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

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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:…



Source marketwatch.com

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