The National Foundation for Credit Counseling’s fifth annual financial literacy survey has found that some 26% of Americans are spending more, saving less and still carrying credit card debt.
In addition, more than two in five Americans grade themselves as "C," "D" or "F" in their knowledge of personal finance, acknowledging that they lack the know-how to make sound financial decisions.
"An admitted lack of personal finance skills coupled with increased spending is a recipe for financial disaster," said Gail Cunningham, spokesperson for the NFCC. "The good news is that just over three in four, 76%, recognize that they could benefit from the advice of a financial professional. Hopefully, this indicates that Americans will take the steps necessary to improve their financial literacy instead of falling back into the financial sins of the past."
The survey that although just over two-thirds of adults pay for most purchases with cash or debit cards, two in five still carry credit card balances from month to month. "It is disturbing to note that more than half of adults do not maintain a budget or track their expenditures, the basic building blocks of financial stability," said Cunningham.