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.

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%).

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.

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.

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.