Study Reveals Lack of Financial Literacy Among Americans: Over 40% Unfamiliar with Money-Saving Tools

The latest study on financial literacy in America has revealed some concerning findings. According to researchers, just over half of Americans are considered financially literate, meaning they have knowledge about money and options for saving and investing. However, a significant portion of the population, over 40%, is not familiar with important money-saving tools such as high-yield savings accounts and Roth IRAs.

These tools are crucial for various financial goals, including saving for college, retirement, buying a house, or paying off debt. Despite their importance, nearly half of Americans are unaware of these options. In fact, the study found that while almost 70% of people are familiar with 401(k)s, many do not know how to effectively utilize them.

In addition to these findings, WalletHub conducted a study ranking all 50 states based on financial literacy. North Carolina ranked at No. 16, while South Carolina lagged behind at No. 39. This highlights the need for increased financial education and awareness across the country.

For more information on financial literacy and money-saving tips, you can contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, Twitter, and Instagram. Stay informed and empowered with WCNC Charlotte’s Where’s The Money series, dedicated to helping viewers navigate the world of personal finance and investments. Subscribe to their YouTube playlist for the latest updates and valuable insights.