U.S. Consumers Score a “B” in Financial Literacy
DETROIT (April 4, 2013) -- Consumers across the U.S. have a basic understanding of personal finance concepts but know less about budgeting and saving, according to results of an Ally Wallet Wise financial literacy quiz. U.S. consumers scored an average 81% on the quiz, which tests knowledge of personal finance basics such as credit scores, banking, investing, auto finance, saving and budgeting.
Consumers scored lowest on questions about budgeting and saving; they scored highest on questions about credit scores and auto finance. Only 18% of quiz takers got a perfect score; about 11.5% of quiz takers received a failing score.
"Financial literacy is an important part of building strong, prosperous communities,” said Gina Proia, Ally chief communications officer and head of community relations. "Ally’s Wallet Wise program provides consumers with basic financial knowledge so they can make educated decisions about their personal finances. The financial IQ quiz is a fun way to engage this audience, test their financial savvy and show them where they can enhance their knowledge."
Quiz results also showed:
• Midwest Knows Best: Across the U.S., consumers in Minnesota and Wisconsin tied for the highest average score (10.2/12). The next highest scores came from Georgia, North Carolina, Pennsylvania and Washington (10.1/12). Oregon scored the lowest (8.5/12), followed by Arkansas (9.1/12) and Tennessee (9.2/12)
• Financial Knowledge Comes with Age: Generally, older quiz takers scored better than younger, with consumers 55 and over scoring highest. Women aged 26-34 were the only group to score higher than an older peer group (women aged 35-44), albeit only slightly.
• Battle of the Sexes: Overall, men scored higher than women. Men and women aged 26-34 scored the closest to each other.
Visit www.allywalletwise.com to take the financial literacy quiz and see how you compare to others across the U.S. You can also learn more about Ally’s free Wallet Wise financial literacy program and find in-person classes scheduled in your area or take a free course online.
More than 5,100 people from all 50 U.S. states, Washington D.C., Puerto Rico and abroad took the Ally Wallet Wise Financial IQ Quiz since its launch in March 2012. Highest/lowest score by state is based on data from states with more than 50 respondents.
About Ally Financial:
Ally Financial Inc. is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans and vehicle remarketing services. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Commercial Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately $182.4 billion in assets as of Dec. 31, 2012, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.