Study Shows Americans Need to Get Financially Fit
Below is a MRR and PLR article in category Finance -> subcategory Personal Finance.
Study Highlights Need for Financial Fitness Among Americans
Summary
A recent survey by Consumer Action and Capital One reveals that many Americans lack a basic understanding of credit scores and personal finance.
Article
A study conducted by Consumer Action in collaboration with Capital One has unveiled that many Americans struggle with fundamental aspects of personal finance, particularly concerning credit scores.
The survey, which included 1,002 American adults, assessed knowledge on critical financial topics such as budgeting, saving, and credit principles.
Key findings revealed that over a third of the participants do not use a budget for managing family expenses. More than 30% were unsure or incorrect about the definition of a good credit score, and nearly 25% had never checked their credit report.
Ken McEldowney, executive director of Consumer Action, expressed concern: "With credit scores playing a crucial role in purchasing decisions, it's alarming how few people understand what defines a good credit score."
A credit score is determined by several factors, including payment history, current debt, and credit history length. The 2004 amendment to the Fair and Accurate Credit Transactions Act allows consumers to obtain one free credit report annually from the three major credit reporting agencies, accessible at www.annualcreditreport.com.
Despite the ease of accessing credit reports and scores, Diana Don Colby, director of financial education at Capital One, noted that many people still overlook this vital step to protect their finances.
Experts emphasize that education is crucial for achieving financial well-being. In response, Capital One and Consumer Action developed the MoneyWi$e financial education program. This initiative offers free, multilingual brochures on various topics like credit improvement, budgeting, saving, and investing, empowering consumers with essential financial knowledge.
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