus

  • Americans struggle to comprehend risk more than any other financial concept, according to the latest results of an annual study from TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at George Washington University.
  • Even after more than a decade since the financial crisis, Americans still receive a “failing grade” on overall financial

American Youth and Young Adults Take Money Management Knowledge Test

The National Financial Educators Council (NFEC) recently asked nearly 7,000 teens and young adults (aged 15-18) across all 50 U.S. states to respond to a test measuring their current personal finance knowledge. This 30-question quiz – the National Financial Literacy Test – was conducted in December 2019 and assessed respondents’ capability to earn, save, and

5 tips to keep scammers away during COVID-19 pandemic

Scammers are taking advantage of fears surrounding the Coronavirus.

It’s critically important to stay on high alert to reduce your risk from being a victim to scammers.

Scammers are taking advantage of the coronavirus outbreak, using fake emails, fake texts, social media posts and fake phone calls asking individuals for money or security

You’re not really an adult until you pay for these things yourself

Americans would have gladly swapped out a math class or two in order to receive a better education when it came to their own personal finances, according to new research. A third of millennials would have cut geometry from their school curriculum in favor of personal finance — and other common classes respondents would boot

Financial Literacy, a Missing Piece of the Financial Inclusion Puzzle

It’s been argued that the proliferation of user-friendly, highly accessible fintech tools has helped bridge the financial wellness gap in the U.S. However, the widespread lack of financial literacy here has remained a stubborn obstacle to financial inclusion. While new, mobile-based apps and offerings have led to increased participation among natural savers and investors and the more

The biggest financial commitments Americans are setting in 2020

  • Start investing early and don’t worry about starting with small sums — it will pay off over the long-term.
  • Pay more attention to spending habits and flag unnecessary purchases — it will help you avoid or pay down debt.
  • Lowering your living expenses, such as downsizing after a home sale, can be a wise

Financial literacy 101 for Finns

The most cheerful people on the planet are about to get some help managing their finances.

In Finland, which topped the most recent UN world happiness report, the central bank is drawing up a financial literacy strategy for citizens.

The idea, conceived in a country that outperforms much of the rich world in education, is to figure

New Study Shows Almost No One is Immune to Financial “Faux Pas”

According to the new Financial Wellness Survey from KeyBank, 75% of consumers consider themselves financially savvy, with 41% stating they’re savvier than most or consider themselves an expert when it comes to personal finance. Despite this, more than half (54%) admit they have made a financial “faux pas”—referring to a money “false step” or error—and

Financial education helps people afford life

Money makes the world go around. Yet, despite a healthy economy and low unemployment, most Americans live on the brink of financial crisis. Studies show that nearly 40% of the population doesn’t have enough cash resources to cover an unexpected $400 expense, while a $1,000 emergency or a missed paycheck 

Financial Wellness Differs from Financial Literacy

Financial wellness differs from financial literacy.  Clearly, Financial Wellness and financial literacy are not the same things. Surprised? This author was, too. But it turns out there’s a major difference between being financially literate and achieving financial well-being.

Essentially, there are some of the fundamental differences between financial literacy and financial wellness. Financial literacy means the

Financial literacy: a crucial life skill

Throughout school, students learn advanced mathematical and chemical equations, American history, art, music and English. But most Americans never learn how to properly manage money. Debt is an accepted part of most people’s lives. Thirty percent of Americans have no long-term financial plan. Some have a tendency to spend money when and where they

84% of millennials and Gen Z failed this retirement quiz

The vast majority of workers under the age of 34 lack basic knowledge about their 401(k) retirement plans, according to the new Financial Wellness in the Workplace Study from Fisher Investments 401(k) Solutions.

The report surveyed 1,000 employees at companies with between five and 350 workers on their retirement knowledge and preparedness, and found that 84%

Financial literacy skills have taken a nose dive since the Great Recession

It’s been a decade since the Great Recession’s upheaval, and while some measures of Americans’ economic well-being have recovered like the unemployment rate, their financial literacy isn’t one of them.

Between 2009 and 2018, there was an 8% slip in the amount of people who could correctly answer most questions about interest rates, inflation, bond prices,

Financial Prosperity Eludes Many Americans Despite Growing Economy

As the gap between the Haves and the Have-nots continues to widen, cash-strapped Americans are failing to save money, struggling with student loan debt and facing decreasing financial literacy, despite economic growth and declining unemployment over the past 10 years, according to new research from the FINRA Investor Education Foundation (FINRA Foundation). The study, “

We must act today to address the hidden cost of financial illiteracy

With bipartisanship in short supply, Congress must search for areas in which cooperation is both possible and beneficial for the health of our nation—and financial literacy would be a wise place to start. The lack of financial literacy is blind to politics. It affects young and old, rural and urban, and every ethnicity, gender and creed.