Study: Most Americans Fail Basic Financial Literacy Test

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Dave Iverson

Aug 1, 2016 at

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A recent study found that while 81 percent of people report they handle their finances very well, only 37 percent could pass a financial literacy quiz. The survey, from the FINRA Investor Education Foundation, looked at more than 25,000 people and found many were running up credit card fees, overdrawing from bank accounts, and had not set aside money for their children’s education. We’ll discuss the study’s findings and look at ways to improve our financial know-how.

Related Coverage:

FINRA Study
FINRA Financial Literary Quiz
What You Think You Know About Money, But Don’t, Can Hurt You (NYTimes.com)

Guests:

Gerri Walsh, president, FINRA Foundation, which authored the study, “Financial Capability in the United States 2016”

Annamaria Lusardi, academic director of the Global Financial Literacy Excellence Center at George Washington University School of Business

Adair Morse, associate professor of Finance, Haas School of Business, UC Berkeley

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