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



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.


May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.


May 15, 2024
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.