{"id":93437,"date":"2021-04-05T08:05:00","date_gmt":"2021-04-05T12:05:00","guid":{"rendered":"https:\/\/hispanicprwire.com\/english-many-americans-unable-to-pay-bills-or-cover-unexpected-expenses-and-lack-critical-financial-knowledge-survey-shows\/"},"modified":"2021-04-05T08:10:23","modified_gmt":"2021-04-05T12:10:23","slug":"encuesta-da-a-conocer-que-muchos-norteamericanos-no-pueden-cubrir-el-pago-de-sus-cuentas-o-gastos-inesperados-ademas-de-la-falta-de-educacion-financiera-importante","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/encuesta-da-a-conocer-que-muchos-norteamericanos-no-pueden-cubrir-el-pago-de-sus-cuentas-o-gastos-inesperados-ademas-de-la-falta-de-educacion-financiera-importante\/","title":{"rendered":"Many Americans unable to pay bills or cover unexpected expenses and lack critical financial knowledge, survey shows"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP-COLOR:; BORDER-COLLAPSE: COLLAPSE; BORDER-LEFT-COLOR:; BORDER-BOTTOM-COLOR:; BORDER-RIGHT-COLOR:\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">April 5, 2021<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;\u00a0Twenty-two percent of U.S. adults report they are unable to pay their bills in full and on time in a typical month, and 30 percent would not be able to cover an unexpected <span class=\"xn-money\">$2,000<\/span> expense, according to new data from the fifth annual Personal Finance Index (P-Fin Index) released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the <span class=\"xn-org\">George Washington University School of Business<\/span>.<\/p>\n<p>Results from the P-Fin Index indicate that a significant portion of American adults still struggle with financial literacy. After four years of incremental growth in financial literacy, the percentage of P-Fin Index questions respondents answered correctly decreased by 2 percentage points in 2021, with respondents correctly answering only 50 percent of the questions. Comprehending risk continues to be the area in which financial literacy is lowest, with U.S. adults on average correctly answering only 37 percent of questions on this topic.<\/p>\n<p>&#8220;This year&#8217;s Personal Finance Index reveals the precarious financial situations of many Americans, which have been exacerbated by the COVID-19 pandemic,&#8221; said TIAA Institute Senior Economist <span class=\"xn-person\">Paul Yakoboski<\/span>. &#8220;But we have also seen Americans become increasingly motivated since the onset of COVID to improve their personal finances. Now is the time to focus on enhancing financial literacy as we look forward to life post-COVID.&#8221;<\/p>\n<div id=\"prni_dvprnejpga569left\" style=\"WIDTH: 100%; TEXT-ALIGN: left\" dir=\"ltr\"><img decoding=\"async\" id=\"prnejpga569left\" title=\"   \" border=\"0\" alt=\"   \" align=\"middle\" imagelabel=\"General\" src=\"https:\/\/mma.prnewswire.com\/media\/1480445\/2021_P_Fin_Index.jpg\"\/><\/div>\n<p>Financial challenges and lower levels of financial literacy are significantly more prevalent among the Black and Hispanic communities who face structural inequities and longstanding institutional biases:<\/p>\n<ul type=\"disc\">\n<li>Thirty-two percent of individuals in these U.S. demographic groups find it difficult to make ends meet in a typical month, compared to 18 percent of white Americans. <\/li>\n<li>Fifty-six percent of Black Americans and 53 percent of Hispanics do not have non-retirement savings sufficient to cover one month of living expenses, compared to 35 percent of white Americans. <\/li>\n<li>Blacks and Hispanics correctly answered 37 percent and 41 percent, respectively, of the P-Fin Index questions, compared to white Americans, who correctly answered 55 percent.<\/li>\n<\/ul>\n<p>&#8220;Our data shows a direct link between financial literacy and financial well-being, and demonstrates how knowledge can help better position Americans against adverse economic conditions,&#8221; said <span class=\"xn-person\">Annamaria Lusardi<\/span>, University Professor and Academic Director of GFLEC. &#8220;Just as we need to address institutional barriers, we must also break down barriers to financial well-being as part of the recovery path from COVID-19, and that includes greater access to financial literacy.&#8221;<\/p>\n<p>The P-Fin Index is unique in its capacity to produce a robust measure of overall personal finance knowledge as well as an analysis of knowledge across multiple areas of personal finance. It also identifies how financial literacy contributes to financial wellness. The index consists of 28 questions spanning eight functional areas:<\/p>\n<ul type=\"disc\">\n<li>Earning: determinants of wages and take-home pay. <\/li>\n<li>Consuming: budgets and managing spending. <\/li>\n<li>Saving: factors that maximize accumulations. <\/li>\n<li>Investing: investment types, risk and return. <\/li>\n<li>Borrowing\/managing debt: relationship between loan features and repayments. <\/li>\n<li>Insuring: types of coverage and how insurance works. <\/li>\n<li>Comprehending risk: understanding uncertain financial outcomes. <\/li>\n<li>Go-to information sources: recognizing appropriate sources and advice.<\/li>\n<\/ul>\n<p>The full report can be found <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118043-1&amp;h=1086008064&amp;u=https%3A%2F%2Fwww.tiaainstitute.org%2Fpublication%2Ffinancial-wellbeing-and-literacy-midst-pandemic-2021-tiaa-institute-gflec-personal&amp;a=HERE\" rel=\"nofollow\">HERE<\/a><\/u>.