Americans lack of knowledge about their personal finances costs them an average of $1,171 per person, according to a survey of more than 1,500 people released this month by the National Financial Educators Council. And nearly one in five estimated that their lack of know-how cost them $2,500 or more.
“If we extrapolate these results across the 240 million adults residing in the US, we can estimate that – collectively – lack of financial knowledge cost Americans more than $280 billion dollars in 2017,” the report revealed.
So what is it that Americans don’t understand about their money? Data released by Wells Fargo — which surveyed 2,300 adults — in October sheds some light on four basic financial questions that people couldn’t answer. The financial firm asked both millennials (ages 20-36) and boomers (ages 53-71) these questions. Boomers, overall, did better than millennials. Here’s a look at the questions and what they scored.
The questions are disturbingly simple.
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