Credit Education Survey: Schools, Banks Could Provide More Information

March is Credit Education Month. That means it’s a time for financial institutions to provide information and guidance about the proper ways to use credit and manage finances. Credit and loans can be tricky for some consumers. But there are some tools both online and off for learning about credit and how to use it wisely. So how many people feel confident with their credit knowledge? And how many would like to see more credit education from various sources?

credit education

Credit Confidence

In Ask Your Target Market’s latest survey, 74% of respondents said they feel comfortable managing their own finances. And 64% believe that they use their credit wisely. However, just 46% of respondents feel like they know a lot about credit and loans.

Credit Scores

Credit scores can offer a good look at people’s credit knowledge and management. And there are plenty of tools available to give people a look at their own credit. In fact, 22% said they have checked their credit score within the last month. 14% last checked their credit about one to three months ago. 8% checked their credit three to six months ago. 10% checked it six months to a year ago. Another 10% last checked it one to two years ago. 14% said they last checked their credit score more than two years ago. And 23% have never checked their own credit score.

In general, 41% of respondents consider having good credit to be very important. 32% consider it to be important or somewhat important. 15% were neutral about having good credit. And just 12% consider having a good credit score to be unimportant.

Credit Education

So it seems that many people have a good handle on their own credit and feel comfortable managing their own finances. But could there still be room for improvement in credit education? It seems so, since 70% of respondents think that banks should have to provide more information about credit and loans. And 78% think that schools should have to teach students more about things like credit and loans.

You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.

Photo Credit: Credit Cards from Flickr

What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.

Results were collected on March 21 via AYTM’s online survey panel.

Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.