State Street Survey Shows U.S. Investors Financially Illiterate
According to a financial literacy test, the U.S. scored 10th out of 16 countries, with a 60% score and a D minus grade.
The U.S. may consider itself a financially savvy nation, but the reality is that we have a lot to learn, says Suzanne Duncan, Head of State Street's Center for Applied Research. According to a financial literacy test, the U.S. scored 10th out of 16 countries, with a 60% score and a D minus grade. Singapore proved to be the most financially literate nation, although it only garnered a C grade. Duncan says nearly half of investors don’t know the annual return of their investments and 64% don’t know the annual fees they pay. The number one reason cited was: “because it’s too difficult to calculate/ find out”!
