2012 FINRA Financial Capability Study

Yesterday, the Financial Industry Regulatory Authority released the results of its second National Financial Capability Study (the first was in 2009).
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Excerpts from the news release:
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  • Younger Americans, especially those who are 34 and under, are more likely to show signs of financial stress, including taking a loan or hardship withdrawal from their retirement account or making late mortgage payments.
  • Younger Americans are more likely than older Americans to have unpaid medical bills. Of those surveyed, 31 percent of Americans aged 18-34 reported having unpaid medical bills compared to 17 percent for Americans aged 55 or older.
  • Fewer than half (41 percent) of Americans surveyed reported spending less than their income.
  • More than half of Americans (56 percent) do not have rainy-day savings to cover three months of unanticipated financial emergencies.
  • Over a third of Americans (34 percent) reported paying only the minimum credit card payment during the past year.
  • On a test of five basic financial literacy questions, the national average was 2.88 correct answers.
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The heading for the Indiana news release is “Financial Capability Survey Shows Hoosiers Are 2nd Worst at Rainy Day Savings, and 28 Percent Report Unpaid Medical Bills”.

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