Financial Literacy in America: By the Numbers

How do Americans fare?

Percentage of financially literate adults by country (Top 15)

1. Denmark – 71%
2. Norway – 71%
3. Sweden – 71%
4. Canada – 68%
5. Israel – 68%
6. United Kingdom – 67%
7. Germany – 66%
8. Netherlands – 66%
9. Australia – 64%
10. Finland – 63%
11. New Zealand – 61%
12. Singapore – 59%
13. Czech Republic – 58%
14. United States – 57%
15. Belgium – 55%

Two-thirds of Americans cannot pass a basic financial literacy test

57% live paycheck to paycheck

1 in 3 Americans lack enough savings to cover a $400 emergency

49% of workers say their debt is interfering with their ability to save for retirement

Top financial obstacles for Millennials

1. Excessive expenses
2. Lack of savings
3. Too much debt

63% feel anxious about their finances

Credit Card Debt

• 82% have at least one credit card
• Americans with more than $10,000 in credit card debt: 14 million
• 4 in 10 Americans “have no idea” how credit scores work

Student Loan Debt

• Americans carrying student loan debt: 42.5 million
• Amount the average public university student borrows to attain a bachelor’s degree: $31,960
• Average student loan debt per borrower
  • Federal: $39,075
  • Federal + Private: $42,673

References

Adults who would cover a $400 emergency expense using cash or its equivalent. (2025, May 28). Federal Reserve. https://www.federalreserve.gov/consumerscommunities/sheddataviz/unexpectedexpenses.html 

Blumberg, Y. (2019, January 4). About 4 in 10 Americans ‘have no idea’ how their credit score is determined. CNBC. https://www.cnbc.com/2019/01/04/about-4-in-10-americans-have-no-idea-how-credit-scores-are-determined.html 

Empower. (2025, July 2). 1 in 4 Americans who carry credit card balances currently owe $10,000 or more in credit card debt. https://www.empower.com/the-currency/money/credit-card-research 

Farber, M. (2016, July 12). Nearly two-thirds of Americans can’t pass a basic test of financial literacy. Fortune. https://fortune.com/2016/07/12/financial-literacy/ 

FINRA Investor Education Foundation. (2025). Financial Capability in the United States, 6^th ed. https://www.finrafoundation.org/sites/finrafoundation/files/2025-07/NFCS-Report-Sixth-Edition-July-2025.pdf 

Hanson, M. (2025, August 8). Student loan debt statistics. Education Data Initiative. https://educationdata.org/student-loan-debt-statistics 

Haverstic, C. (2025, May 14). 57% of Americans live paycheck to paycheck in 2025. MarketWatch. https://www.marketwatch.com/financial-guides/banking/paycheck-to-paycheck-statistics/ 

Huggins, T. (2024, July 1). Millennials: Financially confident but very stressed. Investopedia. https://www.investopedia.com/millennials-are-financially-confident-but-stressed-5224413

Klapper, L., Lusardi, A., & van Oudheusden, P. (2016). Financial literacy around the world: Insights from the Standards & Poor’s ratings services global financial literacy survey. https://gflec.org/wp-content/uploads/2015/11/3313-Finlit_Report_FINAL-5.11.16.pdf 

Pokora, B. (2024, March 28). Credit card statistics and trends. Forbes Advisor. https://www.forbes.com/advisor/credit-cards/credit-card-statistics/ 

Shilling, A. (2022, December 12). Just 1 in 3 Americans understands this crucial component of planning smartly for retirement — and that lack of knowledge could prove very costly. MarketWatch. https://www.marketwatch.com/picks/just-1-in-3-americans-understands-this-crucial-component-of-planning-smartly-for-retirement-and-that-lack-of-knowledge-could-prove-very-costly-01670615195