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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Thu Jul 24 2025

Daniel de Visé | Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

Americans are worrying more about Social Security, and the Trump administration may be partly to blame.

Two new surveys show Americans losing confidence in the future of the retirement trust fund. Young people have long feared Social Security won't be there when the time comes. Right now, however, older people have concerns of their own.

That new car-loan tax break is not so simple

That new tax break on car loan interest comes equipped with a trunk full of caveats.

How much you might, or might not, benefit depends on how much money you borrow, your interest rate on the loan, and how much money you're making now and in the next few years.

Oh, and you need to buy a new car with its final assembly in the United States.

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Many American consumers fail to grasp the basic math of inflation, according to a large-scale study of financial literacy.

The FINRA Investor Education Foundation, a financial education nonprofit, administered a seven-question quiz to 25,500 adults, testing their knowledge of consumer finance. The results: Three in ten test-takers missed a simple question about interest rates. Two in five flubbed a question about inflation. An item on compound interest stumped 71% of consumers.

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.