INDIANAPOLIS, Ind. (WOWO/Indiana News Service): According to a just-released nationwide study, only about one in three Americans is financially literate, with a basic understanding of financial concepts such as budgeting, credit and decision-making when it comes to money.

The results did not surprise J. Michael Collins, who directs the Center for Financial Security at the University of Wisconsin-Madison. He said so many people struggle to get by in part because they really don’t know much about money, credit and banking. At particular risk are minorities and young people, who were never taught the basics.

“There’s a whole generation of people who didn’t get brought up with that, they didn’t get taught it at home, they didn’t get taught it at school, and now it’s a burden on them that they have to figure it out,” Collins said. “People who don’t have a good grasp of managing their money struggle more with credit and debt, they have are time paying bills on time, they don’t have financial plans, they don’t save as much for retirement.”

The study surveyed more than 27,000 Americans, measuring their grasp of concepts like budgeting, planning ahead, financial knowledge and financial decision-making.

Collins said improving financial management is grounded in having a system and paying regular attention to simple financial management tasks such as paying bills on time and saving for retirement. He said improving financial literacy is like diet or exercise. Step one is paying attention and making it a priority.

The full study can be read here.