Financial Literacy Worryingly Low Among US Consumers, Says Report

Financial Literacy

Financial literacy gives you control over your finances and also allows to use the money to make choices that will improve your life satisfaction according to a report by the Consumer Financial Protection Bureau (CFPB).  

The P-Fin Index is unique in the breadth of questions it asks and the topics it covers to measure financial literacy. On average, U.S. adults correctly answered only 50% of the P-Fin Index questions in 2022, indicating low levels of financial literacy. But what are the effects of having low levels of financial literacy?

Financial Literacy

Financial literacy refers to a set of financial skills and information that a person must possess in order to manage or use a specific amount of money. It is crucial in order to raise living standards and achieve prosperity. Fi...

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