Financial Literacy Statistics

The term “financial literacy” has gone from irrelevant to a buzzword peppering the national discourse in only a matter of years, and for good reason. The United States sank into the worst financial downturn since the Great Depression during that time, largely as a result of the risky lending practices and widespread overleveraging of a populace that had and continues to have very little confidence in its own financial acumen.

Below, you can find statistics on financial literacy in the U.S., offering insight into the nation's overall understanding of personal finance.

The State of Financial Literacy in America

According to the National Foundation for Credit Counseling’s 2024 Financial Literacy Survey, 47% of US adults continue to give their personal finance knowledge a grade of “C” or worse, an increase of approximately 12% from results of the same survey in 2009.

It’s therefore no surprise that consumers are still displaying flawed financial logic. For example, after cutting back on spending in reaction to the economic woes of the Great Recession, US consumers have begun to incur credit card debt at an alarmingly rapid and consistent rate. We managed to increase our credit card debt in 2025 by 5% when compared with 2010, according to WalletHub’s Credit Card Debt Study.

The future doesn’t appear too bright either. According to OECD PISA financial literacy test which assessed the knowledge and skills of teenagers in dealing with financial issues, the U.S. ranked 8th among 20 countries that participated and U.S. teens scored just 7 point above global average (505/498).

Financial Literacy Survey

WalletHub conducts surveys to explore various aspects of financial behavior and attitudes, providing insights into financial literacy, budgeting, savings, and financial resolutions among different demographics. You can check out some of the key findings below.

Generational Finances Survey

• Gen Z is the least financially confident generation, as more than 1 in 4 Gen Zers say they are not confident in their financial knowledge and skills.
• 66% of Gen Zers think savings accounts are the best way to invest their money, while 38% of Millennials think that investing in stocks is a better option.
• While 58% of Baby Boomers, 43% of Millennials and 41% of Gen Xers prefer a financial professional as their go-to source for financial advice, 50% of Gen Zers prefer a family member.

Check out the full survey results.

College Student Financial Survey

• More than 1 in 3 college students would give their personal finances a grade of "C" or worse.
• 46% of college students say their schools have not adequately prepared them for financial independence.
• 7 in 10 college students feel overwhelmed by their financial responsibilities.

Check out the full survey results.

Emergency Saving Survey

• 2 in 3 Americans say the affordability crisis has affected their emergency savings.
• 59% of people say they include emergency savings in their monthly budget.
• Nearly 1 in 5 Americans say they couldn’t come up with $1,000 in cash within 24 hours to save a loved one’s life.

Check out the full survey results.

New Year’s Financial Resolutions Survey

• More than half of Americans say inflation is their biggest financial concern for 2026.
• Almost 60% of people say that 2026 will be better for their wallet than 2025.
• 31% of people making a financial resolution say they want to save more.
• More than 3 in 5 Americans expect to spend less money on New Year’s plans this year compared to last year.

Check out the full survey results.

Student Money Survey

• Nearly 1 in 4 students think their tuition is not a good investment.
• The top post-graduation fear among students is student loan debt (30%) followed by not finding a job (29%) and credit card debt (25%).
• Half of the students think their school is not doing enough to make them financially literate.

Check out the full survey results.

Financial Literacy Rates

The financial literacy rate measures how well people manage their money. It shows if individuals can make smart financial decisions, budget effectively, save for the future, and handle money challenges like emergencies. A higher rate means more people are good at managing their money, which helps the economy and improves household finances.

Financial Literacy Rates by Year

Source: TIAA Institute-GFLEC Personal Finance Index (2025)

Financial Literacy Rates by Generation

Baby boomers and Silent Generation have the highest financial literacy rate, at 55%. Gen Z has the lowest financial literacy rate, at 38%.

Source: TIAA Institute-GFLEC Personal Finance Index (2025)

Personal Finance Participation Rates across Generations

Gen Z shows a stronger interest in personal finance education, with a 35% enrolment rate in personal finance courses, compared to 24% for millennials, and only 10% for Baby Boomers.

Source: The Financial Literacy Crisis in America, Ramsey Solutions, 2025

Cost of Financial Illiteracy in America

In 2025, the National Financial Educators Council surveyed people to determine the costs associated with a lack of knowledge about personal finance. It was discovered that 4.33% of Americans said the cost of not being financially literate was more than $10,000.

Note: The cost data is based on responses collected from 1,200 people in the U.S. between Dec. 24 and Dec. 28, 2025.

Source: National Financial Educators Council's annual Financial Illiteracy Survey

Financial Literacy Education Requirements by State

 32 states in the U.S. have legislation and regulations in place for educating students on personal finance.

Source: Financial Literacy 2025 Legislation, National Conference of Legislatures

Financial Literacy Programs

Across the globe, financial literacy is being promoted through a combination of federal, state, private, and international initiatives. These efforts are aimed at equipping individuals with essential financial skills to navigate economic challenges and make informed financial decisions. Below are examples of some of these programs.

