Americans are expressing uncertainty about how to understand their credit score and about their financial future, according to a new survey by Lexington Law Firm.
The survey of 1,000 people, conducted in February, asked two key questions: whether the respondent's parent had clearly explained how their credit score was calculated, and whether the respondent was confident that they would be more financially successful than their parents.
In both areas, the majority of respondents say no. The survey finds that:
- About a third (30%) of respondents strongly disagree with the statement "My parents clearly explained to me how my credit score is calculated and how my credit affects me financially," while only 16% strongly agree.
- Less than half (48%) of respondents somewhat or strongly agree with the statement "I am confident that I will be more financially successful than my parents."
- Of those who strongly agree that their parents clearly explained credit to them, 40% also strongly agree that they were confident they would be more financially successful than their parents.
"The results of our generational credit survey reveal a limited understanding of credit," the law firm says on their website. "This lack of financial education often results in challenges with money management."
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