To evaluate financial knowledge, the National Financial Capability Study (NFCS) respondents were asked a series of questions covering fundamental concepts of economics and finance that may be encountered in everyday life, such as calculations involving interest rates and inflation and principles relating to risk and diversification.
Data shows that in the U.S., 61 percent of respondents were unable to answer more than three of the five questions correctly. Further, only 37 percent of respondents were considered to have high financial literacy, meaning they could answer four or more questions correctly on the five-question financial literacy quiz—down from 39 percent in 2012 and 42 percent in 2009.
Do you know how financially literate you are? Take the NFCS Financial Literacy Quiz now and see how you stack up!
Securities and Advisory Services offered through Client One Securities, LLC Member FINRA/SIPC and an Investment Advisor. Walker-Wells Financial Representative and Client One Securities, LLC are not affiliated.