When it comes to personal finances, most people do their best to make informed decisions. But financial decisions are not always simple and understanding how they work is not always straightforward.
A recent Experian survey highlights just how real that challenge is. Nearly half of U.S. adults (47%) say they have made a financial decision they later regretted because they did not fully understand the terms.
And it is not because people are not trying.
In fact, 75% of consumers say financial education is important in helping people manage financial decisions responsibly. At the same time, there is still a gap. One-in-five say they are only slightly confident or not at all confident in their understanding of personal finance, and many continue to rely on informal sources for guidance.
Where the gap shows up
That lack of confidence shows up in real ways.
Nearly half of U.S. adults (46%) say they always or often worry about covering monthly expenses. In that kind of environment, financial decisions carry even more weight, and the margin for error becomes smaller.
At the same time, many consumers are turning to sources that may not always provide complete or reliable information. Forty-six percent say they rely on friends or family for financial advice, and 43% turn to online searches, while far fewer look to financial institutions (24%) or financial advisors (23%) for guidance.
That creates a real risk because informal or incomplete information can lead to decisions people do not fully understand.
It also highlights an important opportunity for the financial services community to do more to meet consumers where they are, with information that is accurate, accessible, and easy to understand.
Why financial literacy matters more than ever
From managing everyday expenses to planning for the future, consumers are navigating a growing number of financial tools, products, and decisions. But many are doing so without the clarity or confidence they need.
That is why financial literacy is not just helpful. It is foundational.
It helps people better understand their options, ask the right questions, and make decisions that align with their long-term goals.
A more complete picture
Another takeaway from the research is that consumers are open to new ways of understanding their financial lives.
Nearly half of U.S. adults (48%) say including on-time payments such as rent, utilities, or other recurring bills in financial decisions would improve their financial opportunities.
That reflects a broader shift. Consumers want systems that better align with how they actually manage their money day to day.
For the financial services industry, that signals an important evolution. Expanding the types of information used to understand consumers’ financial behavior can help create a more accurate and inclusive view, one that recognizes responsible habits that may have previously gone unseen.
That kind of progress has the potential to expand access and create more opportunities, particularly for consumers who may not fit neatly into traditional models.
Looking ahead
Improving financial outcomes starts with improving understanding.
The findings reinforce a clear opportunity. When consumers have access to better information, clearer insights, and a more complete view of their financial behavior, they are better positioned to move forward with confidence.
At Experian, we remain focused on helping advance that understanding through education, transparency, and responsible innovation, so more people can navigate their financial lives with clarity and confidence.