RJ and Makay

When it comes to financial investment, an old lesson serves to remind us well: education, education, education. According to a recent survey from Northwestern Mutual, it appears that people don’t have a firm understanding of even simple financial concepts.  In fact, the results, gathered from an online questionnaire answered by 1,664 people ages 25 to 65, suggest that Americans’ financial literacy is no better than it was in 2006. The study, entitled “Financial Matters” shows that two out of three respondents (69%) would receive a failing grade on a quiz about financial concepts and products.

Fortunately, people appear interested in learning more. Almost 8 in 10 respondents gave a 7 or above on a scale of one to 10 when asked to rank the importance of understanding their own personal finances.