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Three Key Takeaways of the Financial Literacy Survey

Hi, mooers. Boosting financial literacy is always our focus. We recently conducted first U.S. moomoo users personal finance survey to learn more about this and gained many great insights. Here are some key highlights.
Takeaway 1: Mooers are concerned about their financial futures
Three Key Takeaways of the Financial Literacy Survey
In 2022, inflation averaged 8%; the S&P 500 fell 19.6% and the U.S. bond market had its worst year ever. While there have been improvements on all three fronts in 2023, on average mooers are more concerned about the future than not.
Mooers making less than $35,000 a year are more worried on average (36.4% rated it a five, the most worried) compared to the average user (18.3%). Self-employed (22% rating it a five) and unemployed (22.6%) mooers are more worried than full-time employees (16.7%) and those with advanced degrees are some of the most worried (27.6% rating it a five) compared to those with a bachelor's degree (16.1%) or a high school diploma (20.7%).
Takeaway 2: Financial literacy looks different for various individuals
Mooers' level of financial knowledge, financial education resources and interested areas vary widely.
Around 40% of mooers rank themselves in the middle (3/5) when it comes to their knowledge of personal finance while only 3.1% rank their knowledge at the lowest level. When it comes to having confidence in their financial literacy, education plays a big role in users improving this and their financial skillset. Income also has an effect: 18% of mooers with an annual income of over $130,000 give themselves a top rating compared with only 11.5% overall.
Three Key Takeaways of the Financial Literacy Survey
To increase their financial knowledge, 20.5% of mooers turn to financial news services such as Bloomberg, The Wall Street Journal, CNBC, the Financial Times, and Reuters. Surprisingly, influencers (6.4%) are a more frequent source for users than family members (6.0%); financial courses at the primary and secondary levels are almost non-existent ones.
Takeaway 3: Mooers are planning and saving for the future
Three Key Takeaways of the Financial Literacy Survey
Mooers on average save 15% of their income while putting a median of 10% of it in the stock market. Only 5.4% of users spend all their income and do not save at all. Checking accounts are the most used account, 55.4% of survey participants, followed by brokerage accounts (22.3%) and savings accounts (8.7%).
From our survey findings and our community, we understand that many mooers like to trade in the stock market aiming to create a brighter future for the long run. That's why we are here to support you and provide intuitive product features to help meet your needs. We hope this information will empower you to take actionable steps toward improving your future investments.
Disclosure: This promotion is offered by Moomoo Technologies Inc. All contents, such as comments and links posted or shared by the users of the community, are the opinion of the respective authors only and do not reflect the opinions, views, or positions of Moomoo Financial Inc., Moomoo Technologies, any affiliates, or any employees of MFI, MTI or its affiliates. Please consult with a qualified financial professional for your personal financial planning and tax solutions. Moomoo may share or provide links to third-party content. Doing so is intended to provide additional perspective and should not be construed as an endorsement or recommendation of any chat room, channel, services, products, guidance, individuals, or point of view.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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