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.
Elsewhere, Ameriprise added a $470 million Wells team in New York, while an ex-Morgan Stanley advisor bolsters UBS' Austin, Texas office.
Financial advisors play an essential role in helping small business owners navigate their transition out of the company — and into retirement.
NFP data shows an engagement gap is holding back retirement readiness despite high trust.
Alan Feutz leaves the wirehouse in Illinois, while a team of five make a break from their Connecticut firm.
“The White House has extremely strict ethical guidelines with respect to issues like this,” said Press Secretary Karoline Leavitt.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
