TransUnion, one of the three major credit card bureaus, released a new credit study on April 5, 2011. The findings include the less-than-startling news that nearly two-thirds of American adults worry about money. Commissioned by TransUnion and conducted by Zogby International, the survey shows that 65 percent of Americans report feeling stressed about money and their finances some or all of the time.
April is National Financial Literacy Month
This April, for what has been dubbed "National Financial Literacy Month," TransUnion has set out to educate consumers about personal finance and credit management in an attempt to reduce financial stress levels.
TransUnion's stated goal is to empower consumers, especially those carrying substantial credit card debt, by giving them the tools and information they need to handle the unpredictable stock market, rising gas prices, unemployment rates, and the increasing difficulty in securing a loan or mortgage in today's tough financial marketplace.
In the meantime, however, the overall findings of TransUnion's latest study are less than optimistic:
- 21 percent of adults say they "always" feel stressed by the state of their finances
- 44 percent report that they are "sometimes" stressed about money
- 28 percent report "rarely" feeling stressed
- 6 percent say they are "never" stressed about money.
TransUnion's director of education for consumer products, Heather Battison, says consumers should educate themselves with practical knowledge to ease their worries. This is sound advice, especially considering that according to TransUnion, a 2010 study showed that 57 percent of Americans did not even follow a budget.
"Rather than get stressed out over financial worries," Battison suggests, "consumers should take the opportunity during Financial Literacy Month to make sure they know the basics of achieving healthy credit and personal finances."