Mar 26, 2025
Some couples do everything together — cook, clean and pay the bills. But in some households, only one person is in charge of tackling financial matters. And things could get dicey if that person ends up passing away first.
In a 2022 survey by The Knot, only one-third of couples said that they share financial responsibilities with their spouse. That means, in 67% of couples there's one person who takes on all the money-managing responsabilities.
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It can be especially difficult to take over your family's finances when you're older. But if you're in your 60s and relied on your spouse for decades to handle all of that, you should know that it's not too late to learn.
The importance of financial literacy
Financial literacy can encompass a range of things, from knowing how to manage expenses and debt to understanding how to save and invest for future goals. But a 2024 MarketWatch survey found that only 57% of U.S. adults are financially literate.
Americans particularly lack financial awareness around retirement planning. The 2024 TIAA Institute-GFLEC Personal Finance Index found that, on average, U.S. adults could only answer two out of five basic retirement questions correctly. It also found that men had slightly more retirement planning knowledge than women overall.
Part of the problem is that financial literacy hasn't historically been a subject that's taught in school. Thanks to a fairly recent push for more financial knowledge, at this point, 27 states require that students take a personal financial course before graduating high school. But as of 2022, only 15 states had that requirement, according to Next Gen Personal Finance.
It's not surprising, then, that only 54% of U.S. adults say they know a great deal or a fair amount about personal finances, according to the Pew Research Center. And while 33% say they have "some" knowledge, 13% say they don't know much or know nothing at all about personal finance.
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How to improve your financial literacy
No matter your age or stage of life, it's important to be comfortable with the idea of managing your money. As a baseline, you need to know how much money you have and what your money is being spent on.
To improve your financial literacy, one thing you can do is to find a personal finance course, whether online or at a local community center or college. That's a great way to get a comprehensive overview of the things you need to know.
Beyond that, it's a good idea to work with a financial adviser. An adviser can review your income, expenses and goals, and help make sure your money is being managed appropriately. And yes, even if you're retired and your primary income is Social Security, it's still important to manage those monthly checks.
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Set up a budget. You can do so on a spreadsheet, in a notebook or using an app. Your budget should include all your expenses as well their impact on your account balances, so that you can see whether you're actually living within your means.
Next, you can pull a copy of your credit report and see what it contains. You’re entitled to a free copy from each of the three reporting bureaus — Experian, Equifax and TransUnion — every week.
Once you have your credit report, see what your payment history looks like and take note of all of your open accounts. It's also a good idea to see what your credit score is, though, ironically, you won't normally find that information on your credit report. However, your bank or credit card company might give you that number for free.
If your credit score is below a 670, it's either poor or fair, according to Experian. In either scenario, it's best to try to improve your credit score in case you need to borrow money in the future. A higher credit score could increase your likelihood of getting approved for a loan and potentially open the door to better borrowing rates.
In 2024, a lack of financial literacy cost Americans $1,015 per person on average, according to the National Financial Educators Council. And, 5% of Americans said they lost more than $10,000 due to gaps in their financial knowledge.
So, the sooner you’re able to get to a better place in that regard, the less money you might waste and the more you might manage to save.
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Maurie Backman has been writing professionally for well over a decade. Since becoming a full-time writer, she's produced thousands of articles on topics ranging from Social Security to investing to real estate.
