"THE FINANCIAL LYON"
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According to The American College, here's how retirees and pre-retirees with at least $100,000 in household assets (not including their primary residence) stacked up on a recent Retirement Literacy Quiz.
Only 20% of Americans passed, and only 1% received a grade of B. Not one single person got an A.
A huge percentage of the American population is financially illiterate and lacks basic skills in the areas of doing calculations, debt management, and asset building, the National Bureau of Economic Research found.
When asked five multiple-choice questions about topics like interest calculations, mortgage payments and investments, just 39% of adults could answer at least four correctly, according to the FINRA Investor Education Foundation.
And the Securities and Exchange Commission found that “investors have a weak grasp of elementary financial concepts, and lack critical knowledge of ways to avoid investment fraud.”
You may think investment fraud could never happen to you, but the list of people who got snookered by the Bernie Madoff pyramid scheme reads like a Who’s Who of the rich, famous, and powerful. Which means financial literacy isn’t just “nice to have,” it’s critical to have.
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WENDY "the financial LYON"
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