Financial literacy is lowest among Black and Hispanic Americans, women, and young people. Unsurprisingly, there are acute disparities across racial and socioeconomic lines. And while more than 70% of Americans believe they have a high level of financial knowledge, a FINRA study found that only 40% could correctly answer four out of six basic personal finance questions.įinancial literacy is a problem for all of America, but it doesn’t impact all Americans equally.
households would need to sell something or borrow money to cover an unexpected $400 expense. Multiply my own experience by the countless underserved communities across the United States, and it’s no wonder that a recent Federal Reserve study found that more than one-third of U.S.