The NFCC August Financial Literacy Opinion Index based on answers provided by 794 individuals to the index homepage in August show 44% would reach out to speak to a certified financial professional first.
They prefer one-on-one help as opposed to online education, NFCC’s financial self-assessment tool MyMoneyCheckUp, or attend a free group financial workshop.
Financial concerns and solutions consumers need are as different as they are, said NFCC spokesperson Gail Cunningham. Apparently they prefer the nonprofit’s one-on-one financial reviews either in-person, by phone or online through more than 2,200 NFCC certified financial professionals who are tested on “six modules related to credit and personal finance” concerns involving creating a workable budget, understanding credit and getting out of debt.
In August when asked who would they most likely approach to seek help when having financial trouble, 35% chose “taking advantage of online resources related to my concern.” Despite convenience, Internet resources ranked second after “reaching out to a certified financial professional.”
Another 17% would rather “utilize a financial self-assessment tool to help pinpoint the problem.”
Only 3% selected attending a related group workshop if in financial distress. Nonetheless, findings reiterate counseling efficiency is higher if all the aforementioned options are available to distressed borrowers.