It’s Time To Address the Financial Literacy Problem. Here’s How

The percentage of American adults with strong financial literacy—the ability to understand various financial-related concepts and put them to use—has fallen to historically low levels in recent years.

One example: Just 34 percent of adults showed high levels of financial literacy in 2018—down from 42 percent nine years earlier—based on a financial literacy test offered by the FINRA Investor Education Foundation.

Findings such as this are prompting more families to push for greater financial literacy among kids and other young Americans to help reverse recent trends. And indeed, if you have children or grandchildren, there’s likely a lot you can do to instill some financial smarts in your heirs.

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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.