Those with greater financial literacy were more likely to track their spending; save and plan for retirement; have nonretirement savings. (Photo: Shutterstock)
Ignorance is not bliss—not when it comes to financial wellness, anyway.
According to the third annual Personal Finance Index released by the TIAA Institute and the Global Financial Literacy Excellence Center at the George Washington University School of Business, Americans don't have the knowledge of personal finance that can enable them to make sound financial decisions.
The P-Fin Index drew the line between financial ignorance on key points and how that plays out into a lack of financial wellness, with respondents able to correctly answer only an average of 51 percent of questions about eight basic functional areas of personal finance.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
