Have you heard about the latest Consumer Financial Literacy Survey? It’s conducted by the National Foundation of Credit Counseling and tracks Americans’ attitudes and behaviors about personal finance.
A large percentage of Americans feel they’re doing a better job of managing their finances, yet many are not confident in their understanding of personal finance. Adequate savings is a concern for many Americans, whether saving for an emergency or for retirement.
- About 40% of adults have a budget and closely track their spending. In other words, 60% don’t use a budget.
- One-third of adults or more than 77 million Americans do not pay all their bills on time.
- Nearly 40% do not have any non-retirement savings.
- 37% carry credit card debt from month to month – a 7% decrease since the question was first asked in 2009.
- Insufficient savings tops the list of financial worries, with 43% most worried that they don’t have enough emergency savings, and 38% worried they’ll retire with inadequate savings.
- 78% agreed they could benefit from advice regarding everyday financial questions from a professional.
If you see yourself in these statistics, now is a good time to make a change:
- Create a budget
- Develop a savings plan
- Plan your retirement strategy
- Make your personal finances a priority
It may seem a bit overwhelming, but as your community bank; UB&T is here to help – stop by one of our 5 offices or give us a call. We can help you get started.