SILVER SPRING, Md. — The National Foundation for Credit Counseling and MSN Money 2008 Consumer Financial Literacy Survey reveals that when it comes to financial education there is still much to do.
"If there were ever a time that Americans needed to embrace financial literacy, it is now, "said Susan C. Keating, president/CEO of the NFCC during a Congressional Briefing today on Capitol Hill. "The NFCC is proud to make public the results of this survey in hopes that it will be a wake-up call to consumers."
Among the survey findings-59% of young adults in Generation Y (defined as ages 18-29) pay their bills on time every month and only a minority of consumers ages 30-49 keep close track of expenses/spending. In addition, the majority of consumers do not have sufficient emergency funds, defined as three to six months of income saved.
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The survey also finds that roughly 10 million adults, report being late or missing a mortgage payment in the last year and almost one-quarter of Americans say they do not know enough about owning a home to consider buying one.
The survey, conducted by Princeton Survey Research Associates International, was designed to identify what Americans know about their finances and to assess their overall financial health.
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