FINRA Foundation - Education

In the past 12 months, which of the following describes your experience with credit cards?

Overall
I always paid my credit cards in full
In some months, I paid the minimum payment only
In some months, I carried over a balance and was charged interest
In some months, I was charged a late fee for late payment
In some months, I was charged an over the limit fee
In some months, I used the cards for a cash advance

In the past 12 months, which of the following describes your experience with credit cards?

Overall over time:

Overall

46% of respondents with lower financial literacy only paid the minimum payment for their credit cards some months, compared to 25% of respondents with higher financial literacy

Over the past year, how was your spending in relation to your income?

Overall
Spending less than income
Spending more than income
Spending about equal to income

Over the past year, how was your spending in relation to your income?

Overall over time:

Overall

53% of respondents with higher financial literacy spend less than their income, compared to 35% of respondents with lower financial literacy

Have you set aside emergency or rainy day funds that would cover your expenses for 3 months?

Overall
Yes
No

Have you set aside emergency or rainy day funds that would cover your expenses for 3 months?

Overall over time:

Overall

65% of respondents with higher financial literacy have an emergency fund, compared to 43% of respondents with lower financial literacy

Have you ever tried to figure out how much you need to save for retirement?

Overall
Yes
No

Have you ever tried to figure out how much you need to save for retirement?

Overall over time:

Overall

52% of respondents with higher financial literacy have tried to figure out a retirement plan, compared to 29% of respondents with lower financial literacy

Do you have any retirement plans through an employer?

Overall
Yes
No
Don't know

Do you have any retirement plans through an employer?

Overall over time:

Overall

64% of respondents with higher financial literacy have a retirement plan, compared to 39% of respondents with lower financial literacy

Financial Knowledge EDUCATION

Ability to Make Ends Meet, COVID-19

Financial Capability in the U.S.