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“Understanding Personal Finances”

·         1 in 5 (20%) people have no savings

 ·         Of those who have money put away, 1 in 4 (25%) do not know how much is in his or her savings account

 ·         More than 9 in 10 (92%) people believe parents should be responsible for teaching children financial lessons

 

*Infographic provided by coupon destination RetailMeNot.

Do you know how much you have in your savings account? Are you good with saving money? Do you understand your personal finances? Do you find them confusing? If you can relate to any of these questions, you are not alone. RetailMeNot recently released concerning findings from a personal finance survey conducted with The Omnibus Company (www.omnibus.com) in honor of Financial Literacy Month. I was surprised to learn that nearly half (49%) of consumers surveyed lack confidence in their knowledge or understanding of their personal finances.  

“A large percentage of people surveyed report they are living without any sort of financial safety net,” says Trae Bodge, senior editor for The Real Deal by RetailMeNot. “Saving money is just one part of the financial literacy equation. It is also important that consumers spend wisely to be able to afford the items they need. Making small adjustments to shopping behaviors, like utilizing discounts for everyday purchases, in addition to putting away even a small amount each month, are important steps toward achieving overall financial health.”

RetailMeNot, which is the largest digital coupon destination in the United States, had also mentioned that even though some consumers have money tucked away, they may not be monitoring these funds closely. One in four (25%) respondents with a savings account do not know how much is in it. Surprisingly (believe it or not), more males than females (30% vs. 20%) are unaware of how much is currently in their savings account. Wow! 

For more information on Financial Literacy Month and tips for smarter shopping, visit The Real Deal by RetailMeNot. Money talk can be confusing but it doesn’t have to be. This post has some great information about educating your kids about financial literacy.

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Disclosure: This post is sponsored by RetailMeNot but all opinions are my own

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