On our journey through life, making mistakes is often an invaluable learning experience. We stumble, we fall, and through these missteps we gain wisdom and resilience. However, when it comes to credit and personal finance, the stakes are significantly higher and the consequences of mistakes can be more serious and long-lasting.

Experian research shows that three in five adults attribute financial mistakes to their limited knowledge of credit and personal finance, with these mistakes costing 60% of this group $1,000 or more. This trend is especially visible among younger groups, with more than two-thirds of Gen Zers and Millennials claiming that their inadequate knowledge of credit and personal finance comes at a price. In fact, 29% of Gen Zers and 38% of Millennials report that these financial mistakes have cost them $5,000 or more.