The study also linked financial behaviors and traits to literacy levels. Respondents with higher levels of financial literacy were more likely to identify as risk takers, were more likely to have a retirement plan and were more likely to have a long-term-care plan. Higher literacy was also identified with increased levels of retirement security confidence and emphasis on the importance of a fiduciary standard for advice.
Women in the survey were more reticent to take risk than men, and less likely to invest in equities after a market downturn—traits that might be linked to their lack of financial literacy and lower levels of confidence, according to the college.
While 55 percent of respondents were extremely confident that they would have enough money to live comfortably throughout retirement, only 24 percent of the extremely confident women, and 42 percent of the extremely confident men, were able to pass the test.
Those surveyed had at least $100,000 in household assets, not including their primary residence. The survey was conducted in February and March.
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