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Study: Americans Crave Better Financial Knowledge

Young adults particularly motivated to increase financial literacy

By James Limbach
ConsumerAffairs.com

October 14, 2009

A new report from Mintel Comperemedia, a provider of direct marketing information, reveals that three in four adults are trying to increase their financial know-how because of the current economic situation. Another 32 percent say they've already done so, while 43 percent say they plan to learn more about financial topics in the future.

People are also looking to professionals more for financial advice. While 65 percent say they feel unsure about investing because of the state of the economy, 38 percent say they've started meeting with a financial advisor, or plan to soon, to work towards securing their financial future. Thirty-one percent admit they'd like advice from a professional on how to invest their money.

"The recession was a wake-up call for many Americans," says Susan Menke, vice president at Mintel Comperemedia. "They now feel unsure about investing and money management, so they're turning to friends, family and professionals for help in learning more about money. Many people are determined not to repeat the mistakes of the past."

Mintel reports that young adults are the most determined when it comes to increasing financial literacy. Five out of six Echo Boomers - people born between 1977 and 1994 -- say they've already become or plan to become more educated about financial matters, and four in ten say they would like investment advice from a financial professional.

"Though young adults are the most motivated, people of all ages are looking for financial education right now. Financial services companies have a tremendous opportunity to provide information, guidance and support to these eager consumers," says Menke. "Financial literacy initiatives could help rebuild trust in financial brands, establish loyal customer relationships and help foster a more responsible, informed public."

On average, financial services companies dedicate 22 percent of customer communication direct mail to informational mailings, according to 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. Mintel sees many companies using direct mail to invite recipients to informative seminars on financial topics.

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