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Financial literacy matters. Here’s what we need to do about it

CNBC – Annamaria Lusardi

“The lack of financial understanding by consumers has been signaled as one of the main reasons behind savings and investing problems faced by many Americans. To that point, a variety of financial research and reports have made it clear that we, as a country, need to focus on financial literacy. The TIAA Institute-GFLEC Personal Finance Index, or P-Fin Index, shows that only about half of Americans grasp the concepts behind managing debt, saving for retirement or insuring against major risks. This is the knowledge needed for savvy financial decision-making.” (more)

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