Last year, Pew Research asked adults across the United States how much they knew about personal finance, a topic that includes “managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning,” reported Will Kenton of Investopedia.
More than half (54 percent) of those who participated in the survey said they knew a great deal or a fair amount about personal finance. However, the results varied widely depending on the demographic attributes considered. For example, knowledge about money appears to increase with age, reported Khadijah Edwards of Pew Research Center. For example:
Ages 18 to 29: 41 percent know at least a fair amount
Ages 30 to 49: 47 percent know at least a fair amount
Ages 50 to 64: 60 percent know at least a fair amount
Ages 65 and older: 67 percent know at least a fair amount
Extrapolating that result suggests that about two-thirds of Americans may know a fair amount about personal finance as they approach retirement. Many survey participants learned what they knew about money from family and friends. Others said they relied on:
The internet
A college or university course
Media (news, documentaries, and books)
Elementary or high school classes
When asked about various issues related to finances, respondents were more confident in their ability to accomplish some tasks than others. For example, participants were confident they could:
Find their credit report: 75 percent
Make a monthly budget: 59 percent
Develop a plan to pay off debt: 57 percent
Create a plan to save money: 56 percent
Build an investment plan to grow wealth: 27 percent
If you have friends or family members who would benefit from knowing more about how to manage, save, and invest money, gifting a subscription to a personal finance publication could make a difference. You’re also welcome to share our contact information. We help people pursue their financial goals.
Zeiser Wealth Management, LLC provided this article. To learn more about ZWM visit www.zeiserwealth.com. Investment advisory services offered through Zeiser Wealth Management LLC, a state of Arkansas Registered Investment Advisor. This material was prepared by Broadridge. Broadridge is not affiliated with Zeiser Wealth Management.
