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Consumer spending increased comparing with the last year. The performed survey shows that most of consumers lack financial knowledge and skills.

According to a recent study of over 7,000 Americans by GOBankingRates has found that 69% of respondents claimed to have less than $1,000 in savings.

Many US adults are woefully ill-prepared for an unplanned expense, they don't have any emergency fund. Nearly half of all Americans said in a survey they would not be able to afford to pay for a $400 emergency. 

Do you talk to your children about money and debt? Many parents never do. In fact, according to one survey, fewer than 40 percent of parents talk to their children about debt, credit cards, bills and money. Some parents might have good intentions, but many just don't get around to teaching their children about money, or don't know how to approach the subject. Others think kids don't need to know about their parents' finances.

Financial concerns have become a major source of financial stress. Let's take a look at this infographic that shows the financial challenges Americans are facing and how to overcome them.