Top 10 Most Puzzling Financial Terms for Americans
September 28, 2018 by Ginger Szala
It may be shocking that only 16% of Americans have a high level of financial literacy, according to research by the TIAA Institute, but more surprising is that many don’t have a clue about what relatively simple terms, e.g. recession or annuity, mean. Realizing these lapses can prevent advisors from talking over their clients’ heads and losing them in a rebalancing discussion. The good news is a majority, 88%, understand the term “savings account.”
The Knowledge Academy analyzed findings from a YouGov survey of 1,135 American adults, asking how confident there are in the meaning of common financial terms.