96% of Americans believe at least one money myth
According to the latest survey by LendingTree®, Americans are less financially literate than they believe, with 96% holding at least one false belief about money management.
For example, 45% believe that carrying a credit card balance helps your credit score, and more than a quarter of those 40 and younger don't think they need to be saving for retirement.
Here are some other key findings:
Americans know less about money than they think they do. When asked to rate their financial literacy on a scale of 1 to 5, most (87%) rated themselves at a 3 or higher. However, when asked if they believe six different money myths, 96% thought at least one was true.
Americans are taught financial literacy at home, not at school. About half (47%) learned about finances from their parents or other family members, and 39% are self-taught. Just 29% learned about money in high school, even though 56% of people think you should.
27% of Gen Z learn about money from social media* That's nearly double the overall average of 14% across all respondents. Interestingly, 15% of Gen Z who learned a false money myth said that they learned it on social media — 21% of millennials said the same.
*It's possible to teach a complex topic in a single graphic posted on Instagram if you're using the right materials ;)
What are your takeaways from the article?
Nala
Nala Henkel-Aislinn heads up new business development at Currency Marketing and is passionate about spreading the word about the It's a Money Thing Financial Education Program that credit unions from around North America are using to connect with new young adult members.
