It’s never too late to improve financial literacy


By Christopher A. Hopkins

Many adults feel a sense of insecurity regarding important decisions that will determine whether retirement is a joy or a burden. April is Financial Literacy Month, a time to highlight deficiencies in understanding basic budgeting, saving and investing concepts that are critical to a sound and stable financial future.

In a 2011 research paper from the National Bureau of Economic Research, three simple questions were posed to approximately 1,500 adults. They required no computations, but tested conceptual familiarity with investment returns, inflation and risk. The results were less than encouraging: fewer than one third of respondents got all three simple questions right.

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