Many Americans give themselves poor grades when it comes to personal finances, according to surveys commissioned by Ally Bank in Sandy Utah,
A majority of recent high school and college graduates would give themselves a grade of “C” or lower in personal finance, according to one of three surveys commissioned by the bank.
In another survey, more than half (53 percent) of respondents—two samples of 638 adults age 18 and older and 1,464 adults age 18-24—rated their knowledge of personal finance as barely passing.
Just one in 10 respondents gave themselves a grade of “A.”
Younger respondents were twice as likely as older to learn personal finance tips from friends and family than from online resources. But learning personal finance in an academic setting is trending up, the survey found.
Recent high school graduates are three times more likely to learn about personal finance during high school than older adults (23 percent vs. 7 percent). However, more than half of all respondents (54 percent) say they would like to learn how to manage their finances better.
The study also found that just one out of four respondents 18 to 24 years old check their credit score regularly.
Respondents that graduated from college 10 years ago said that their financial advice to their younger college self would be to avoid taking out a student loan and to learn how to better manage credit cards.
“The ability to understand and manage your finances is often considered one of the keys in achieving a more secure life,” Diane Morais, Ally Bank president of consumer and commercial banking products, said in a news release. “However, this survey illustrates that for some, they are still not comfortable navigating their own financial waters.”
Ally Bank, a subsidiary of Detroit-based Ally Financial Inc., was founded in 2009.