Americans Get Little Financial Education at a Young Age, says Survey from American Consumer Credit Counseling

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Knowing how to effectively invest and save for retirement are critical components of ensuring a financially healthy future.

Budget-conscious consumers say they had little or no personal finance education as children, according to a new survey by American Consumer Credit Counseling. Nearly 65 percent of those polled by ACCC during National Financial Literacy Month admitted they were without financial education before the age of 16.

Just 14 percent of those surveyed at said they started learning about budgeting and finance before the age of 11. An overwhelming majority – 75 percent – said they still lack education on investing and retirement.    

The online poll of 199 consumers was conducted by American Consumer Credit Counseling - a national non-profit that helps consumers with budgeting and debt management programs. “This survey highlights an ongoing need to educate consumers about finances while they are young,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, Mass. “At a minimum, teens should be able to budget, save and spend wisely. Knowing how to effectively invest and save for retirement are critical components of ensuring a financially healthy future.”

The ACCC survey found that 33 percent of those polled were worried most about saving enough for retirement while 28 percent said they were concerned about credit card or student loan debt. The numbers are not a surprise considering a NFCC Consumer Financial Literacy Survey in 2014 revealed that 41 percent of adults would grade themselves with a C, D, or F on their knowledge of personal finance.

Despite the absence of financial literacy at a young age and the burden it may bring as an adult, the poll results showed that nearly 80 percent of people who do not feel they are financially educated said they talk to their children about personal finances.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  •     For credit counseling, call 800-769-3571
  •     For bankruptcy counseling, call 866-826-6924
  •     For housing counseling, call 866-826-7180
  •     Or visit us online at

About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. To participate in this month’s poll, visit and for more financial management resources visit

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Tony Catinella
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