The Financial Industry Regulatory Authority (FINRA) is currently running a study on the financial savviness of the US population. While a majority of people feel they have a good grasp of financial topics, the study shows that is not actually the case.
Below are a few of the study highlights:
- 1 in 5 people are spending more than they earn
- 1 in 2 people pay their credit card balances in full every month
- 2 in 5 people can pass a basic financial literacy test (answering at least 4 of 5 questions correctly)
If you would like to review the entire study results, it can be found here: http://www.usfinancialcapability.org/results.php?region=US
If you would like to take the 5 question financial capability test yourself, the link can be found here: http://www.usfinancialcapability.org/quiz.php