Washington, DC (PRWEB) April 03, 2012
In recognition of Financial Literacy Month, the National Foundation for Credit Counseling (NFCC) and the Network Branded Prepaid Card Association (NBPCA) today released the results of the 2012 Financial Literacy Survey. In its sixth year, the survey annually provides data and trending around Americans’ attitudes and behaviors related to personal finance.
The 2012 survey revealed a disturbing lack of basic financial skills that are critical to building a stable financial future. Consider the following results in areas such as budgeting, saving, responsible bill-paying, and money management:
“This year’s survey unveiled some disturbing trends, showing that a significant number of Americans are saving less, spending more, and carrying credit card debt over from month-to-month, suggesting that the painful financial lessons of the past are quickly being forgotten,” said Susan C. Keating, president and CEO of the NFCC. “Coupled with the two in five adults who gave themselves a C, D, or F on their knowledge of personal finance, the need for an increase in financial education becomes not only clear, but urgent.”
For the first time, the 2012 survey evaluated consumer responses related specifically to prepaid debit cards and discovered the following:
“Consumers feel empowered using prepaid debit cards and revealed in the NFCC/NBPCA survey that the top three reasons for using the cards were their convenience, safety and ability to control spending. Additionally, about three in four prepaid debit card users indicated they believed prepaid cards are a better value for their money compared to a credit card or debit card connected to a traditional bank account," said Kirsten Trusko, president and Executive Director of NBPCA.
The 2012 Financial Literacy survey was conducted by telephone within the United States by Harris Interactive on behalf of the NFCC and NBPCA between March 16 and March 19, 2012 among 1,007 adults ages 18+, of whom, 89 use prepaid debit cards for everyday transactions.. Results were weighted for age, sex, geographic region, and race where necessary to align them with their actual proportions in the population. The full survey will be available Tuesday, April 3, in the Newsroom on the NFCC website http://www.NFCC.org, and on the NBPCA website at http://nbpca.org/en/Research-and-Publications.aspx.
About the NFCC
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit credit counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC Members annually help more than two million consumers through close to 800 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit http://www.nfcc.org. Visit us on Facebook: http://www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: http://www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.
About the NBPCA
The Network Branded Prepaid Card Association (NBPCA) is a non-profit, inter-industry trade association that seeks to educate, advocate, protect and promote on behalf of network branded prepaid debit cards and represents the common interests of the many types of companies who come together to deliver the wide variety of prepaid products. For additional information, visit http://www.NBPCA.org.
(1) Calculation based on U.S. Census Bureau’s 2010 Census, which estimates there are 234.6 million adults ages 18+ residing in the United States: 234.6M x 0.33 = 77.418M.
(2) Calculation based on U.S. Census Bureau’s 2010 Census, which estimates there are 234.6 million adults ages 18+ residing in the United States: 234.6M x 0.13 = 30.498M.
(3) Caution – small base (n<100). Results should be interpreted as qualitative, or directional, in nature.