Knowing about the status of a person’s personal finance situation can be important, but many people may not be taking advantage of the options they have in front of them. Having the right information can be a vital form of strategizing, though some people may be in the dark on what to do.
Nearly 33 percent of Americans explained that they have never looked at their credit report or sought out a credit score, according to a report conducted by Google for TransUnion. More than 24 percent explained that they haven’t examined their credit report or looked for their credit score in more than 12 months.
“It’s easy for people to become frustrated and confused with all the financial information coming at them,” said Julie Springer, vice president at TransUnion. “But instead of becoming overwhelmed by a general lack of financial awareness, consumers need to start with the basics of personal finances and understand their own current financial situation so they can identify areas to work on.”
Young people show financial responsibility
Even with a number of people not keeping up with some of their financial information aspects, many younger Americans may be looking at their budgeting and financial strategies in a more responsible manner.
Close to half of millennials polled felt they looked at their financial situation in a cautious manner, according to a report from TD Bank. Nearly 60 percent explained that they had a good level of knowledge about how items at the bank work and can influence their strategy.
“The results of our study prove that financial education is not only a key component of financial success, but also that millennials want more support with their personal finances,” said Nandita Bakhshi, executive vice president of retail distribution and product at TD Bank. “Millennials need to feel empowered to reach out to their bank and have their questions answered so they become more confident about their financial futures.”
However, some people are still in the dark about some financial topics, and are looking for more advice on these issues. The report explained that 32 percent wanted to gain more knowledge on how to save money, while 30 percent noted that budget help was necessary. Another 26 percent explained that they need more detail about credit cards.