1 in 3 Americans Don’t Know These Super Basic Finance Terms
For full details on the survey results, visit: https://www.gobankingrates.com/personal-finance/americans-dont-know-super-basic-finance-terms/
Respondents were asked the following questions and given multiple answer choices:
- Which of the following describes a 401k?
- What does a CD offered by a bank stand for?
- What is net worth?
- What does HELOC stand for?
- Which of the following does not impact your credit score?
- What are the 3 major credit bureaus?
Answer Insights:
- Nearly half of survey respondents 65 and older do not know what impacts a credit score
- 58 percent of those aged 18-24 do not know what a 401k is
- More than a fifth of Americans believe a "HELOC is not a real thing."
- 16 percent of Americans incorrectly believe that networth is your "Income after taxes."
- Less than a third of respondents aged 18-24 know the 3 major credit bureaus
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/1-in-3-americans-dont-know-these-super-basic-finance-terms-300439674.html
SOURCE GOBankingRates
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