Cake & Arrow Publishes Study Exploring Financial Literacy and How Insurance Can Support Customers in Their Journeys Toward Financial Freedom

NEW YORK, Jan. 10, 2023 /PRNewswire/ -- 78% of Americans agree that schools need to do more to teach kids about finances, according to findings from a recent survey by Cake & Arrow. While these findings suggest a consensus around the perceived need for improved financial literacy among Americans, the survey found there to be little consensus around what financial literacy means to Americans and how it might best be achieved.

These findings are published in a new report by Cake & Arrow entitled Insurance & Personal Finance: Toward a new understanding of financial literacy. The report explores what it means to be financially literate in today's volatile economy and rapidly changing technological landscape, and how the insurance industry can support customers in their journeys toward financial freedom. Readers of the report will have access to:

• Additional findings from the survey, including generational differences in how people think about money and financial literacy and data on what Americans are (and are not doing) in their pursuit of financial success
  
  
• A new model for thinking about financial literacy that surfaces key personas along a spectrum of financial freedom and confidence
  
  
• Opportunities for insurers to drive financial literacy and support customers in their journeys toward financial freedom

"The world of personal finance has never felt more exciting and more unpredictable. As new economic realities converge with an explosion of digital financial tools, the ways that people are thinking about and managing their money is rapidly evolving. The insurance industry needs to be tuned in," said Josh Levine, Cake & Arrow Founder & CEO. "Our latest research not only draws a line between financial literacy and financial well-being, but surfaces opportunities for how insurers can be driving, not just supporting, financial literacy and ultimately financial freedom for its customers."

For access to the complete findings, download a complimentary copy of the report here: go.cakeandarrow.com/insurance-and-personal-finance

Cake & Arrow is an experience design and innovation agency that works with organizations in the insurance and financial services industries to identify new opportunities and design digital products and services that are grounded in real customer needs. Their mission is to help these organizations create authentic and meaningful relationships with their customers, agents, and employees.

Founded in 2002, Cake & Arrow has partnered with leading Fortune 500 companies including Travelers, Chubb, MetLife, Northwestern Mutual, and American Family Insurance as well as recognized leaders in retail including Bose, Lowe's, KIND snacks, and Saks Fifth Avenue.

Media Contact:

Emily Cardineau

212-598-2800

[email protected]

SOURCE Cake & Arrow