North Carolina Financial Literacy Council Releases First Statewide Financial Literacy Scorecard

FOR IMMEDIATE RELEASE
Monday, June 22, 2026
Contact: comms@ncdoj.gov
919-538-2809

RALEIGH — Today, the North Carolina Financial Literacy Council (FLC) announced the release of its first North Carolina Financial Literacy Scorecard, a comprehensive, data-driven assessment of financial knowledge and preparedness across the state.

The scorecard provides a snapshot of how well North Carolinians understand key financial concepts—such as interest rates, inflation, and investing—and compares the state’s performance to national averages and neighboring states. The analysis draws on nearly a decade of data (2015–2024) from the FINRA Investor Education Foundation’s National Financial Capability Study, including responses from more than 100,000 individuals nationwide.

Key Findings

The report highlights several important trends:

• Financial literacy remains low nationwide and in North Carolina. Only about 27 percent of U.S. respondents demonstrate a high level of financial literacy.

• North Carolina lags national averages on several measures, with residents scoring three to six percentage points lower on key financial knowledge questions.

• Many individuals overestimate their financial knowledge, suggesting a gap between confidence and actual understanding.

• A persistent gender gap exists, with women scoring lower than men across all measured categories and reporting less confidence in financial decision-making.

• Financial education shows a strong positive association with outcomes, with participants demonstrating significantly higher knowledge and confidence.

A Tool for Policymakers and Communities

The Financial Literacy Scorecard is designed to support state and local governments, educators, nonprofits, and financial institutions in evaluating current conditions and targeting resources more effectively.

“Financial literacy is fundamental to individual well-being and to the strength of our communities,” said Stuart Mills, FLC Chair. “This scorecard gives North Carolina a clear, data-driven understanding of where we stand—and where we have opportunities to improve.”

Implications for North Carolina

Overall, North Carolina performs similarly to neighboring states such as Georgia, South Carolina, Tennessee, and Virginia. However, the data indicates that North Carolina’s progress in financial literacy has been slower than adjacent states over the past decade, and access to financial education remains limited for many residents.

Encouragingly, North Carolina residents who had access to financial education had better outcomes. The survey responses indicate that respondents with access to financial education showed meaningful improvements. North Carolina survey participants showed a 13-percantage point increase in overall financial literacy.

Looking Ahead

The Council hopes the scorecard will serve as a baseline for action, helping stakeholders expand access to financial education, address persistent gaps, and improve financial outcomes across the state.

“This is a starting point,” said Stuart Mills. “By working together across sectors, we can strengthen financial capability and resilience for all North Carolinians.”

About the North Carolina Financial Literacy Council

The North Carolina Financial Literacy Council is a statewide advisory body dedicated to advancing financial education for residents of all ages. The Council brings together representatives from state agencies, education systems, the financial services industry, and nonprofit organizations to promote best practices, evaluate programs, and improve financial capability across North Carolina. The Financial Literacy Council was established within the North Carolina Department of Justice through state law.

Access the Scorecard

The full North Carolina Financial Literacy Scorecard is available at: flc.nc.gov

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