Today’s infographic paints a troubling picture of the current financial literacy situation, while demonstrating why personal finance is a crucial area of study.
Here are some of the indicators that show literacy is dropping:
The U.S. ranks 14th globally in terms of financial literacy
With a 57% literacy, the U.S. beats Botswana (52%) but gets edged out by countries like Germany (66%) or Canada (68%)
Only 16.4% of U.S. students are required to take a personal finance class in schools
76% of millennials lack basic financial knowledge
Between 2009-2015, Americans got worse at answering five key personal finance questions posed by FINRA – a major U.S. financial regulator
And worse, this lack of knowledge is translating into anxiety and even fear.
Four of five adults say they were never given the opportunity to learn about personal finance
70% of millennials are stressed and anxious about saving for retirement
22% of millennials feel overwhelmed about their finances
13% of millennials feel scared
Source: https://www.ngpf.org/
