Moms may receive a book on personal finance as their
Moreover, the majority of poll respondents, sixty-four percent, felt as though they could obtain better advice than what either mom or dad can offer. Considering the abundance of financial guidance available, consumers indeed have many options, but leaving parents out of the equation might mean missing an opportunity for solid, tried and true financial advice.
"Taken together, only slightly more than one-third of respondents would turn to either parent," said
Consider the following:
Sixty-four percent give themselves a grade of A or B on their knowledge of personal finance.
Eighty-two percent pay all of their bills on time and have no debts in collections. The only age group with a better record (91%) are those age 65 and above.
More than half (52%) carry no credit card debt over from month-to-month.
Only three percent are worried about not being able to pay their credit card debt, and a meager one percent has made a payment that was less than the required minimum in the past 12 months.
Seventy-two percent report having savings beyond that earmarked for retirement.
People in the two oldest age groups, 55-64 and those over 65, contribute at least 20 percent annually toward their retirement savings.
Cunningham also noted that many in the baby boomer generation apparently feel confident about the lifetime of financial decisions they've made. When asked if their money could talk, 45 percent indicated it would say "we've been a successful team."
If consumers elect to seek advice from a business or organization, it is important to choose wisely when selecting who to turn to for help. In advance of making a decision, the NFCC recommends checking with the
If you seek advice and answers beyond what your parents may offer, consider reaching out to a nonprofit NFCC member agency. To be automatically connected to the office closest to you, dial (800) 388-2227, or for assistance in Spanish call (800) 682-9832. Inquire about the NFCC's Sharpen Your Financial Focus program which has helped tens of thousands of people find solutions to their financial concerns. To learn more about what the program has to offer, visit http://www.SharpenToday.org or http://www.agudicehoy.org.
The NFCC April poll question and results are as follows:
If I needed personal financial advice, I would ask
A. Mom, as she's more financially savvy than Dad =16%
Note: The NFCC's April Financial Literacy Opinion Index was conducted via the homepage of the NFCC website (http://www.DebtAdvice.org) from April 130, 2014, and was answered by 861 individuals.
Read the full story at http://www.prweb.com/releases/2014/05/prweb11824903.htm
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