<\/p>\n<p>###<\/p>\n<p><b>About the TIAA Institute<br \/><\/b>The TIAA Institute helps advance the ways individuals and institutions plan for financial security and organizational effectiveness. The institute conducts in-depth research, provides access to a network of thought leaders, and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success. For more information about the TIAA Institute, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118043-1&amp;h=2239129758&amp;u=http%3A%2F%2Fwww.tiaainstitute.org%2F&amp;a=www.tiaainstitute.org\" rel=\"nofollow\">www.tiaainstitute.org<\/a>.<\/p>\n<p><b>About TIAA <br \/><\/b>With an award-winning<sup>1<\/sup> track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has <span class=\"xn-money\">$1.3 trillion<\/span> in assets under management (as of <span class=\"xn-chron\">12\/31\/2020<\/span><sup>2<\/sup>) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.<\/p>\n<p><b>About GFLEC<br \/><\/b>The Global Financial Literacy Excellence Center (GFLEC) is dedicated to advancing research and solutions that open the door to universal financial literacy. In working toward that mission, GFLEC has positioned itself as the world&#8217;s leading incubator for financial literacy research, policy, and solutions. GFLEC launched in 2011 at the <span class=\"xn-org\">George Washington University School of Business<\/span> in <span class=\"xn-location\">Washington, D.C.<\/span> Since then, it has pioneered breakthrough tools to measure financial literacy, developed and advised on educational programs, and crafted policy guidelines aimed at advancing financial knowledge in <span class=\"xn-location\">the United States<\/span> and around the world. For more information on GFLEC, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118043-1&amp;h=1261089832&amp;u=http%3A%2F%2Fwww.gflec.org%2F&amp;a=www.gflec.org\" rel=\"nofollow\">www.gflec.org<\/a>. <\/p>\n<div>\n<table id=\"convertedTable1127\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">____________________<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><sup>1<\/sup>\u00a0The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. Lipper Leaders fund ratings do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. For more information, see lipperfundawards.com.\u00a0 Lipper Fund Awards from Refinitiv, \u00a92020 Refinitiv. All rights reserved. Used under license.\u00a0 The Award is based on a review of risk-adjusted performance of 39 companies for 2016, 36 for 2017, 35 for 2018 &amp; 2019, and 30 for 2020. The award pertains only to the TIAA-CREF mutual funds in the mixed-asset category.\u00a0 Without such waivers ratings could be lower. Past performance does not guarantee future results. For current performance, rankings and prospectuses, please visit TIAA.org.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><sup>2<\/sup>\u00a0Based on approximately $1.3 trillion of assets under management across Nuveen affiliates and TIAA investment management teams as of 12\/31\/2020.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>\u00a0<\/p>\n<div id=\"prni_dvprnejpg9dc7left\" style=\"WIDTH: 100%; TEXT-ALIGN: left\" dir=\"ltr\"><img decoding=\"async\" id=\"prnejpg9dc7left\" title=\"   \" border=\"0\" alt=\"   \" align=\"middle\" imagelabel=\"General\" src=\"https:\/\/mma.prnewswire.com\/media\/1142121\/TIAA_Logo.jpg\"\/><\/div>\n<p>\u00a0\u00a0 <\/p>\n<div id=\"prni_dvprnejpgbf57left\" style=\"WIDTH: 100%; TEXT-ALIGN: left\" dir=\"ltr\"><img decoding=\"async\" id=\"prnejpgbf57left\" title=\"  \" border=\"0\" alt=\"  \" align=\"middle\" imagelabel=\"General\" src=\"https:\/\/mma.prnewswire.com\/media\/1142120\/GFLEC_Logo.jpg\"\/><\/div>\n<p>Photo &#8211; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118043-1&amp;h=2726442688&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1480445%2F2021_P_Fin_Index.jpg&amp;a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1480445%2F2021_P_Fin_Index.jpg\" rel=\"nofollow\">https:\/\/mma.prnewswire.com\/media\/1480445\/2021_P_Fin_Index.jpg<\/a><\/p>\n<p>Photo &#8211; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118043-1&amp;h=2396276434&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1142121%2FTIAA_Logo.jpg&amp;a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1142121%2FTIAA_Logo.jpg\" rel=\"nofollow\">https:\/\/mma.prnewswire.com\/media\/1142121\/TIAA_Logo.jpg<\/a><\/p>\n<p>Photo &#8211;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118043-1&amp;h=3928084386&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1142120%2FGFLEC_Logo.jpg&amp;a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1142120%2FGFLEC_Logo.jpg\" rel=\"nofollow\">https:\/\/mma.prnewswire.com\/media\/1142120\/GFLEC_Logo.jpg<\/a> <\/p>\n<p\/>\n<p\/>\n<p>SOURCE  TIAA Institute<\/p>\n<\/div>\n<p> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">April 5, 2021<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;\u00a0Twenty-two percent of U.S. adults report they are unable to pay their bills in full and on time in a typical month, and 30 percent would not be able to cover an unexpected <span class=\"xn-money\">$2,000<\/span> expense, according to new data from the fifth annual Personal Finance Index (P-Fin Index) released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the <span class=\"xn-org\">George Washington University&#8230;<\/p>\n","protected":false},"author":1,"featured_media":93438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-93437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-negocios-y-finanzas"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/93437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=93437"}],"version-history":[{"count":0,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/93437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media\/93438"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=93437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=93437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=93437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}