Colleagues,
 
The following post might be of interest.  
 
Marie Cora
Assessment Discussion List Moderator
 
***************************
 
Good morning, everyone.  Networks Financial Institute is pleased to
announce the release of a national study analyzing adult trends in
financial literacy.  What does the term 'financial literacy' mean to
Americans?  Do we support financial literacy education?  Where do we get
our financial information?  These are some of the questions we sough to
answer in this study.  
 
To complement this study, in a few weeks we will be releasing a second
study seeking, for the first time, to detail what financial literacy
programs are available to U.S. adults in all sectors:  for profit, non
profit, governmental, and higher education.  We will notify you as soon
as this study is released.
 
Please feel free to contact me with comments or questions, and please
forward this press release to any of your constituents who might be
interested.  Thanks so much.
 
 
----------------
David Godsted, Director of Financial Literacy
Networks Financial Institute at Indiana State University
2902 North Meridian Street, Indianapolis, IN 46208
(W) 317-536-0291 (F) 317-536-2269
 <mailto:david.godsted at isunetworks.org> david.godsted at isunetworks.org -
<http://www.isunetworks.org> http://www.isunetworks.org
 
 
National Study Assesses U.S. Adults' Financial Literacy
 
 
(September 4, 2007, Indianapolis, IN) -, Networks Financial Institute at
Indiana State University has released results of a national survey that
assesses U.S. adults' self-reported levels of financial literacy.  The
findings indicate that les than 30% of U.S. adults view their personal
financial knowledge as very good or better.
 
The quantitative online survey of 805 adults randomly selected from
throughout the U.S. with respondents statistically profiling the U.S.
adult population.  The survey aimed to establish a baseline assessment
of U.S. adults' financial literacy levels, identify the types of
information these adults seek to improve their financial knowledge,
uncover areas in which adults believe they need the most help with
personal financial education and understand perceived barriers adults
face in seeking financial literacy education.
 
Fewer than 30% of U.S. adults view their overall financial knowledge as
very good or better; however, the research also found that more than
half of U.S. adults believe they understand the concept of managing,
saving, spending and investing money wisely, reporting a need for the
most guidance with investing, retirement planning and taxes.   A
separate question revealed that despite economic trends in personal
bankruptcy, mortgage foreclosure, a climbing credit card debt, U.S.
adults are somewhat more confident in their knowledge of spending,
insurance, lending/borrowing and banking. 
 
Adults perceive a need for financial literacy.  Eight in 10 U.S. adults
think it is important that financial literacy be taught.  They also
express a desire to enhance their own personal financial knowledge to
assist them with saving and preparing for the future.  However, they are
not actively seeking assistance with these life skills.  Sixty-five
percent of U.S. adults have not received any financial literacy
instruction in the past 12 months.   
 
In identifying sources of financial education, the research asked
respondents to indicate the most frequently sought sources for financial
information.  Family members were highest ranked followed by
friends/colleagues and financial planners.  While family and friends
were most frequently consulted, financial planners were viewed as the
most valuable source of personal financial education.  Bank personnel
were viewed as moderately valuable.  Human resources personnel and
credit counselors were reported as the least valued sources.
"Respondents' lack of value in the services available through human
resources departments is particularly disturbing as these departments
typically manage the bulk of individuals benefits, including insurance
and retirement planning options," noted David Godsted, director of
financial literacy at Networks Financial Institute.
 
Adult consumers desire facts and personalized assistance in investing,
retirement planning and the wise use of money.  Despite the value placed
on financial planners, the vast majority of U.S. adults do not rely on
someone else to handle their finances.  While U.S. adults express a
desire to learn more about financial education, they cite a lack of
funds and time as primary barriers to being more financially literate.
While less than a third of U.S. adults have sought financial
information, assistance or instruction within the past 12 months, only
about one third report that they are likely to seek such resources in
the next 12 months.
 
Networks Financial Institute released the report during the August 28th,
Nation's Foreclosure Epidemic:  Causes, Consequences and Remedies
conference presented in Indianapolis.  Similar to the research findings,
speakers at the foreclosure forum indicated that a lack of financial
literacy is one of the key culprits in the current foreclosure crisis.
A copy of the Adult Financial Literacy Study is available online at
www.isunetworks.org.
 
Networks Financial Institute at Indiana State University was founded in
2003 with a grant from Lilly Endowment, Inc. The non-profit organization
strives to facilitate a more effective national and international
financial services marketplace through education, outreach and research.
Networks Financial Institute is headquartered in Indianapolis with
offices on the campus of Indiana State University in Terre Haute and
outreach in Washington, D.C., and internationally.  For more information
about Networks Financial Institute, visit
www.networksfinancialinstitute.org
<http://www.networksfinancialinstitute.org/> .
 
 
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