By Keith O'Neil, CEO, Johns Hopkins Credit Union

When the 2026 TIAA Institute-GFLEC Personal Finance Index was released earlier this summer, the headlines that financial literacy has hit a 10-year low were hard to miss. According to the survey, one in four Americans scored in the "very low" category of money knowledge, with U.S. adults answering only 47 percent of the questions correctly, and Gen Z scoring worse than any other generation at just 38 percent. I understand why these numbers made nationwide news, but from where I sit, they don’t tell the full story.

I’m grateful studies like this exist because they keep financial capability top of mind. These reports create awareness, drive important conversations, and hold all of us who do this work every day accountable. But when I turn away from the news and look at what's actually happening around me, I see a picture that is much less bleak and a community that is leaning into the importance of financial health.

At Johns Hopkins Credit Union, members are coming to us with more informed, specific questions than ever before — about credit scores, interest rates, the real difference between savings vehicles. That kind of engagement tells me people are paying attention and, more importantly, that they're more willing to ask for help.

As a board member for the Maryland Council for Economic Education, I see firsthand that we are reaching more young people than before. More school districts are weaving financial concepts into everyday coursework, not just as standalone lessons, but built into history classes, math curricula, and real-world problem-solving. We may not have a statewide curriculum requirement in Maryland yet, but momentum is building to embrace financial education in school systems throughout the state and across the country.

It’s also worth noting that the picture for younger generations is more nuanced than the headlines suggest. The economy has fundamentally shifted the timeline of adult financial life. Homeownership, retirement saving, major purchases — these milestones are arriving later for younger Americans, not because they're less capable, but because the barriers are genuinely higher. It’s not as common today for someone in their 20s to purchase a home as it was 20 or 50 years ago. But a 24-year-old who hasn't bought a home yet isn't financially illiterate; they are navigating a different economic environment than any previous generation. And behavior evolves with each generation as well. For example, young adults may not be purchasing vehicles as early in life with the rise of ride shares and other alternatives. When you consider these factors, it makes complete sense that Gen Z scored lower than older participants in the survey; they simply haven’t had these life experiences yet. The study's own footnotes acknowledged this context, and it’s important to keep these nuances in mind when interpreting the results.

I'll also say something that might surprise people: social media has actually helped move us forward. Yes, there's plenty of unreliable financial content out there, but platforms like TikTok and Instagram have helped reduce the stigma around talking about money. When I was growing up, my parents never discussed any financial difficulties we may have been experiencing. But today, people are talking about common money issues like debt, budgeting, and savings anxiety more openly and honestly. That cultural shift is meaningful and is increasing demand for accessible, unbiased professionals who are willing to listen.

The study is also right to recognize that awareness alone isn't enough. The sheer volume of financial information available today hasn't automatically translated into better decisions. If anything, it's created a new challenge — people are overwhelmed, and they can't always distinguish trusted guidance from noise. That's precisely why I believe financial coaching is the essential next step in this work.

There's a meaningful difference between knowing that high-interest debt is harmful and knowing exactly what you should do about your specific situation, right now, given your goals and your life. Fee-based financial planning is excellent, but the entry point isn’t always accessible to everyone. That's the gap we need to continue to close together. We see this across our industry as financial institutions continue to offer education in new and innovative ways, provide more proactive services like free credit monitoring, and promote fiduciary-type advisors who prioritize the investor’s best interest over specific products. And now, financial coaching offers even more access to informed, trustworthy, unbiased individuals who can answer specific money questions while taking one’s personal situation into account.

Credit unions like ours, which are rooted in cooperative principles and a "people helping people" mentality, are built for exactly this. Whether someone wants to build their first budget, plan toward buying a home, or take an early step into investment services, we meet them where they are — at any level of readiness, without a prohibitive price tag. That full-spectrum, member-first support, from foundational coaching to advanced planning, is what real financial wellness looks like in practice.

The TIAA Institute-GFLEC report matters, and so do the conversations about financial competence it has started. And the progress happening across classrooms, branches, and kitchen-table conversations every single day matters too. The challenges are real, but so is the progress. Our job is to keep building on it, together.

Keith O'Neil is the CEO of Johns Hopkins Credit Union and Vice Chair of the Maryland Council for Economic Education Board of Directors

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