top of page

Begin Financial

link-4088190_1280.png
letters-1132703_1280.png
smartphone-1132677_1280.png

+918208036016

Abstract Glow
Financial Literacy Study Shows Some Improvements

Venkatesh Subramanian

Begin Financial

Financial Literacy Study Shows Some Improvements

Financial literacy still has a long way to go, especially among younger people

The TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) recently conducted a survey called the Personal Finance Index (P-Fin Index), which aims to measure individuals' financial literacy and assess their understanding of personal finance concepts.


The survey was conducted in the United States and included a nationally representative sample of 1,024 adults aged 18 and over. The survey consisted of 28 questions covering eight areas of personal finance, including earning, spending, saving, borrowing, insuring, investing, managing debt, and understanding risk.


The survey found that the overall financial literacy score for Americans was 57%, which is slightly lower than the previous year's score of 58%. However, the score was higher than in previous years, indicating a positive trend in financial literacy among Americans.


The survey also revealed some interesting trends and patterns among different age groups, income levels, and education levels. For example, younger adults (ages 18-34) scored the lowest on the P-Fin Index, with an average score of 47%. On the other hand, older adults (ages 65+) scored the highest, with an average score of 66%. Similarly, individuals with higher levels of education and income tended to have higher scores on the P-Fin Index.


The survey also asked participants about their financial behaviors and attitudes. For example, the survey found that only 52% of participants had a budget, and only 39% of participants reported having an emergency fund. Additionally, only 40% of participants reported feeling confident in their ability to make investment decisions.


The survey's findings highlight the importance of financial literacy education and the need for individuals to improve their understanding of personal finance concepts. It also emphasizes the need for financial institutions, policymakers, and educators to work together to provide individuals with the tools and resources they need to make informed financial decisions.

leisure time2.PNG

leisure time2.PNG

leisure time2.PNG

leisure time2.PNG

Watch Video
Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

Business Graphs

Content Title

Subtitle

Source

information_button_symbol_800_clr_6174.p
I would like to learn more about...

How can I learn more about financial planning

How can I teach my children about finances and money

Other financial planning topic

Enter

Thank you. Your inquiry has been sent.

Please enter your contact information

magnifying_glass_800_clr_16614.png
explore your life stages and events

Explore key stages and events in your life, such as marriage, parenthood, empty nesting, retirement, grandparenthood, and caregiving with a 15-20 minute questionnaire. You will receive a personalized Life Stage Profile and Road Map to help you navigate life's financial opportunities and challenges.

Get Started
About us
references
Disclosures
This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.
More From
bottom of page