1 in 3 Americans do not know their credit score

04.29.09
By Sarah Beldo

As U.S. families continue to deal with the effects of the recession, a new survey suggests many could benefit from a better understanding of financial issues.

When the National Foundation for Credit Counseling asked people to grade their knowledge of personal finance, 41 percent of adult respondents awarded themselves a C, D or F.

Meanwhile, the group's Consumer Financial Literacy Survey reveals that more than one-third (37 percent) of respondents do not know their credit score, while nearly two-thirds (64 percent) have not ordered a copy of their free credit report during the past year.

"The implication for all of this goes back to the need to return to sound financial principles," said Gail Cunningham, vice president of public relations with the NFCC, as quoted by Marketwatch. "Personal financial education needs to be a part of school curriculum."

The findings of the survey suggest many consumers may agree with her statement. A total of 80 percent say they would benefit from professional advice and answers to everyday financial questions.

When it comes to financial behavior, Americans acknowledge some struggles. More than one-quarter (26 percent) say they do not pay all of their bills on time and 15 percent admit paying a credit card bill late.

Despite the precarious employment climate, slightly less than one-third of respondents say they have no savings and less than half keep a close eye on how much they spend.

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When it comes to financial behavior, Americans acknowledge some struggles.