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This LEMON infographic examines Americans’ knowledge of financial spending. There were 1,000 recipients interviewed from across the country and seven measures of financial literacy were tested.
According to this research, 43 percent of respondents currently adhere to a budget, while 56 percent do not. It also appears that 64 percent of respondents are paying their bills on time (this number has dropped since 2008) and 33 percent are not paying their bills on time.
In terms of savings, excluding retirement funds, 59 percent of respondents said they have some, while 39 percent do not. When respondents were asked how they would rate themselves on a scale from A-F in terms of their financial knowledge, a majority rated themselves as B and C came in second.
Overall, people are conscious of the importance of financial planning. Having a sound plan and taking the steps necessary to implement them is crucial in today’s economy.