Americans Want More Financial Knowledge

One silver lining to the recession could be that Americans take more interest in their finances, a new survey suggests.

The survey from market research firm Mintel Comperemedia found that three-fourths of respondents are trying to increase their financial know-how because of the current economic crisis. A third have already done so, and 43% plan to do so in the future.

Financial advisers are one place where adults might turn for help, although the majority still don’t plan to. While most (65%) of those surveyed said they feel unsure about investing because of the economic crisis, 38% said they’ve started meeting with a financial adviser or plan to soon. Slightly less than a third admit they’d like advice from a professional about how to invest their money, according to Mintel.

Young adults are especially determined to increase financial literacy, according to the survey. Five out of six of those age 15 to 32 reported that they’ve already become or plan to be more savvy with finances. Furthermore, four in 10 would like investment advice from a financial professional.

“Financial services companies have a tremendous opportunity to provide information, guidance, and support to these eager consumers,” said Susan Menke, vice president at Mintel Comperemedia. “Financial literacy initiatives could help rebuild trust in financial brands, establish loyal customer relationships, and help foster a more responsible, informed public.”

The survey was conducted in June among 2,091 respondents age 18 and older with access to the Internet.