The FINRA Investor Education Foundation recently released survey results that measure the financial capabilities of American adults and reveal in detail how Americans save, borrow and plan for their financial future. The National Survey, one of three surveys that collectively make up the National Financial Capability Study, is the first of its kind in the United States.
- nearly half of survey respondents are facing difficulties in covering monthly expenses and paying bills;
- the majority of Americans do not have a “rainy day” fund for unanticipated financial emergencies and are not adequately preparing for their children’s college education and their own retirement; and
- while many adults believe they are adept with dealing with day-to-day financial matters, they nevertheless engage in financial behaviors that generate fees and expenses.