Financial literacy: What you need to know about common financial questions

Financial literacy – having the financial knowledge to understand money and your options for budgeting, saving and investing it – sounds like an essential education for any adult.

But according to a December 2023 report by Ramsey, only 17% of U.S. adults said they took a personal finance class in high school, even though 72% of U.S. adults believe they would be further along with money if they had taken such a class. And according to a survey by the National Financial Educators Council, not having that basic knowledge cost Americans an average of $1,506 in 2023.

April is Financial Literacy Month, but there’s no specific time to focus on your financial well-being – and it’s never too late to learn something new. In this series, we break down what you need to know about common financial questions and best practices, as explained by experts.

We begin with a topic that many younger Americans feel is out of reach – what to know about buying a home.