5/9/2023 -‘An Epidemic in the United States.’ This is How Much Americans Lose Each Year to Financial Mistakes

5/9/2023 -‘An Epidemic in the United States.’ This is How Much Americans Lose Each Year to Financial Mistakes — and it’s at a 6-Year High

May 09 2023
By: info@njcfe.org
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‘An Epidemic in the United States.’ This is How Much Americans Lose

Each Year to Financial Mistakes — and it’s at a 6-Year High

May 4, 2023 |marketwatch.com

The cost of financial illiteracy in the United States is the highest it’s been in the six years since the National Financial Educators Council began its annual financial literacy survey. While nearly 62% of Americans said they’d lost anywhere from $0 to $500 in the past year because of financial errors, plenty of others lost a ton more. Nearly a quarter of people (23%) reported losses of $2,500 or more, while 15% admitted to losing more than $10,000 as a result of financial illiteracy. On average, people say they lost $1,819 due to a lack of financial knowledge.

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