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

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