Americans Hunger for Better Financial Literacy

November 12, 2009

This article is included in these additional categories:

Analytics, Automated & MarTech | Financial Services | Youth & Gen X

Three in four US adults (75%) are trying to increase their financial know-how because of the current economic crisis, according to a study by Mintel Comperemedia, which found that Americans of all ages crave better financial knowledge.

Among those with a thirst for more know-how, one-third (32%) say they’ve already become more educated about financial matters, while 43% say they plan to learn more about financial topics in the future.

Financial Advisors in Demand

In addition to getting themselves more educated, many also are looking to professionals more for financial advice. While 65% say they feel unsure about investing because of the economic crisis, four in 10 (38%) say they’ve started meeting with a financial advisor, or plan to soon, to work toward securing their financial future.

Nearly one-third (31%) admit they’d like advice from a professional on how to invest their money, the study found.

Young Particularly Motivated

Though people of all ages are seeking to augment their financial literacy, young adults are particularly motivated, the study found. Five in six (84%) Echo Boomers (born between 1977-1994)? say they’ve already become or plan to become more educated about financial matters, and four in 10 (39%) say they would like investment advice from a financial professional.

Insurance Industry Sends Most Mailings

On average, financial services companies dedicate 22% of customer communication direct mail to informational mailings, per Mintel Comperemedia’s analysis of direct marketing. The insurance industry sends the highest number of informational mailings, followed by investment firms and credit card companies.

Susan Menke, VP at Mintel Comperemedia, remarked that these study results show potential marketing opportunities for financial services companies, which? have a “tremendous opportunity to provide information, guidance and support to these eager consumers.”

“Financial literacy initiatives could help rebuild trust in financial brands, establish loyal customer relationships and help foster a more responsible, informed public,” she added.

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