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Hope to retire someday? See if you can answer these six simple questions


Then try taking the following financial literacy test containing just three basic questions about interest rates, inflation and diversification. Despite being quite elementary, only 34% of adults aged 38 to 64 are able to answer all three correctly. Among millennials this percentage is just 16%.

Those results are sobering enough. But what’s even more striking is the disconnect between these low scores and investors’ self-perception. More than 71% of older adults rate themselves as having “high financial knowledge.” The comparable percentage among millennials is only slightly lower at 62%.

These results are reported in a just-published study, “Millennials and money:…


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