Consumers are Overconfident About Finances but Unprepared for Future
CCCS-OC's parent organization, the National Foundation for Credit Counseling® (NFCC®) and NerdWallet, a personal finance website, released the results of the 2015 Financial Literacy Survey with disturbing results.
In the survey, 92% of Americans said they were very or somewhat confident in their most recent big financial decision (e.g., picking a credit card, buying a car, refinancing a mortgage). As many as 59% of consumers said they deserve an "A" or "B" when it comes to their own personal financial knowledge. Sounds like good news, right?
But survey data also reveal that 70% of Americans are currently worried about their personal finances. Their concerns are justified -- 60% continue to spend without a budget and about one in five (21%) say they are now spending more than they did in 2014. Nearly one quarter (24%) are not paying their bills on time. With 43% not saving anything for retirement but only 28% worried they do not have enough savings, the future looks grim.
Student loans are also a big concern, with only 6% of Americans feeling that their student loans were a good investment. Of those who are repaying their own student loans or their children's educational loans, the majority (58%) expressed that they are unable to establish emergency or retirement savings or purchase a car as a result of that financial commitment.
Remember that CCCS-OC can help you make a plan to get ahead of these worries and work toward a bright financial future. Call and make a FREE appointment for one-on-one counseling today! And see more of the survey here.
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