Financial Literacy

Now more than ever, financial literacy is of vital importance to the American public. Without the ins and outs of financial literacy, you’re never really taught how to manage finances in the real world and this knowledge that is used just about every single day of your life.

The upsides of strong financial literacy include being able to better perform at budgeting, saving and investing for the future. It's also important to understanding the opportunity cost of money as this information can help guide you when making financial decisions. A lack of financial literacy makes consumers more likely to be thrown into the wilderness of today’s financial jungle without a foundation. Without a foundation your financial security is at jeopardy and you are more likely to have financial mishaps.

Financial Knowledge

Financial knowledge can be related to anything in the financial services industry. It can refer to knowledge about equities to budgeting to tax incentives. Financial knowledge can be a key to an earlier retirement for many consumers. It could potentially mean that you as a consumer will be able to enjoy your golden years and retire early. Knowledge is valuable in that it provides consumers with freedom and financial knowledge allows consumers to be financially freedom. Financial knowledge is the precursor to financial freedom and without it you could be financially stuck.

Financial Quiz

• Question: What's the average consumer credit score in the United States of America?
• Answer: According to Experian data, the average credit score in the U.S. was 715 in 2024.

• What Percentage of Americans own stock?
• Since 2023, approximately 62% of all Americans own stock either directly or indirectly. This number has steadily been increasing throughout the years. The low point in ownership was at 52% in 2013 and 2016.

• How many credit cards does the Average American have?
• The Average American has approximately 3.7 credit cards according to data from Experian. This number has been declining in recent years with the average credit limit opf $30,365.

• What Percentage of U.S. Households Prepare a Budget?
• Approximately 32% of U.S. Households prepare a monthly budget. Whether you budget or not might also be dependent upon your education. 38% of college graduates budgeted while only 26% of those with a high school education or lower budget each month.

• What is the Average Credit Card Debt in the U.S?
• Based on data from the Federal Reserve Bank of New York and the U.S. Census Bureau each American household carries an average $7,951 in credit card debt in a year.