Federal Programs

• Consumer Financial Protection Bureau’s Office of Financial Education: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 called for the creation of the Consumer Financial Protection Bureau (CFPB) in order to consolidate many of the watchdog duties that were previously the domain of a number of different federal bodies. Not only does the CFPB work to prevent anti-consumer business activity, but it also helps educate consumers on myriad personal finance topics through its office of Financial Education
• MyMoney.gov: This is the federal government’s website for personal finance education. It has various personal finance resources and tools, including teaching curricula for parents and teachers.
• Presidential Declarations: United States has recognized April as financial literacy month since 2003 and governments since have striven to draw attention to the nation’s financial literacy deficit by spreading awareness during this month.
• Consumer.ftc.gov: FDIC website offers a program to help those outside the regular financial system boost their money skills. They provide easy-to-follow courses in multiple languages to enhance financial literacy.
• Consumer.gov: The FTC website provides free resources covering credit, debt, identity theft prevention, and scam avoidance. It also offers guidance on budgeting, banking, prepaid cards, and general money management.
• Money Smart: The Federal Deposit Insurance Corporation website hosts a financial education program tailored to individuals outside the traditional financial system. Their curated curriculums aim to improve financial skills, with many resources offered in Spanish and other languages.
• Social Security Administration's People Like Me: The website offers information and tools for people of all ages. Users can create a mySocial Security account to access personalized tools like estimating future benefits and managing current ones.
• Volunteer Income Tax Assistance and Tax Counseling for the Elderly: The IRS's VITA and TCE programs provide free tax preparation help. VITA assists those earning $60,000 or less, persons with disabilities, and limited English speakers. TCE specializes in seniors aged 60 and older, focusing on pension and retirement questions. Services are available in multiple languages.
• USA.gov: This website offers various resources and links to information sourced from numerous federal government agencies.

State Programs

• Mandatory Public School Personal Finance Education: Alabama, Arizona,  Georgia, Idaho, Lowa, Kentucky, Michigan, Mississippi, Missouri, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, South Carolina, Tennessee, Texas, Utah and Virginia have all made financial literacy a mandatory part of their public school curricula.
• State-sponsored Personal Finance Initiatives: The Iowa Financial Literacy Program is designed to bring financial literacy education to every public school in the state. Wisconsin also boasts a program that gives students and educators access to personal finance resource and disseminates performance-based grants.
• Take Charge America: The University of Arizona is home to the Take Charge Institute for Personal Finance Education and Research, which plans to use its research-oriented outreach programs to advance personal finance education programs and policy.

We can also expect financial education to become an increasingly important part of higher education in the United States, as studies of the potential benefits of such programs have been conducted by the likes of the American Association of State Colleges and Universities.

Private Organizations

• State Farm Financial Literacy Lab: A large donation from the State Farm to Florida International University allowed the school to build this research and teaching facility.
• Practical Money Skills: This Visa-run website is home to comprehensive financial literacy resources and teaching tools, including the popular game Financial Football, which has gotten a good deal of exposure thanks to the involvement of the National Football League, one of Visa’s corporate partners, and many of its celebrity athletes.
• Financial Literacy Center: A joint venture from the RAND Corporation, Dartmouth College, and the Wharton School of Business at the University of Pennsylvania, the Financial Literacy Center develops and tests programs to improve financial literacy in the United States.
• National Foundation for Credit Counseling: Aside from conducting well-publicized surveys that gauge the state of personal finance in the US, the NFCC strives to create a national culture of financial responsibility through its nationwide counseling efforts.
• Jump$tart Coalition for Personal Financial Literacy: This Washington, D.C.-based non-profit coalition of 150 national organizations seeks to advance financial literacy among young people from Pre-K all the way through college. Central to this effort are events like Financial Literacy Day on Capitol Hill.
• Operation Hope Operation Hope, founded in 1992, empowers underserved communities through education and financial resources, fostering independence and offering programs in credit management, small business development, and financial literacy.
• Money Think: MoneyThink, founded in 2008 by college students, provides nationwide financial coaching to students. Through mentorship programs led by trained college students, they emphasize essential financial skills for high school and college freshmen, supported by resources from various institutions.
• Clearpoint: Clearpoint, affiliated with Money Management International, aids individuals in pinpointing the roots of their financial worries and devising actionable plans to tackle them. Their comprehensive credit counseling approach focuses on educating individuals on budgeting, credit management, goal setting, debt prioritization, and sound financial decision-making.

Ultimately, the amount of attention now being paid financial literacy in the United States and around the globe is quite encouraging. Discourse about financial problems and solutions has been lacking since the Great Recession turned money into a taboo subject on par with politics, religion, and sex.

Nevertheless, there are some who doubt that openness and educational reform are enough to solve the knowledge deficit. They argue that systematic changes to the personal finance industry are needed as well. More specifically, many are calling for a simplification of the way banks and similar companies operate, and they have a point. Simplified disclosures for financial products as well as increased uniformity for the way these products are marketed would make comparison shopping and sound personal finance decision making much easier. So too would the elimination of the credit bureau conflicts of interest that prevent innovation within the industry.

Only time will reveal the effects of the aforementioned efforts to boost financial literacy, and while hindsight tells us they should have been initiated far earlier, at least we are giving the situation its proper due now.
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