Survey Exposes Significant Gaps in Personal Finance Skills
tHe nAtIonAl FoundAtIon For CredIt CounSelInG
and the network branded Prepaid Card Association recently released
results of the 2012 Financial literacy Survey. In its sixth year, the
survey annually provides data and trending around Americans’
attitudes and behaviors related to personal finance.
The 2012 survey revealed a disturbing
lack of basic financial skills that are critical to building a stable financial future.
Consider the following results in areas
such as budgeting, saving, responsible
bill-paying, and money management:
■ ■ More than half of U.S. adults,
56 percent, admit that they don’t
have a budget;
■ ■ One-third of U.S. adults, or more
than 77 million Americans, do not
pay all of their bills on time;
■ ■ Thirty-nine percent of adults
carry credit card debt over
from month to month;
■ ■ More than one in 10 adults ( 13 percent), or about 30. 5 million Americans,
typically use prepaid debit cards to
pay for everyday transactions such as
groceries, gas, dining out, paying bills,
and shopping online;
■ ■ Seventy-eight percent of adults who
use prepaid debit cards for everyday
transactions say they use them
because they are convenient;
■ ■ Seventy-three percent use prepaid
cards because they feel the cards are
safer than carrying cash;
■ ■ Seventy-two percent use prepaid
cards because the cards allow them
not to overspend or spend money
they don’t have.
■ ■ Fifty-six percent find that the
cards enable them to better manage
their money.
To see the full survey, go to www.NFCC.org.
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