NFCC Releases 2017 Consumer Financial Literacy Survey, May 24, 2017

Trends Show Some Positive, Some Concerning Trends

The National Foundation on Credit Counseling (NFCC) has released the results of its 2017 Consumer Financial Literacy Survey. The survey found a combination of positive and concerning trends in consumers’ financial literacy and behaviors.

Some of the results include:
• 26% of Americans are spending less than they did last year.
• 39% of Americans are carrying credit card debt month to month (an increase from last year).
• 16% of Americans carry over more than $2,500 in credit card debt from month to month.
• 80% of Americans say they could benefit from professional answers to every day financial questions.

“We aren’t surprised by the results of this study. It certainly echoes the need that we have seen locally,” says Breck Miller, Community Relations Coordinator for the Center for Financial Resources (CFR). “Unfortunately, there is a stigma about financial counseling that we would like to overcome – a stigma that so many of our clients are glad they got past.” CFR provides a wide variety of financial counseling services including budgeting, Debt Management Program, student loan counseling, mortgage delinquency and housing counseling, credit report consultation, and home buying and financial literacy education.

The LSS Center for Financial Resources is an NFCC agency and proud to provide quality, confidential services to its clients. The full survey results are available through the NFCC. For more information on the survey or not-for-profit credit counseling, contact CFR.

Lutheran Social Services is a private non-profit social service agency. Last year, 52,001 lives were touched through a variety of services offered through LSS statewide. Core services offered by LSS include adoption, pregnancy counseling, foster care, kinship services, childcare & education, disaster response, mental health counseling, Fatherhood & Re-entry Services, Center for Financial Resources, residential services for children & youth, alternatives to detention, independent living services for young adults, mentoring, Better Together and Center for New Americans. LSS serves people of all ages, races, faiths and economic levels with professional, confidential and affordable services. LSS services are licensed by the State of South Dakota and accredited by the Council on Accreditation. LSS is a United Way agency.

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