Consumers’ Financial Snapshot

Ann-Marie Vazzano

Consumers are confident, but unprepared, according to the most recent Financial Literacy Survey conducted by the National Foundation for Credit Counseling and NerdWallet.

The survey of 2,000 U.S. adults ages 18-plus looks at American consumers’ level of knowledge related to financial literacy, as well as trends associated with personal finance behavior.

According to the survey, 92% of Americans are very or somewhat confident in their most recent big financial decision (picking a credit card, buying a car, refinancing a mortgage, etc.). In addition, 59% of consumers feel they deserve an “A” or “B” grade when it comes to their own personal financial knowledge. However, 75% say they would benefit from advice and answers to financial questions from a professional.

Here’s a look at some other key findings:
• 70% of Americans are currently worried about their personal finances
• 60% spend money without a budget (the highest percentage in six years)
• 21% say they are now spending more than they did in 2014
• 33% carry credit card balances from month to month
• 49% pay off their credit card balances each month
• 57% of Americans are saving for retirement and 66% have non-retirement savings GP