Financial sophistication survey
Posted on September 7, 2008
Filed Under In all seriousness |
The results of our annual SYHOF Financial Sophistication Survey 2008 are now available. We surveyed 1,000,000 US young adults age 18 - 35, asking basic questions about finance and financial vocabulary. Here are some sample questions and answers:
Q: In reference to financial products, what does the term “CD” signify?
Most common answer: “Thats how I used to buy music before I got my iPod.” (67%)
Q: What does the term “money market” refer to?
Most common answer: “AMSCOT Payroll Advance, where I can get money right when I want it.” (43%)
Q: What is a savings account?
Most common answer: “Something I don’t need, because I have a credit card.” (96%)
Q: The term APR is posted on the wall at a payroll advance (payday loan) facility, followed by numbers between 266% and 313%. What does it mean?
Most common answer: “April.” (49%)
Oops… looks like it will be a while before we leave the national debt crisis behind us!
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