Financial Illiteracy Cost Americans $1,015 in 2024
Lacking financial literacy and not knowing how to manage one’s personal finances carried a high cost in 2024. The NFEC conducted a survey asking American adults to estimate how much money they had lost during the year due to lack of financial knowledge. The single-question survey asked U.S. residents across the country, “During the past year (2024), about how much money do you think you lost because you lacked knowledge about personal finances?”
A total of 1,200 people responded to the survey between December 26th and December 30th, 2024. Among this diverse group of respondents, the estimated average amount of money that lacking knowledge about personal finances cost people was $1,015 in 2024.
If we generalize the results to represent all of the approximately 240 million adults who live in the U.S., lack of financial literacy cost Americans a total of more than $243 billion in 2024.
Details: The poll was conducted using Organic Sampling, a sampling methodology that operates on a delivery framework called Random Device Engagement (RDE). This approach engages participants through randomized interactions with digital devices, ensuring a representative and diverse sample population while reducing bias.
Survey Results 2024
The survey asked 1,200 people across six age groups the following question:
During the past year (2024), about how much money do you think you lost because you lacked knowledge about personal finances?
Available Choices and Results Were:
$0 –
$499
49.83%
$500 –
$999
18.0%
$1,000 – $2,499
16.92%
$2,500 – $9,999
10.25%
$10,000
+
5.0%
Additional Data
15.3% Report 2024 Loses at $2,500+
50.2% Report 2024 Loses at $500+
The average respondent lost $1,015 due to lack of financial knowledge in 2024.
Past Survey Results, 2023 Data
The survey asked 1,540 people across six age groups the following question:
During the past year (2023), about how much money do you think you lost because you lacked knowledge about personal finances?
Available Choices and Results Were:
$0 –
$499
39.42%
$500 –
$999
18.7%
$1,000 – $2,499
19.81%
$2,500 – $9,999
13.24%
$10,000
+
8.83%
Additional Data
22.07% Report 2023 Loses at $2,500+
60.58% Report 2023 Loses at $500+
The average respondent lost $1,506 due to lack of financial knowledge in 2023.
Past Survey Results, 2022 Data
The survey asked 3,001 people across six age groups the following question:
During the past year (2022), about how much money do you think you lost because you lacked knowledge about personal finances?
Available Choices and Results Were:
$0 –
$499
61.8%
$500 –
$999
7.23%
$1,000 – $2,499
7.96%
$2,500 – $9,999
7.98%
$10,000
+
15.04%
Additional Data
23.02% Report 2022 Loses at $2,500+
38.21% Report 2022 Loses at $500+
The average respondent lost $1,819 due to lack of financial knowledge in 2022.
Past Survey Results, 2021 Data
Lacking financial literacy and not knowing how to manage one’s personal finances carried a high cost in 2021. The NFEC conducted a survey asking American adults to estimate how much money they had lost during the year due to lack of financial knowledge. The single-question survey asked U.S. residents across the country, “During the past year (2021), about how much money do you think you lost because you lacked knowledge about personal finances?”
A total of 3,389 people responded to the survey between November 23rd, 2021 and December 23rd, 2021. Six different age groups across the U.S. were represented among those surveyed. Among this diverse group of respondents, the estimated average amount of money that lacking knowledge about personal finances cost people was $1,389 in 2021.
If we generalize the results to represent the approximate adult pupulation of the U.S., lack of financial literacy cost Americans a total of more than $352 billion in 2021.
The survey asked 3,389 people across six age groups the following question:
During the past year (2021), about how much money do you think you lost because you lacked knowledge about personal finances?
Available Choices and Results Were:
$0 – $499
63%
$500 – $999
10.6%
$1,000 – $2,499
8.5%
$2,500 – $9,999
7.2%
$10,000 +
10.7%
Additional Data
17.9% Report 2021 Loses at $2,500+
37% Report 2021 Loses at $500+
The average respondent lost $1,389 due to lack of financial knowledge in 2021.
Past Survey Results, 2020 Data
Lacking financial literacy and not knowing how to manage one’s personal finances carried a high cost in 2020. The NFEC conducted a survey asking American adults to estimate how much money they had lost during the year due to lack of financial knowledge. The single-question survey asked U.S. residents across the country, “During the past year (2020), about how much money do you think you lost because you lacked knowledge about personal finances?”
A total of 1,548 people responded to the survey between December 31st, 2020 and January 3rd, 2021. Six different age groups across the U.S. were represented among those surveyed. Among this diverse group of respondents, the estimated average amount of money that lacking knowledge about personal finances cost people was $1,634 in 2020.
If we generalize the results to represent the approximate adult pupulation of the U.S., lack of financial literacy cost Americans a total of more than $415 billion in 2020.
The survey asked 1,548 people across six age groups the following question:
During the past year (2020), about how much money do you think you lost because you lacked knowledge about personal finances?
Available Choices and Results Were:
$0 – $499
59.6%
$500 – $999
9.3%
$1,000 – $2,499
9.5%
$2,500 – $9,999
8.9%
$10,000 +
12.7%
Additional Data
21.6% Report 2020 Loses at $2,500+
40.4% Report 2020 Loses at $500+
The average respondent lost $1,634 due to lack of financial knowledge in 2020.
Past Survey Results, 2019 Data
Lacking financial literacy and not knowing how to manage one’s personal finances carried a high cost in 2019. The NFEC conducted a survey asking American adults to estimate how much money they had lost during the year due to lack of financial knowledge. The single-question survey asked U.S. residents across the country, “During the past year (2019), about how much money do you think you lost because you lacked knowledge about personal finances?”
A total of 2,506 people responded to the survey between December 31st 2019 and January 3rd 2020. Six different age groups across the U.S. were represented among those surveyed. Among this diverse group of respondents, the estimated average amount of money that lacking knowledge about personal finances cost people was $1,279 in 2019.
The survey asked 2,506 people across six age groups the following question:
During the past year (2019), about how much money do you think you lost because you lacked knowledge about personal finances?
Available Choices and Results Were:
$0 – $499
61.33%
$500 – $999
10.53%
$1,000 – $2,499
10.73%
$2,500 – $9,999
7.30%
$10,000 +
10.09%
Additional Data
17.4% Report 2019 Loses at $2,500+
38.7% Report 2019 Loses at $500+
The average respondent lost $1,279 due to lack of financial knowledge in 2019.
Past Survey Results, 2018 Data
Lacking financial literacy and not knowing how to manage one’s personal finances carried a high cost in 2018. The National Financial Educators Council (NFEC) 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 (2018), about how much money do you think you lost because you lacked knowledge about personal finances?”
A total of 1,500 participated in the survey between January 1st and January 4th, 2019, representing six age groups across the country. Among this diverse group, respondents estimated that lacking knowledge about personal finances cost them an average of $1,230 in 2018. This figure was calculated by averaging the total number of respondents selecting each category, using the lowest number in each spread.
The survey asked 1,500 people across six age groups the following question:
During the past year (2018), about how much money do you think you lost because you lacked knowledge about personal finances?
Available Choices and Results Were:
$0 – $499
58.8%
$500 – $999
10.1%
$1,000 – $2,499
11.6%
$2,500 – $9,999
11.7%
$10,000 +
7.8%
Additional Data
19.5% Report 2018 Loses at $2,500+
41.2% Report 2018 Loses at $500+
The average respondent lost $1,230 due to lack of financial knowledge in 2018.
Past Survey Results (2017 Data)
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.
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+
41.2% 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.
