How Financial Literate are you?
More than three-quarters of U.S. adults think they’re good at managing their finances, but only 14 percent aced a 5-question quiz on basic financial concepts like interest rates, mortgages and inflation (25,000 Americans participated in this survey).
The survey found disparities between states when it comes to how its residents handle day-to-day finances and save for the future. California,Massachusetts and New Jersey topped the capability list. Those states ranked in the top five in at least three of the five measures in the survey. Mississippi, Arkansas and Kentucky placed near the bottom in two or more of the five measures.
Age also played a factor. Millennials in particular showed signs of financial stress. Those 34 and under were more likely to take out a loan or hardship withdrawal from a retirement account, or make late mortgage payments.When it comes to medical bills, this age group was almost twice as likely to have unpaid medical bills than Americans 55 or older.
No doubt our financially literate levels need to improve; however, what you need to do is approach your very own financial situation as an individual. In other words, the numbers in the survey above tell a lot, but your very own financial numbers though can tell you more valuable information and in particular where exactly your focus should be.
Call me for a FREE evaluation of your financial numbers, find out more about where you are and where you can and will be.
Jesse Alvarado
(562)822-5565
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