NFCC Survey Reveals Consumer Concerns
For Financial Literacy Month in April, the National Foundation for Credit Counseling (NFCC) and the Network Branded Prepaid Card Association (NBPCA) today released the results of their 2013 Financial Literacy Survey. In its seventh year, the annual survey provides data and trends on Americans' attitudes and behaviors related to personal finance.
"This year's survey results provided somewhat of a mixed message," said Susan C. Keating, NFCC president and CEO. "More than one in four consumers indicated they are spending more than last year, yet 77 percent admitted to having financial worries, with insufficient savings as their top financial concern. While consumers moving out of recession mode and becoming more comfortable with spending is positive for the nation's economy, they need to be mindful of the fact that increasing spending without a safety net in the form of savings could have a negative impact on their personal economy."
Consumers' top personal finance concerns were:
- Not enough savings
- Not being able to meet financial obligations
- Health insurance
- Credit
- Job loss
- Foreclosure
The good news is that 20 percent of U.S. adults indicated they do not have any financial worries, a strong sign of consumer confidence. However, 40 percent of U.S. adults gave themselves a grade of C, D or F on their knowledge of personal finance, and 78 percent said they could benefit from additional advice and answers to everyday financial questions from a professional.
Although the plurality of U.S. adults indicated that, if they were having financial problems related to debt, they would first turn to their friends and family for assistance (28%), a similar number (27%) also said they would reach out to a professional nonprofit credit counseling agency for help, demonstrating a high level of confidence in the value of credit counseling.
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