Financial Literacy - US - May 2016
The level of financial literacy is low in the US and consumers are paying the price. The ramifications of this to consumers are obvious, and fortunately many consumers realize that they don’t know enough and are interested in learning more. To help consumers improve their understanding of concepts such as interest, budgeting, credit, and investment basics, financial institutions are working to develop literacy programs, either on their own or in partnership with private organizations, the US government, or schools. These programs not only serve the consumer but the industry as well, as consumers who successfully manage their money tend to have more financial products and are therefore more profitable customers.
This report examines the following areas:
- Literacy is not being taught
- Few consumers are confident in their knowledge
This Report includes information on:
- How consumers see their own knowledge of financial concepts
- The major financial challenges consumers feel are holding them back
- The opportunities that exist for financial institutions to grow a customer base by helping improve consumers’ knowledge of personal finance.
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