Aditya Bhasin, Consumer Marketing, Analytics and Digital Banking, Bank of America, added, “The success or failure of online learning depends on educating in a way that is digestible. Trust does not come from giving answers but from tools that enable people to make better decisions. We believe private sector banks should be promoting tools for financial literacy, and Khan Academy has been an excellent partner with Bank of America for this.”
More findings from Bank of America’s “Bridging the Knowledge Gap” Survey include:
Knowledge about personal finance
- About four in five U.S. adults give themselves a grade of A or B when it comes to personal finance in general (78 percent) or managing their money (82 percent), but only about three in five (59 percent) feel as knowledgeable (i.e., A or B) about the definition of key financial terms and concepts.
- Though more than four in five adults claim to be knowledgeable about managing their money (82 percent), and nearly two in three (64 percent) say they pay all their bills on time and have no debts in collection, only half of U.S. adults (52 percent) have a budget and keep close track of their spending.
Learning about personal financeNearly four in five U.S. adults (78 percent) feel it is difficult to learn about personal finance, primarily because there are too many financial education resources to choose from (38 percent) but also because it takes too much time (35 percent).
- More than two in five U.S. adults (42 percent) are overwhelmed by the amount of information available about financial issues, and more than one in four (28 percent) believe it is difficult to learn about personal finance because they don’t know where or who to turn to.
- About seven in 10 U.S. adults (71 percent) admit that, when it comes to learning about personal finance, they are only willing to spend enough time to look up answers as they need them.
- More than nine in 10 (92 percent) believe – including about three in four who strongly agree (74 percent) that – it is essential for all adults to be financially literate.
- Approximately nine in 10 U.S. adults (89 percent) agree that, if individual consumers were better able to manage their personal finances, it would have a positive impact on the broader U.S. economy – and nearly two in three (64 percent) strongly agree.