Webster Bank finds Americans concerned about financial literacy

Fewer than four in 10 Americans adults across all age groups feel that they have the knowledge they need to make smart financial decisions, while only a third feel in control of their financial future, according to a new survey by Webster Bank. When asked about their top financial challenges, 65% said they feel they are not saving enough for retirement, while 63% said they can’t seem to save like they should. Fifty-five percent admitted to worrying “a lot” about their financial situation, and about half said they live paycheck to paycheck.

With regard to financial education, 63% said they hadn’t received lessons in middle or high school on how to manage their finances. Of the 27% who did receive a financial education in middle or high school, the majority (85%) said it helped prepare them to manage their finances as adults. A similar percentage agreed that schools should invest more in financial education for students.

In terms of financial priorities, 57% said they were prioritizing saving for emergencies, 55% said saving for retirement, and 41% said reducing or eliminating debt. Only 23% of respondents reported having an existing emergency fund that could cover more than six months of expenses.

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