infographic

An {Infographic} – How Wise Are We With Money?

How Wise Are We with Money Infographic

I decided to change things up this Friday with an infographic instead of my usual round-up. Variety is the spice of life—right? 🙂 The editors at Online Accounting Degrees put together this great infographic and invited me to share it with my readers.

I had already seen it on a few other blogs, but the information is so important—and interesting—that I wanted to share it here too. What surprised me the most was how many teens said they knew how to budget (57%) and the difference between credit and debit cards (60%). While those numbers are still too low, they are higher than I expected. Although, with all due respect, knowing “how-to” budget and actually budgeting are two very different things! 🙂 Still, there is lots of room for improvement and work to be done.

How Wise Are with Money

What statistic surprised you the most?

Shannon

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September 20, 2013  •  23 Comments  •  infographic

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Comments

  1. Friday, September 20th, 2013
    I'm not sure whether I'm surprised at the low number of kids involved with the household budget, but I definitely thing that's a problem. If we want to teach kids about money we need to give them some hands-on experience and that's one of the best ways to do it.
    • Sunday, September 22nd, 2013
      Agreed! First hand experience is so important and having the kids understand and work with a budget is critical. If more kids left home being budget savvy, it can help them make smart money decisions when they are on their own.
  2. Friday, September 20th, 2013
    I'm surprised only 1 in 3 have summer jobs. I worked full-time in high school!
    • Sunday, September 22nd, 2013
      True! I wonder if the number is impacted by the recession. I've heard that teens are struggling to find jobs. But I definitely agree having a job in high school is definitely beneficial and a great learning experience.
  3. Friday, September 20th, 2013
    Great infographic Shannon, it is sad to see the lack of knowledge and education out there. I guess we as finance bloggers need to start teaching classes in our local communities! Thanks for sharing!
    • Sunday, September 22nd, 2013
      It is sad seeing how financially illiterate our children (and adults too) are. We definitely need to help spread the word and make financial education a priority at home and in schools.
  4. Friday, September 20th, 2013
    These stats are pretty troubling. Maybe I'm reading it wrong, but I kind of don't get the below average grade that parents give to schools in regard to responsible spending - while I do think schools should supplement financial literacy learning, shouldn't that really be on the parents to teach kids about responsible spending?
    • Sunday, September 22nd, 2013
      Very true, Anna! I would absolutely love schools to offer financial education but parents are still the best teachers. We are our kids financial role models and who they observe and mimic. Parents must step up and teach their kids about money whether or not schools ever do.
  5. Friday, September 20th, 2013
    I'd have to second Michelle - that is really surprising to me that only 1 in 3 have summer jobs. I started working the summer after my freshman year in high school and think it can be a great way for teens to start learning about managing money. Have a great weekend Shannon!
    • Sunday, September 22nd, 2013
      It does seem low. Hopefully, it's influenced by the recession and fewer job opportunities for teens, rather than them not choosing to work. A job is a great learning experience for kids and can really help them learn how to handle their money.
  6. Friday, September 20th, 2013
    Excellent inforgraphic with some very revealing numbers.
    The teen statistics also caught my eye, I think as parents we should do more to involve our teens in family finances and in making some of the financial decisions.
    • Sunday, September 22nd, 2013
      Thanks, Simon! I agree. We need to bring our kids into the fold and let them see how to run a household. Let them understand how and why we make decisions, so they budget and make smart decisions when they leave home.
  7. Saturday, September 21st, 2013
    A few of the stats boggle me! But in general, I'm surprised about the number of people who are concerned about emergency savings - but don't budget or have a savings goal! So concerned enough to worry, but not enough to do anything about it!
    • Sunday, September 22nd, 2013
      Very true, Leah. Money can be a huge stressor for many but not everyone wants to make changes to better their financial situation. Change can be scary but getting your financial house in order is so important to your family's security.
  8. Saturday, September 21st, 2013
    Wow, Shannon. Scary numbers to me here. Frightening that so many people do not pay their bills on time, that so many people are not spending less than the previous year, and that so many kids are not involved with the household budget. I think we're getting a little bit better as a whole, but boy, do we have a long way to go. I was also surprised at the number of states that do not require personal finance in the schools - sad stuff! Great infographic, Shannon. Thanks for sharing!
    • Sunday, September 22nd, 2013
      We do have plenty of work ahead of us. It is sad that financial education isn't a part of our educational system, considering that everyone handles money. It's a skill we all need to master. While parents are still the best teachers, it would be great if schools offered financial education too.
  9. Saturday, September 21st, 2013
    Scary numbers! The junk food one I feel like is a result of not having a ton of money...eating unhealthily can be sooo much cheaper.
    • Sunday, September 22nd, 2013
      Very true! It's sad that eating fresh fruits and vegetables are more expensive than eating junk food.
  10. Saturday, September 21st, 2013
    As a few others have said, I am surprised about the teens without a job. They aren't just missing out on making their own money. They are also missing out on learning so many valuable skills that will help them later in life.
    • Sunday, September 22nd, 2013
      I agree. Working as a teen is a bit of a teenage rite of passage. :) School needs to be the priority but working even a few hours is week is a valuable experience.
  11. Monday, September 23rd, 2013
    Thanks Shannon! This is something I need to print out and put on my fridge after coming off a spendy vacation.
    • Monday, September 23rd, 2013
      Thanks, Tonya! I think you're pretty wise with your money but vacations are always tricky. Easy to overspend, although it doesn't help when your flight gets canceled and you have stay an extra unplanned night without a hotel voucher! :)
Shannon Ryan SHANNON RYAN, CFP®
  • Meet Shannon

    "As a Certified Financial Planner, it is my passion to help individuals and families build a healthy relationship with money. I look forward to helping you raise financially confident kids.” - Shannon Ryan
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