Less than Half of Americans Pass Financial Literacy Quiz

Posted on October 12th, 2020 at 8:52 AM
Less than Half of Americans Pass Financial Literacy Quiz

From the Desk of Jim Eccleston at Eccleston Law LLC:

Less than half of participants in a financial literacy quiz received a passing score, according to an article in InvestmentNews. The quiz was created by the National Financial Educators Council and was given to 10,508 Americans.  The average participant correctly answered 57% of the questions and 56% of people who took the quiz failed. The quiz included questions on inflation and bond prices.

The National Financial Educators Council also surveyed 1,251 individuals on where they receive financial advice. Only 35.9% of respondents said they turn to financial professionals for financial advice. Meanwhile, 39.6% of survey respondents said they turn to family, friends, or coworkers for financial advice. Additionally, 24.4% of respondents said they had no one they trusted for financial advice. According to the National Financial Educators Council, the survey results indicated that many people lack access to trusted, qualified professionals.  The Council found that this issue was especially prevalent among younger adults. 

Tags: eccleston, financial understanding, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

LATEST NEWS AND ARTICLES

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.

April 22, 2024
FINRA Fines Independent Broker-Dealers Over Cybersecurity Lapses

The Financial Industry Regulatory Authority (FINRA) has imposed fines and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity deficiencies that led to hackers accessing the private information of more than 32,000 customers.

April 19, 2024
WealthFeed Raises Funds for AI-Driven Lead Generation Tool

WealthFeed leverages proprietary AI technology to collect nine real-time financial data points, including business sales, capital raises, inheritances, and job changes.