FYI: Americans aren’t very confident in their ability to make smart money decisions. In a 2018 survey by Equifax, 48% of respondents gave themselves a “C” grade or worse in financial literacy. And even that may reflect a bit of grade inflation.
There’s no single definition of financial literacy, but financial experts say that too many people fail to grasp basic concepts such as credit scores, interest rates, compounding, and deferred gratification. This lack of knowledge can translate into self-destructive financial behavior, according to Teresa Pelletier, director of community relations for Fidelity Investments: “There’s huge impact to households and individuals who are less financially literate,” she says. “They’re more likely to take payday loans, make minimum credit-card payments, or take out high-cost mortgages.”
Regards,
Ted
https://www.barrons.com/articles/mutual-fund-companies-take-on-financial-education-51558742774?mod=past_editions
