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Lacking confidence in your financial decisions? Where to find help
By Joe Yerardi | NerdWallet
How much money should you have in your emergency fund? What percentage of your income should you be saving for retirement?
Financial questions like these can be high-stakes. And reaching the right decision on them can seem complex and difficult, in part because there’s just so much information out there.
If you feel daunted by making financial decisions like these, you’re not alone. Less than half (47%) of Americans feel confident in their ability to make good financial decisions, according to a recent NerdWallet survey conducted online by The Harris Poll in July.
Financial confidence grows with age and wealth
People’s confidence in their financial decision-making increases with their age, income and education.
Less than a third (30%) of Gen Zers (ages 18-27) say they are confident in their ability to make good financial decisions. Thirty-nine percent of Millennials (ages 28-43), 47% of Gen Xers (ages 44-59), and 62% of baby boomers (ages 60-78) say they are confident.
Just 38% of Americans with an annual household income of less than $50,000 reported feeling confident in their ability to make good financial decisions. That compares with 49% of those making $75,000-$99,999 and 55% of those making $100,000 and more.