Financial Literacy Survey Data
Using my own survey, I was able to gauge individuals' degree of financial literacy by asking them a few simple questions.There are individuals who are as young as 18 or 24 years old up to those who are older than 40 years old. The results are presented here along with the importance of the findings.
Age Group
By looking at this survey, I could see what age group the respondents were. More than half of the individuals were in the target age group of 18-25 years old. Typically, at this stage, one joins college or enters adulthood, which is a significant milestone in a person's life. In addition, one can apply for credit and trade lines (lines of credit) in their own name starting at this time.
Results
We can conclude from the results of the test that the average score was a 78% out of a maximum score of 100%. After a closer look at the data and further analysis, I have found that the average for individuals in the 18-25 age group was much lower than the average for individuals in other age groups. This suggests that the 18-25 age group may need more support and guidance in order to achieve the same result as the other age groups. Further research is needed to understand why this is the case.
Impact
In preparation for college or adulthood, it is beneficial to educate younger individuals before they begin their college journey. Numerous studies have confirmed that adjusting to money and understanding one's finances is a sensitive period between 18-25 years. Below are a few examples you can view.
Check them out and take the quiz yourself!
Financial Literacy Quiz
Click it 👆🏾
Here is the link to resources and studies conducted similar to mine:
- Click me! (It will open in a Google doc to read.)