A new study by the FINRA Foundation estimated that nearly two-thirds of Americans couldn’t pass a basic financial literacy test. The study, which surveyed 27,564 Americans from June through October of last year, also showed that even eight years after the financial crisis, significant segments of the population, including African-Americans, Hispanics, women, Millennials, and people lacking a high school education are still worse off then before the recession. “This research underscores the critical need for innovative strategies to equip consumers with the tools and education required to effectively manage their financial lives,” said FINRA Foundation Chairman Richard Ketchum. “My hope is that policymakers, researchers, and advocates will use these findings to make more informed decisions about how to best reach underserved populations.” (time.com)
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