The Personal Finance Employee Education Fund (PFEEF) recently released some numbers that measure the state of financial wellness in the U.S:
- The U.S. ranks 14th globally in terms of financial literacy.
- With a 57% literacy, the U.S. beats Botswana (52%) but gets edged out by countries like Germany (66%) or Canada (68%).
- Only 16.4% of U.S. students are required to take a personal finance class in schools.
- 76% of all millennials lack basic financial knowledge.
- Between 2009-2015, Americans got worse at answering five key personal finance questions posed by FINRA.
What is worse, this lack of knowledge is translating into anxiety and even fear among Americans, For example,
- Four of five adults say they were never given the opportunity to learn about personal finance.
- 70% of millennials are stressed and anxious about saving for retirement.
- 22% of millennials feel overwhelmed about their finances.
- 13% of millennials are scared about their financial future.
Meanwhile, student and credit-card debt is soaring to new highs:
- The average US household owes about $135,768 in debt.
- The average household with credit card debt will pay roughly $1,141 in interest per year.
- Average student loan debt total per person: $31,172.
- Average monthly student loan payment for graduates: $393.
- Total student loan debt in the U.S.: $1.52 trillion.
- Time to pay off student debt: 10 to 30 years.
Click here for more statistics on the financial health of Americans from the latest academic research.
Click here, here, and here for the sources for the numbers cited above.
PFEEF’s mission is to support organizations and employees as they take charge of their financial wellness.