Here are some of the biggest financial blind spots, according to several certified financial planners on CNBC's Digital Financial Advisor Council.
1. Credit scoresConsumers often don't understand the importance of their credit score, said Kamila Elliott, CFP, co-founder and CEO of Collective Wealth Partners based in Atlanta.
The average person with a credit score between 760 and 850 would get a 6.5% interest rate, according to national FICO data as of April 1.
The latter's monthly payment would cost $324 more relative to the person with a better credit score — amounting to an extra $116,000 over the life of the loan, according to FICO's loan calculator.
"Ten out of 10 people couldn't explain how the tax withholding system works," said Ted Jenkin, CFP, CEO and founder of oXYGen Financial based in Atlanta.
Persons:
Kamila Elliott, Wills, Barry Glassman, I'm, Glassman, Elliott, That's, Ted Jenkin, Uncle Sam, Jenkin
Organizations:
Getty, Digital Financial, CFP, Wealth Partners, Consumer Financial, Bureau, Wealth Services, Westend61, Collective Wealth Partners, Business, Employers, Workers
Locations:
Atlanta