The majority of Generations X and Y don't know much about investing or financial products.

A new study by LIMRA found that younger consumers who work with financial professionals to make investment decisions are more likely than those who do not to be very knowledgeable about investments and financial products, but only one in five work with a financial professional.

"The increased knowledge levels could be related to education efforts on the part of financial professionals, or the fact that more knowledgeable Gen X and Gen Y consumers work with financial professionals," said Cecilia Shiner, senior analyst, LIMRA Retirement Research.

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