A new survey from Unbiased, the leading source for impartial and independent financial advice in the United Kingdom, which recently launched in the U.S., reveals some concerning shortcomings in the U.S. population’s level of financial literacy, their confidence in planning for retirement, and that many cite a lackluster financial education while in school as a key reason.
The Unbiased 2023 Financial Confidence Survey revealed that only 33% of adults in the U.S. consider themselves confident in their financial knowledge, with an additional 17% stating that they do not feel financially confident at all. When asked why they lack confidence, nearly a third (29%) of respondents cited not being taught financial matters in school. Even with these admissions, more than half of all consumers said they would feel too intimidated to seek financial advice, even if they needed it.
The survey also revealed that despite their prevalence in the media, financial products and terms, such as NFT and cryptocurrency, are misunderstood by a large percentage of the U.S. population. Potentially even more concerning is that most consumers do not feel confident in their retirement planning or budgeting ability.
“When it comes to our physical health, we trust medical experts for recommendations to keep us on the right path, but unfortunately, that mentality isn’t the same regarding our financial health. While nearly half of U.S residents find financial topics complex, an even greater amount feel too intimidated to seek financial advice,” said Karen Barrett, founder and CEO of Unbiased. “Besides being intimidated, many cite that they do not seek input from a financial advisor due to perceived cost, lack of assets, or because they do not know where to turn. With Unbiased, we are able to uniquely pair consumers with finance professionals who have experience providing expert guidance tailored to unique circumstances. Our quick and easy matching service saves time and stress,…
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