1 in 4 respondents had to teach themselves
Foster City, CA – August 31, 2021 – With back-to-school season in full swing MyBankTracker.com polled more than 900 American adults about who taught them the most about money and what financial lesson was primarily focused on. The personal finance site’s full analysis of the results “Study: Who Taught You the Most About Money?” shows the main lesson was about saving more.
Who taught you the most about money?
- Nearly 37% say a parent or guardian taught them the most about money
- More than 26% admit they had to teach themselves
- About 24% reveal no one taught them about money
- Only 18% of respondents ages 65+ report no one taught them about money, but 30.1% of 25- to 34-year olds and 29.5% 18- to 24-year olds say someone did
- Not even 5% report a teacher or professor educated them the most
- Close to 4% acknowledge a spouse or significant other taught them
- Around 3% say they learned from a friend
- A financial pro/advisor taught 1.8% of adult respondents
What did this person teach you most about money?
- Nearly 22% say the biggest lesson learned was how to save more
- Close to 16% note it was how to manage credit and debt
- About 15% claim the main focus was spending smarter
- Investing for the future came in fourth at almost 14%
- A higher percentage of women say they learned most about savings, debt and smarter spending
- More men report being taught about investing, business and career planning most
“We’re pleased to see more schools including financial literacy classes in their curriculum. This survey confirms most older adults didn’t receive any instruction at school,” says Simon Zhen, chief research analyst for MyBankTracker.com. “The good news is that it’s never too late to start learning. There is so much information available to the public for free. Our site has educational articles about everything from how to create a budget, to comparisons on the best bank accounts to what to look for in a fiduciary advisor.”
The study was conducted through Google Surveys on behalf of MyBankTracker from March 31, 2021 to April 7, 2021 with 934 respondents in the United States of ages 18 and up who switched jobs, quit their job, or refused to go back to work with a standard deviation of 6.0%.
Zhen is available for comment and can provide insight on anything from the most important lessons to learn about money to how to create an emergency fund. He is a personal finance expert on consumer banking products, credit cards, bank innovations and financial technology.
MyBankTracker is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. MyBankTracker is a member of QuinStreet’s expert research and publishing division.
MyBankTracker is an independent comparison website helping consumers make smart banking and financial decisions. The mission is to match consumers to their perfect bank by providing and tracking in-depth information on more than 5,000 banks, credit unions and financial products. Using a combination of technology and money management expertise, MBT provides personal finance comparison tools and educates consumers to optimize their relationships with banks and lenders.