As noted in the Knowledge Academy’s report, other studies indicate that Americans need some schooling when it comes to financial education. The report referenced research from financial services company TIAA that found just 16% of Americans have a high level of financial literacy. It also mentioned findings from market research firm Mintel that said just 19% of Americans give themselves an “A” for their financial knowledge.
“Consequently, a lack of knowledge on financial terms will mean Americans not having the awareness and competencies to make the best possible decisions when handling a range of situations relating to savings, investments and property management,” said Scott.