Financial Illiteracy Cost Americans over $1,100 in 2017
This is the 2nd survey conducted by the NFEC that sought to find out how much money people estimated they had lost across the year due to a lack of financial knowledge. In a one-question online survey, U.S. residents were asked, “During the past year (2017), about how much money do you think you lost because you lacked knowledge about personal finances?”
A total of 1,515 participated in the survey, representing six age groups across the country. Among this diverse group, respondents estimated that lacking knowledge about personal finances cost them an average of $1,171 in 2017. This figure was calculated by averaging the total number of respondents selecting each category, using the lowest number in each spread.
Survey Question and Results
The survey asked 1,515 people across six age groups the following question:
During the past year (2017), about how much money do you think you lost because you lacked knowledge about personal finances?
Available Choices Were:
The Results
18% Report 2017 Loses at $2,500+
41% Report 2017 Loses at $500+
The average respondent lost $1,170.95 due to lack of financial knowledge in 2017 alone.
Past Survey Results (March 2017)
Between March 12th and 17th 2017, the National Financial Educators Council asked 3,006 across the US, “Across your entire lifetime, about how much money do you think you have lost because you lacked knowledge about personal finances?”
The survey was conducted online, answers were randomized and inferred demographic data was used. Respondents from 6 age groups (18 – 24, 25 – 34, 35 – 44, 45 – 54, 55 – 64, 65+) participated. The goal of the survey was to measure people’s opinions about the value of personal finance education relative to other coursework commonly offered by high schools.
The survey asked 3,006 people across six age groups the following question:
Across your entire lifetime, about how much money do you think you have lost because you lacked knowledge about personal finances?
Available Choices Were:
The Results
Reported lifetime losses over $15,000 were reported by 1 out of 3 respondents.
1 in 4 people reported losses over $30,000 due to a lack of financial knowledge.
Using the low end of the numeric spread respondents lost $9,724.83 due to lack of financial knowledge.
Using the highest numeric spread ($30,000 was used for $30,000+ answer), respondents lost $13,237.94.
