Crunching the numbers on credit education
Understanding credit is a key part of financial literacy. But when you only have your own score to make sense of things, credit can seem extra complicated.
Ahead of Financial Literacy Month, Self surveyed more than 5,000 customers about their experiences learning about credit. The results reflect a need for decoding credit — no matter the challenges.
said their financial education was nonexistent or insufficient.
72%
It’s true that financial education can be useful at any age. But the vast majority of survey respondents report not getting enough information on the subject growing up.
got financial education from family or friends.
28%
When learning about personal finance, many turn to their loved ones to grow their knowledge. That’s more than school, news sources, or social media.
said their biggest credit challenge is understanding how credit and finance work.
18%
Survey respondents found understanding the rules of credit to be even more challenging than paying off credit cards.
got the most financial education by learning from their own mistakes.
45%
They say experience is the best teacher. That’s the case for many working on their credit.
Watch and Learn
From credit cards, to budgeting, to DIY credit building, get the credit education you need with Self’s Building Credit for Beginners series with Head of Community Monique White on YouTube.
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These figures come from an online survey of 5,532 customers taken by Self Financial during March 8–17, 2024.