A 2023 Pew Research Center survey revealed that just over half of U.S. adults (54%) consider themselves knowledgeable about personal finances, such as saving, budgeting, managing debt, and investing. Another third (33%) say they know “some,” while 13% admit to knowing little to nothing.
Who Knows the Most?
Financial literacy is closely tied to income, race, and age. Among adults in upper-income households, 72% say they know a great deal or fair amount about personal finances, compared to 56% in middle-income households and 42% in lower-income households.
Race also plays a role:
White adults (58%) report higher financial knowledge than Black (50%) or Hispanic (41%) adults.
Asian adults (49%) also report lower knowledge compared to White adults.
Age matters too, with 63% of those 50 and older expressing confidence compared to just 45% of younger adults aged 18 to 49.
Lower-income individuals are more likely to feel financially uninformed—22% say they know little to nothing about managing money, compared to only 4% in upper-income households.
Confidence in Money Management
Americans express mixed confidence in their ability to manage finances.
75% are confident they can find their credit report.
Around 56%-59% feel confident creating a budget, saving money, or developing a debt repayment plan.
Only 27% are confident in creating an investment plan to build wealth.
Upper-income adults consistently express higher confidence in financial tasks, while confidence levels are lower among Black, Hispanic, and Asian adults compared to White adults. Younger adults (18-49) are generally less confident than those 50 and older, except when it comes to creating investment plans, where confidence remains low across all age groups.
Where Do Americans Learn About Finances?
Family and friends are the primary source of financial knowledge, with 49% of Americans saying they learned a great deal or fair amount from them. Other sources include:
The internet (33%)
College or university (27%)
Media such as news or books (24%)
K-12 schools (19%)
Learning from the internet is particularly common among Asian adults (64%) and those under 50 (50%). Meanwhile, media is a more significant source for Asian (45%), Hispanic (36%), and Black adults (34%) than for White adults (19%).
The survey highlights a growing need for financial education, especially in schools, to bridge gaps in knowledge and prepare Americans for financial well-being.
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