1. Spend vs. Save: Despite the tough economy, the rate of Americans spending more than they make has decreased in the past 5 years.
2. What’s Up, Doc? More than 25% of Americans, mostly in the 18-34 age bracket, have some level of medical debt on their books
3. Just In Case: 40% of those surveyed in 2012 said they have a rainy day fund, as opposed to 35% of respondents in 2009.
4. Bringing Home The Bacon: Nearly 50% of respondents paid their credit cards bills in full when last surveyed, up almost 10% from previous years.
5. In The Know? Despite some of the promising points, only about 60% of adults could answer basic questions on compound interest, inflation and diversification correctly.
6. Comparison Shopping: With little fluctuation in a 3-year period, about 60% of respondents said they did not compare pricing when getting credit cards.
7. All About Equity: We all know about the housing crisis post-2008, but nearly 80% of the most recent respondents had their mortgages under control.
8. Alternate Options: In 2012, 1/3 of borrowers said they didn’t use the bank to borrow money. Not sure if we should ask…
9. A-Okay: A surprising 42% of those surveyed said they were neutral on their current financial situation, while 24% said they were completely satisfied.
10. Looking Forward: 54% of respondents said they had set up retirement accounts — if you haven’t yet, make sure to get moving on one!
To read the full National Financial Capability Study and view state-by-state statistics and more, visit USFinancialCapability.org.
