Some few International Findings taken from http://en.wikipedia.org/:
An international OECD study was published in late 2005 analysing financial literacy surveys in OECD countries. A selection of findings[10] included:
- In Australia, 67 per cent of respondents indicated that they understood the concept of compound interest, yet when they were asked to solve a problem using the concept only 28 per cent had a good level of understanding.
- A British survey found that consumers do not actively seek out financial information. The information they do receive is acquired by chance, for example, by picking up a pamphlet at a bank or having a chance talk with a bank employee.
- A Canadian survey found that respondents considered choosing the right investments to be more stressful than going to the dentist.
- A survey of Korean high-school students showed that they had failing scores - that is, they answered fewer than 60 per cent of the questions correctly - on tests designed to measure their ability to choose and manage a credit card, their knowledge about saving and investing for retirement, and their awareness of risk and the importance of insuring against it.
- A survey in the US found that four out of ten American workers are not saving for retirement.
Did you know that April is Financial Literacy Month? With taxes fresh on your mind and spring cleaning in the air, it’s as good a time as any to brush up on your financial literacy. After all, as we’re required to make more and more financial decisions, financial literacy is becoming almost as important as being able to read and write....M O R E
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