10:11 PM
Julio Barreto
The first of three linked surveys assessing the financial capability of U.S. adults was released in December and paints a troubling picture of financial capacity of US adults while indicating the importance of increasing the ability of US adults to make informed decisions. According to the report, more than half of those surveyed reported difficulty covering monthly expenses; do not have a “rainy day” fund; more than one in five were engaged in alternative financing mechanisms; and, demonstrated an “inability to do basic interest calculations and other math-oriented tasks.”The survey, Financial Capability in the United States, is based on the responses of 1,500 American adults in a nation-wide telephone survey. (The results of two other surveys will be released in 2010 which will provide...
