Financial literacy is interconnected with the ability to properly plan for retirement, and therein lies the rub, suggests research from the George Washington University School of Business.

Annamaria Lusardi, a professor of economics and accountancy at GWU, spoke Wednesday in Washington D.C. as part of National Retirement Planning Week, and says financial literacy is lowerst among younger adults, the elderly and especially among women.

Those with a higher level of financial understanding tend to take an active role in their retirement planning and enlist the help of a financial planner, she said; Approximately 60 percent of Americans have made no effort whatsoever to try to figure out the amount of money they'll need for retirement, unfortunately.