April is Financial Literacy month, the perfect time to explore how financial literacy is more important to consumers in 2023 than ever before.
Inflation is lowering consumer purchasing power significantly, and everyone is trying to make their dollar go further. We’ve collected data about the state of financial literacy in 2023 to help financial brands and consumers understand how a little education could combat inflation concerns.
Financial Literacy is Low in the United States
When asked a battery of “common knowledge” financial questions, the average person could only answer half the questions correctly.
TIAA: How financial literacy varies among U.S. adults
Consumers Know a Lack of Financial Literacy is Hurting Them
The average person believes they lose $1500 to $2000 every year just from a lack of financial knowledge.
NFEC: Personal Finance Survey
Americans Are Delay Big Purchases and Reducing Debt
30% of Americans are putting off big purchases like homes and cars until inflation subsides, while 27% are fighting inflation by seeking the lowest rate on loans and credit products.
Mintel: Financial Services in 2023 - US
Inflation is Forcing Consumers to Try Financial Products
Nearly half of consumers (49%) say recent inflation has convinced them to explore their bank’s financial products.
Mintel: Switching in Financial Services – US – 2022
