Financial Capability in the United States 2016

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July 2016Financial Capability in the United States 2016Financial Capability in the United States 2016 1ContentsIntroduction 21. Making Ends Meet 4Spending vs. Saving 6Indicators of Financial Stress 6Medical Expenses 8Financial Fragility 10Sources of Income 112. Planning Ahead 13Rainy Day Funds 13Budgeting and Planning 13Planning for Retirement 15Planning for College 17Investments 18Risk Preferences 183. Managing Financial Products 19Banking and Payment Methods 19Home Ownership and Mortgages 20Credit Cards 21Student Loans 22Non-Bank Borrowing 25Debt 26Credit Scores 274. Financial Knowledge and Decision-Making 28Financial Literacy 28Self-Perceptions of Financial Knowledge 31Self-Perceptions vs.

Financial Capability in the United States 2016 4 1. Making Ends Meet The ability to make ends meet is a central component of financial capability, encompassing the extent to

  2016, Financial