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  • A Nation of Financial Illiterates

    Recent studies have concluded that a majority of Americans cannot answer even basic economic and investment questions correctly. One such study found that only 27% of people age 23 to 28 could correctly answer three very simply economic and investment questions. That means 73% of this demographic group are financially in the dark.

    The implications of this lack of financial literacy are far-reaching. From a personal financial standpoint, the studies document that those who lack basic economic and investment knowledge tend to make poorer financial decisions. Plus, how can we expect to elect fiscally responsible representatives when the majority of the electorate do not understand the economic consequences of deficit spending and spiraling national debt?

    Because financial knowledge is more important now than ever before, I have reprinted one of the financial literacy tests in this week's E-Letter. I encourage you to not only take the test yourself, but also forward this E-Letter on to your adult children and grandchildren to see how they fare. I'd also be interesting in getting feedback on how you and your loved ones did on the test.

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