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A large portion of Americans do not have the requisite personal finance knowledge that lets them make sound financial decisions, according to a new study.
Fifty-two percent of U.S. adults correctly answered questions on the 2020 edition of the Personal Finance Index commissioned by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at The George Washington School of Business. Additionally, 53% of the adult respondents answered at least half of the questions correctly.
TIAA and GFLEC suggested that, slowly but steadily, more Americans are becoming smarter about their personal finances. In 2017, only 48% of adults correctly answered questions on the P-Fin Index — that figure has increased by 1% each year since. But that's no reason to bust out the champagne yet, they warned.
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David Thomas
I'm a reporter covering the business of law, with an emphasis on national and global law firms for The American Lawyer, Law.com and other ALM publications.
