Latest research on financial literacy shows we're only half way there...:
Bottom Line: Yes, that would mean that if you're only halfway informed about financial life, you're likely living on a prayer. Only there's nothing catchy about financial failures. In school if you took a test a scored a 49%, would you deem that to be acceptable? Yet that's exactly what seems to be playing out in our adult lives with the financial considerations we all face daily.
According to the TIAA Institute & George Washington University's latest study of adult financial literacy...The average adult is only 49% financially literate. Here's the ranking by category:
- Borrowing: 61%
- Purchases: 53%
- Saving: 53%
- Earnings: 49%
- Information resources: 47%
- Investing: 46%
- Insurance: 44%
- Risk: 39%
Not good right? So here's the thing. If you don't know inform yourself and in the meantime seek that guidance of someone who does who can help you. Be less than half right about all money matters isn't acceptable and it's you and your family that stand to suffer from the lack of understanding. This is a case of controlling what you can control.