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Simply 1 in 5 Individuals earned a passing grade on a monetary literacy quiz carried out lately by a crew of educational researchers on the American School of Monetary Companies, exhibiting that years of academic efforts on the a part of the advisory trade and retirement service suppliers seem like falling in need of their targets.
The researchers offered their outcomes this week throughout a energetic press occasion hosted by the American School in New York. The authors of the evaluation embody Chet Bennetts, Michael Finke, Eric Ludwig, Steve Parrish and Kaylee Ranck, all of whom agreed that the topline discovering ought to give monetary professionals a second of sober pause.
This yr’s survey stands out for a couple of causes, in line with the panel, beginning with respondents having lower than $100,000 in investable belongings being included for the primary time. The age vary of respondents remained the identical, with the main target being on Individuals age 50 and older.
Now in its fourth iteration, the analysis reveals that there are nonetheless main gaps in retirement literacy that differ meaningfully throughout demographics. One other key discovering, in line with the panel, is that data and confidence will not be the identical factor.
There are actionable outcomes from the survey. What’s extra, literacy shouldn’t be essentially “the” driver of excellent outcomes, however it’s related to different key elements in improved outcomes, together with the presence of an advisor.
See the accompanying slideshow for eight takeaways from the outcomes.
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