4 Ways To Improve Your Financial Literacy
Most people know more than they think about financial matters, but it's often what you don't know that can hurt you. This is a good time to brush up on your financial literacy with April being National Financial Literacy Month, as designated by a vote of Congress in 2004. Plus, most of us are home during the coronavirus crisis, so the downtime is a good opportunity to expand your knowledge.
The National Financial Educators Council (NFEC) recently released the results of its 30-question National Financial Literacy Test. Over 53,000 people took the test from all 50 states, ages 10 and up, and the average grade was 68. Younger people, as expected, did not fare as well. Specifically, 10- to 14-year-olds got an average grade of 56, while 15- to 18-year-olds earned a 63. The average scores gradually went up from there with 21- to 24-year-olds scoring 71; 25- to 35-year-olds averaging a 74; and those 36 and up averaging 78.
The results show there is room for improvement. We spoke to Vince Shorb, CEO of NFEC, for some tips to help people improve their financial literacy.
Source Fool.com
