Financial literacy
December 11, 2008 | industry, personal finance | Comments (0)From a new survey by the Center for Economic and Entrepreneurial Literacy:
54% of respondents could not identify what a subprime mortgage was.
– 56% of respondents could not identify FICO score as the most important
factor in getting a loan.
– 65% of respondents could not identify what would remain if you
subtracted 25% from 8. One in three respondents could not identify what
1% of 50,000 was.
– 75% did not know that when in need of short-term emergency cash,
bouncing a check costs more than wire transfers, credit card advances,
and short-term payday loans.
– Half of respondents have overdrafted their checking account at one time,
while a third of respondents have paid a bill late in the past year.
– 35% of respondents admitted to not having a family or personal budget
that would allow them to conceivably eliminate their credit card debt by
the end of 2009.
The Payday Pundit believes that if you did a survey of financial reporters you would get the same results.
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