The Average American Worries They Will Never Be Financially Independent ( Video) – South Florida Reporter

Seven in 10 Americans worry they will never be financially independent, according to new research.

The study asked 2,000 Americans about their finances and how knowledgeable they feel on the subject.

Fifty-nine percent of respondents said they dont know enough about their own financial situation today.

Conducted by OnePoll on behalf ofSoFi, the survey also found that 68% of respondents want to learn more about their finances, but dont know where to go.

More than eight in 10 respondents said they believe that high schools should be required to teach financial literacy.

Another 55% of those surveyed said theyre too intimidated to ask for professional financial advice.

So in order to learn more, 57% have tried to teach themselves about their finances.

The top thing respondents had to teach themselves was how to pay their taxes, closely followed by learning about how credit card interest works.

Perhaps this is all connected to how mom and dad handled their finances back in the day as 72% of respondents said they felt their parents didnt teach them enough about their finances.

Are the days of passing your financial skills to your children come and gone? The results showed the younger the respondent, the less likely their parents gave them the talk about their finances.

Seventy-six percent of millennials agreed with this sentiment that their parents didnt teach them enough about their finances compared to 70% of Gen X respondents and 59% of Baby Boomer respondents.

Three-quarters of millennial respondents also said that teaching their children financial literacy would be a top priority for them.

Another trend that varied by age, was respondents reactions to the 2008 financial crisis.

Eighty-two percent of millennials polled said the recession was a wake-up call for them to handle their finances better, compared to 77% of Gen X respondents and 58% of Baby Boomers surveyed.

Looking at their current financial situations, seven in 10 respondents worry theyll never be able to be financially stable.

Sixty-five percent of those surveyed said this worry was connected to the ever-increasing costs of college tuition with millennial respondents in the most agreement at 71%, compared to 66% of Gen X respondents and only 36% of Baby Boomer respondents.

SoFi is on a mission to help people achieve financial independence by getting their money right. The results of this survey really underscore the importance of that mission and of developing a right-sized financial plan across your saving, spending, borrowing, and investing objectives, said Anthony Noto, CEO of SoFi.

With all these worries, its no surprise that 58% of those surveyed said they feel they dont have control over their financial affairs.

Six in 10 respondents also agreed that keeping track of their finances is stressful.

We know that money is stressful. Thats why we provide our members with many of the tools they need as well as access to complimentary financial planning services so that they know how to take an active role in planning their financial futures, added Noto.

TOP FINANCIAL LESSONS AMERICANS TEACH THEMSELVES

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The Average American Worries They Will Never Be Financially Independent ( Video) - South Florida Reporter

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