NFEC Conducts Research Using Money Management Survey
To give out to the financial industry and the general public, as well as distribute through media outlets, the NFEC does research, surveys, polls, and studies of professional opinions. The resulting data from such a money management survey are analyzed to determine how a person’s financial capabilities are related to his or her attitudes and behavioral patterns. Thus the NFEC, using financial literacy survey outcomes, empirically demonstrates the best directions for financial education programming and development.
View the Money Management Survey Analysis
Asking the question, “What high school-level course would benefit your life the most?” the NFEC surveyed Americans between 18 and 24 years of age in July 2017 with its personal finance survey. According to the results, “money management” was the top choice among these 5,123 young adults. That response was selected more often than math, science, or social studies in this money management survey.
In a different survey, the NFEC asked, “During the past year, about how much money do you think you lost because you lacked knowledge about personal finances?” Participants said they lost an estimated $1,171, on average, in the previous year. And 6.8% even said they’d lost more than $10,000 in the last year due to lack of knowledge.
Take an NFEC Money Management Survey, or Use One in a Class
The NFEC supports money management survey development for those who wish to learn where they stand financially, or to measure the results of coursework they’re teaching. For example, among teens, recent data indicated that many youth receive failing grades in financial knowledge. It’s important to keep in mind that, when participants self-report about their finances, the results may suffer from bias. People may forget about financial accounts or misrepresent their current status. Or they may be embarrassed or emotional about money, which could skew the results. The NFEC creates surveys that help avoid such problems.