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According to a recent poll, nearly half of Americans don’t know what a 401(k) is.
A national survey of 2,000 Americans divided evenly by generation found that 43% of respondents don’t know what a 401(k) is.
The survey looked at Americans’ financial literacy, their commitment to learning and developing healthy money habits, and their feelings about their bank accounts and financial future.
The results revealed that respondents had a significant lack of confidence in their financial literacy, with only 30% believing they could win a game of personal finance trivia.
And more than a third (35%) don’t know what “interest” is in an economic context.
This study Beyond finance Despite this alarming knowledge gap, only two in five (39%) respondents consider themselves to be more financially literate than others in a Financial Practice Week survey conducted by OnePoll. It became clear that.
Four in 10 Americans (39%) admit to procrastinating when it comes to practicing healthy financial habits. Gen Z is the most likely to procrastinate (49%), and baby boomers are the least likely to procrastinate (22%).
Respondents cited stress (25%) as the main reason for postponing personal finance tasks, as they feel their financial health has already deteriorated and cannot get any worse. (16%) and forgetfulness (13%).
“Unfortunately, it’s all too common to avoid reviewing your financial situation and making healthy changes. This includes: It can be overwhelming.” Some people tend to neglect understanding their financial situation, while others become overly sensitive about it. There is a middle ground when it comes to improving your financial health. It’s about learning healthy money habits, being mindful, and making small, achievable adjustments to your spending and habits. ”
The survey found that the average American typically checks their banking app twice a day. Exactly half of respondents say they feel nervous when opening a banking portal, with Gen Z (65%) feeling the most uncomfortable.
By comparison, baby boomers feel the most at ease (26%), and more than a quarter of all respondents avoid signing into banking apps at all on a daily basis (26%).
When it comes to budgeting habits, 8 in 10 respondents try to hold themselves accountable to their monthly budget, with Millennials and Baby Boomers tied for the most thorough financial planning (81 %) is.
Among those who create a monthly budget, only 66% of respondents adhere to it on average, with baby boomers showing the highest level of accountability (76%) and the most deviations from their budget. Gen Z (58%).
For people trying to save money, the most popular strategies include buying items on sale (53%), using coupons or discount codes (47%), and limiting spending on clothing (45%) ) and shopping at discount stores (42%).
However, a significant portion of respondents say they go out to bars and restaurants less often (39%), limit or not travel at all (36%), and rarely or never buy coffee at coffee shops. They resort to more drastic measures to save money. (35%) and rarely or never buy gifts (32%).
Notably, 33% of respondents said they do not take vacations.
Economic conditions also affect relationships. Nearly four in 10 (39%) reported that their or their partner’s unhealthy spending habits are having a negative impact on their relationship.
A majority (63%) of people in a relationship agreed that learning about their personal finances as a couple increases their chances of successfully improving their financial habits in the future.
“The first step to a happier financial future is education,” Dr. Rasul said. “The more you know about money and personal finance, the better prepared you will be to make better decisions and create a plan to reach your goals. That’s why Financial Practice Week is so important. We want to help you learn about the money habits and habits you’ve been putting off and encourage you to move towards a more stable and optimistic future.”
Research method:
This random double opt-in survey U.S. adults evenly divided by generation (500 Gen Z, 500 Millennials, 500 Gen X, 500 Baby Boomers) commissioned by Beyond finance while February 16th and February 22, 2024.Conducted by a market research company One poleteam members are members of the Market Research Association and corporate members of the American Association for Public Opinion Research (Arpol) and the European Public Opinion Marketing Research Association (esomal).
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