More U.S. adults have a very low level of financial literacy than in any year since 2017, according to a study conducted jointly by the TIAA Institute and the Global Financial Literacy Excellence Center at the George Washington University School of Business.
The annual study’s barometer of financial literacy, based on a 28-question survey, found that adults correctly answered only one-half of the questions, on average, a figure that has changed little over time, TIAA said in a release.
Perhaps more disturbing, 23% of the adults, more than in any previous survey, couldn't correctly answer more than seven of the 28 questions.
Comprehending risk remains the area where functional knowledge tends to be lowest; only around one-third of these questions were answered correctly.
[More: San Francisco 49ers push finlit with robo-adviser Stash]
Financial literacy tends to be particularly low among those in early adulthood. Gen Z and Gen Y correctly answered only about 45% of the survey questions
The 2022 index was fielded in January and included more than 3,500 responses from four race and ethnic groups and five generations.
Having led the division of enforcement since 2021, Grewal's tenure included record penalties against firms for securities-law violations.
Name for new business should consist of values, beliefs and "the why", advisors say
“It makes you wonder what’s next,” says one recruiter.
The leading non-profit and donor-advised fund sponsor cited exponential growth in giving, particularly among long-term philanthropic investors.
The latest development will add $5.9B to the Chicago-based powerhouse while extending its reach in Pennsylvania.
Uncover the key initiatives behind Destiny Wealth Partners’ success and how it became one of the fastest growing fee-only RIAs.
Key insights from Gabriel Garcia on adapting to demographic shifts and enhancing client experience in a changing market
