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Millennials Can't Answer Simple Financial Questions, MassMutual Finds

TedTed
in Fund Discussions
FYI: Most millennials can’t answer simple financial questions correctly, according to a new nationwide survey. Only 17 percent of working Americans ages 25-40 could answer five basic financial literacy questions from Massachusetts Mutual Life Insurance Co. (MassMutual) Foundation’s FutureSmart Digital program correctly, according to the report. The questions were on topics including credit scores, compound interest and investing.
Regards,
Ted
https://www.fa-mag.com/news/millennials-lack-basic-financial-knowledge--massmutual-finds-39299.html?print

Comments

  • LewisBraham

    People tend to know what they're immediately exposed to and seems relevant to their lives. Since so few Americans actually have a decent amount of savings, I wonder how relevant investing is to them. Similarly, as the above video shows, wealthy people/investors can be disconnected too in different ways.
  • TedTed
    @Lewis: What's a supermarket ?
    Regards,
    Ted:)
  • jerry
    How did other demographic groups do. Generally all such surveys show rotten results
  • VintageFreakVintageFreak
    edited June 2018
    How does it matter? Millenials are stupid. Just like their parent's before them. The parents were also asked same question. And they also couldn't answer those questions. I am trying to recollect by what name they called the parents. I think it was something like, "Poor Customer".

    Hey Mass Mutual why are your Life Insurance rates so high? Millenials are asking. Their parents too!

    Here's another. With a simple interest of 0.03% on our bank accounts, how many years of interest compounded will it take to yield 10% return? Can you please ask this question to yourself? Millenials are busy trying to figure out how to pay off their student loans.
  • Old_JoeOld_Joe
    edited June 2018
    Ummm, 4 million? (Give or take...)
  • VintageFreakVintageFreak
    @Old_Joe. Sorry. I just get so mad when I see such articles. Everyone but the ones who should read them are not. They are simply a way for the "smart" guys to aaah and oooh and lament the problem of millenials. !@#$%^&*

    Such articles don't do shit for shit.
  • Old_JoeOld_Joe
    Stay tuned. You interrupted me in contributing observations on yet another realm of totally useless bullshit. Should be posted shortly.

    BTW, is "4 million" pretty close? :)
  • VintageFreakVintageFreak
    Over 300 years I think...
  • Old_JoeOld_Joe
    Well, 4 million is over 300, so I'm good.
  • CrashCrash
    edited June 2018
    Lewis is on to something, above... With my best friend and classmate, we covered over 2,000 miles from British Columbia, Washington and down to Oregon. Covered a lot of different looking scenery, but it was all so very wide-open and beautiful. Thunderstorms around the USA made getting home a real chore, though. And I made my first trip to the Univ. of Oregon's "Duck Store.";)
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