Financial experts generally agree that having a household budget is sound financial management. However, similar to the findings from 2007, only a minority of Americans say they keep close track of their typical monthly expenses. Although a majority of the public has at least a somewhat good idea of where their money goes each month, nearly two in 10, or roughly 40 million adults, keep little or no track at all. Contrary to some stereotypes, how closely Americans manage their money does not vary by gender, age or income. Women continue to be as likely as men, younger people as likely as older people, and lower income households as likely as higher income ones to keep close track of what they spend.

Another alarm raised by the survey is that the majority of consumers do not have sufficient emergency funds, defined as three to six months of income saved. More than one-third, or roughly 76 million adults, say they do not have any nonretirement savings. Although a majority is currently saving for their retirement, more than one-quarter are not.

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.

As for who has the biggest influence on financial education a majority of consumers says they learned the most about personal finance from their parents or at home. The results underscore the potential positive influence parents can have on their children financially.

“The findings of this study are staggering, especially given the current economic outlook. We conducted this study to get at the core of what financial issues plague Americans and with this information we are now better equipped to help consumers where they need it most,” said Richard Jenkins, editor-in-chief of MSN Money.

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