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.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
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
