Good, but not excellent. That's the self-assessment of college professors regarding their financial literacy, a subject in which they grade themselves a "B."
A study of higher education faculty by Fidelity Investments found that while professors say they understand many fundamental financial concepts, they feel they need help in other areas, including understanding health care costs (34%) and choosing specific investments (32%).
The study found that baby boomer professors feel more confident in their financial knowledge, giving themselves a "B+," while 47% of Gen X faculty said they feel inexperienced. Overall 37% of professors see themselves as "beginner" investors.
While most faculty members are covered by a retirement plan and say they are saving 15% for retirement (which includes their contribution and their employer's), 54% express concern that they could outlive their savings.