South Carolina Financial Literacy Statistics
To characterize the current condition of financial wellness among South Carolina residents, the South Carolina Financial Educators Council (SCFEC) conducts research, gathers data, and curates this webpage to offer current, up-to-date statistics. The purpose of providing the most recent and relevant information is to support the financial literacy advocacy efforts of policymakers, researchers, community groups, and concerned citizens. The data also serve to inform the implementation of policies enacted at the legislative level. Summarizing these statistics represents one of the SCFEC’s contributions to the financial wellness movement.
Cost of Financial Illiteracy Survey
South Carolinans report that lack of financial knowledge carries a high cost, according to the NFEC’s most recent survey. Participants across the state responded to the single question: “During the past year, about how much money do you think you lost because you lacked knowledge about personal finances?” The results are shown below. Since 2017, the NFEC has conducted this annual survey, consistently revealing that the average individual cost of financial illiteracy approaches or exceeds $1,000 per person – with estimated national losses reaching into the hundreds of billions of dollars each year, and losses in the hundreds of millions across South Carolina.
Cost of Financial Illiteracy
$0 – $499
$500 – $999
$1,000 – $2,499
$2,500 – $9,999
$10,000 +
South Carolina Financial Vulnerability
Across the United States, financial vulnerability can be measured through two key indicators: food insecurity and housing insecurity. One in every 7 South Carolinians is likely to go hungry, according to the nonprofit Feeding America – for a total of 757,840 people who are food insecure. Further, of the South Carolina households receiving SNAP (food assistance) benefits, 48.3% have children in the home.
Housing insecurity paints a somewhat less dire picture, with 4,593 (9%) South Carolina residents going unhoused in 2024 according to a report from the World Population Review (WPR). This number had decreased 18.9% from the prior year. The WPR indicates the top causes of homelessness (in rank order) as lack of affordable housing, unemployment, poverty, and low wages.
South Carolina Data on Residents’ Financial Situations
Average Total Consumer Debt
With total U.S. consumer debt soaring above $18 trillion as of 2025, it’s clear that many Americans are struggling with oppressive debt burdens. South Carolina is no exception: the average total household debt in the Palmetto State reached $94,196 in 2025, as reported by Experian. That figure indicates a 0.4% increase over 2024, and sits somewhat below the national average ($104,755).
South Carolina Debt by Category
From a more specific perspective, the World Population Review reports on student loan debt, indicating that South Carolinians with student loans carried an average balance of $38,414 – 6th highest in the nation. In terms of credit card debt, the average balance per user in SC was $7,388, with a 10.9% delinquency rate, according to WalletHub. A further report from the World Population Review places the South Carolina average auto loan debt at $5,930 in 2024, a number likely to have increased over time.
Statistics on South Carolina Financial Literacy Education and Policy
The National Education Association (NEA) publishes regular reports on number of schools, educators, and enrollment totals for every state in the country. In its most recent (2025) report, South Carolina had 81 public school districts as of the 2023-24 academic year, and a total student enrollment figure of 793,551. Given the total of 55,832 teachers that year, there is a ratio of 14.2 pupils per educator.
The South Carolina Legislature adopted the Financial Literacy Instruction Act (Act 38; HB 3020) in 2005 requiring school districts to implement “a program of instruction on financial literacy within courses currently offered in high schools in this State.” Students could fulfill the requirement by taking one of two optional courses available within the Human Services Cluster, Financial Fitness 1 and Financial Fitness 2. The Assembly expanded the mandate in 2022, directing the state Department of Education to update graduation requirements to include a semester-long personal finance class.
The 2005 Financial Literacy Instruction Act also included a requirement for the SC Department of Education to develop a Financial Literacy webpage that offers personal finance-related curricula, materials, and resources. In addition, the State Treasurer’s Office provides various financial literacy resources through its Future Scholar 529 program – such as teacher incentives, elementary lessons and activities, and summer reading lists.