Understanding and keeping a handle on your finances and credit history is essential. To gauge the American public's financial knowledge and decision–making skills, the National Financial Capability Study includes a 5–question test. To find out how you stack up, take the test now.
Of the nearly 28,000 people who participated in the latest National Financial Capability Study, funded by the FINRA Investor Education Foundation and conducted by Applied Research and Consulting, almost two–thirds answered 3 or fewer of the questions correctly. Translated into letter grades, they earned a D or an F.
Although focus on financial literacy has increased since the economic crisis, study results have grown worse over time. The percentage of passing grades went from 42% in 2009 to 39% in 2012 and 37% in 2015. A worrying trend.