To start, then, advisors can approach local schools to offer classroom assistance, curricula, workshops, seminars, and mentoring programs.Īdvisors can also offer continuing financial education for adults in their communities. And according to Next Gen Personal Finance, most states do not require students to take a personal finance class to graduate from high school. According to a 2022 CNBC/Acorns/Momentive survey, 83% of parents said they are responsible for their children's financial literacy, but many admitted they never talk to their children about the topic. Presumably, our children fare even worse.Īdvisors have several means for joining the effort to improve financial literacy, and most of them are relatively easy and inexpensive. While a 57% financial literacy rate exceeded the global average, the S&P survey nevertheless revealed that, by some measures, almost half of the adults in this country are not financially literate.

Financial literacy rates averaged only 33% globally and were as low as 13% in some areas.

lagged countries such as Denmark, Norway, and Sweden (tied for first place at 71%), we performed better than most other countries. adults were financially literate, with results varying among demographic groups.

In 2014, the Standard & Poor's Ratings Services Global Financial Literacy Survey gauged financial literacy around the world by assessing knowledge of diversification, numeracy, inflation, and compound interest. The lack of a single definition makes measuring financial literacy with consistency difficult.

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