Over 40% of Americans have no clue what a 401k is

This story version has been formatted as an on-air script for broadcast outlets. See the original research story here.

DO YOU KNOW WHAT A 401-K IS? WELL, ACCORDING TO A RECENT POLL, ALMOST HALF OF AMERICANS HAVE NO CLUE WHAT IT IS (43%).

THE SURVEY OF 2,000 AMERICANS REVEALED A SIGNIFICANT LACK OF CONFIDENCE IN PEOPLE REGARDING THEIR FINANCIAL LITERACY, WITH ONLY 30% BELIEVING THEY COULD WIN A GAME OF PERSONAL FINANCE TRIVIA.

CONDUCTED BY ONEPOLL ON BEHALF OF BEYOND FINANCE FOR FINANCIAL PRACTICE WEEK, OVER A THIRD DON’T KNOW WHAT ‘INTEREST’ IS IN A FINANCIAL CONTEXT.

FOUR IN 10 ADMIT THEY PROCRASTINATE WHEN IMPLEMENTING HEALTHY FINANCIAL HABITS (39%). GEN Z ARE MOST LIKELY TO PROCRASTINATE (49%) WHILE BABY BOOMERS ARE LEAST LIKELY TO PROCRASTINATE (22%).

THE TOP REASONS? STRESS (25%), FEELING THEIR FINANCIAL HEALTH IS ALREADY POOR AND CAN’T GET ANY WORSE (16%) AND FORGETFULNESS (13%).

Survey methodology:

This random double-opt-in survey of U.S. adults split evenly by generation (500 Gen Z, 500 millennials, 500 Gen X, and 500 baby boomers) was commissioned by Beyond Finance between Feb. 16 and Feb. 22, 2024. It was conducted by market research company OnePoll, whose team members are Market Research Society members and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).