GITNUX MARKETDATA REPORT 2024

Financial Illiteracy Statistics [Fresh Research]

In this post, we explore a series of eye-opening statistics on financial literacy from around the world. The data highlights significant gaps in basic financial knowledge, disparities among different demographics, and the impact of financial literacy on personal finance behaviors. These statistics shed light on the pressing need for improved financial education and awareness on a global scale.

Statistic 1

"Financial literacy is low worldwide, with an average score of 61% on a test measuring basic financial knowledge concepts."

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Statistic 2

"Financial literacy is low worldwide, with an average score of 61% on a test measuring basic financial knowledge concepts."

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Statistic 3

"27% of young people possess knowledge of basic financial concepts, with large gender and ethnic disparities in financial literacy."

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Statistic 4

"The gender gap in financial literacy is present in the Netherlands, the United States, and Germany, with the largest gap in the Netherlands at 20%."

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Statistic 5

"Approximately two-thirds (66%) of Americans can’t pass a basic financial literacy test."

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Statistic 6

"About 57% of adults in the United States are financially literate, which is only slightly higher than the worldwide rate of 56%."

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Statistic 7

"A study conducted by FINRA found that millennials are the age group with the lowest levels of financial literacy."

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Statistic 8

"Only 16% of American students are required to take a personal finance course to graduate high school."

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Statistic 9

"Only about 24% of millennials demonstrate basic financial knowledge."

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Statistic 10

"Roughly 72% of American adults have confidence in their ability to manage their finances, but only 47% feel they are financially stable."

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Statistic 11

"People with a higher level of financial literacy are twice as likely to plan for retirement."

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Statistic 12

"33% of adults in Latin America are financially literate compared to 55% of adults in East Asia and the Pacific."

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Statistic 13

"53% of U.S. adults reported feeling anxious about their financial situation at least once in the past 12 months."

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Statistic 14

"According to a 2021 FAIRWIND Credit Union survey, only 6% of US adults can correctly answer 7 out of 10 questions regarding basic financial concepts."

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Statistic 15

"Only 54% of American adults pay their credit card bills in full each month, a crucial aspect of financial literacy."

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Statistic 16

"More than 42% of Americans report that they are uncomfortable discussing personal finance with friends and family."

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Statistic 17

"Financially literate adults are less likely to engage in costly credit behaviors, saving roughly $184 annually in credit card fees."

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Statistic 18

"Four in ten U.S. households (39%) have no retirement savings."

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Statistic 19

"Almost 40% of Americans do not understand the difference between debit and credit cards."

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Statistic 20

"Younger millennials (ages 23 to 27) have relatively lower financial wellness scores, with an average score of 69 out of 100."

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In conclusion, the statistics presented highlight a concerning trend of low financial literacy levels worldwide, particularly among young people and millennials. Gender and ethnic disparities in financial literacy are evident, with a significant gender gap observed in countries like the Netherlands, the United States, and Germany. Despite a majority of adults expressing confidence in managing their finances, the reality of financial stability is less reassuring. The correlation between financial literacy and proactive financial behaviors, such as retirement planning and avoiding costly credit mistakes, underscores the importance of improving financial education at both the individual and societal levels to foster greater economic well-being and stability.

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