Low-Literacy U.S. Adults Spend 13 Hours a Week on Finances, Versus 4 for Top Scorers
Updated
Updated · CNBC · Jun 30
Low-Literacy U.S. Adults Spend 13 Hours a Week on Finances, Versus 4 for Top Scorers
1 articles · Updated · CNBC · Jun 30
Summary
TIAA Institute found U.S. adults with the lowest financial literacy spend 13 hours a week dealing with money issues, compared with about four hours for the highest scorers.
Morningstar's Christine Benz said the gap likely reflects financial insecurity as much as knowledge, with people scrambling to cover bills, move money and handle creditors.
Experts said the fastest way to cut that time is to build an emergency fund and automate transfers, bill payments and debt payments to eliminate repeated weekly decisions.
Doug Boneparth also urged consolidating accounts and using dashboard apps, while TIAA's Surya Kolluri pointed people to employer financial-wellness programs and targeted advice instead of trying to learn everything at once.