Now more than ever it is important that we all become financially literate because our economy demands it. Our economy demands it because we have to learn how to navigate the cost-of-living crisis, the inflation cycle we are in, and kitchen table issues.
Roughly 62 percent of men are financially literate, compared with 52 percent of women. Similarly, the data show that about 64 percent of adults living in high-income households are financially literate, compared to about 47 percent of adults living in low-income households.
Financial literacy helps to improve the quality of financial services and contributes to the economic growth and development of a country. Increasing the complexity of the economy, individual needs, and financial products, the individual must have financial literacy to manage his personal finances.
Americans scored an average of 68% on the national financial literacy test. The average score up to date is 67.93%, and the percentage of passing scores is 58.61%. Financial literacy high school statistics show that the average score among Americans aged 15-18 in 2020 was 67.93%.
Current financial literacy statistics
- Roughly 53% of adults are financially anxious
- Two in three families lack an emergency fund
- Approximately 78% of adults live paycheck to paycheck
- Four in five adults experience barriers to homeownership
- Roughly 54% of Millenials are concerned about student loans
- Three in five adults don't keep a budget
This is the last day of Wealth Academy Podcast's 30-day financial literacy series. Hopefully, you have learned things that will help you become financially literate. It is important that we all become as knowledgeable about financial literacy so we can positively make a difference in our country. Being able to navigate today's economy that is in a historic inflationary cycle demands that we be proactive in accounting for every cent we spend, so we can become debt-free and financially independent, here is to your financial success!
Learn about Paul Lawrence Vann's digital Financial Fitness course, it is being offered at a 50% discount throughout the month of April, National Financial Literacy Month, here is the link: https://bit.ly/3dbperG