A national research company recently completed a survey with 1005 men and women nationwide to gauge the respondents knowledge of the basics of personal finance, budgeting and principles of credit, and test their knowledge of identity theft and finance responsibilities. Their findings may surprise you.



How knowledgeable do Americans consider themselves on personal finance?

65% of Americans think they are very or highly knowledgeable about personal finances.





Do Americans understand credit scores and the impact they have on their lives?

66.7% either dont know

31.7% responded incorrectly.

35% when asked to define a good credit score replied 700

54% responded incorrectly that age is a factor in determining credit scores.



Are most Americans doing everything possible to protect themselves from credit fraud? And do they know enough to protect themselves?

Not surprisingly 52% do not check their credit report regularly.

23% (almost ) say they have never checked their credit report

35% say they check their credit report once a year

76% (the majority) are misinformed about liability for purchases if their credit card is lost or stolen.

And finally look at this 47% of those polled say they didnt believe they were responsible for any of the charges.



Is there any difference between the older generation and the younger in managing personal finances?

Older Americans (70 years) are not checking their credit reports, which makes them extremely vulnerable to credit fraud and identity theft.

46% of Americans age 70 have never received their credit report.

50% of Americans in their 30s check their credit report every year.

Young Americans are budgeting more 80% of the 18-19 use a budget while only 46% of those polled 70 do.



What percentage of Americans report that they use budgets to manage their finances?

64% of those polled regularly use a budget.

29% report that they change or modify their budgets sometimes weekly

Compared to 32% who maintain the same budget to keep track of spending

More than 36% of Americans polled say they do not use a budget to manage their family expenses.



Survey Methodology

Sampling was completed 2007 using a random digit dialing method covering all 50 states.

Source Braun Research