OPINION: Here’s how to fend off overconfidence and illiteracy, the worst obstacles to financial literacy, MktwHulbert writes.
It’s almost unheard of for the U.S. Senate to pass anything these days, much less to do so unanimously.
Though the resolution was short on details, the Senate’s resolution did specify that one of its main goals was “increasing the… personal financial literacy of all people in the United States.” But there is no reason for these graybeards to be smug. Though the usual pattern is for us to become more financially literate as we grow older, there is only a 12-percentage-point spread between the most and least financially literate generations. So one could just as easily criticize those older generations for not acquiring even greater financial literacy as they aged.The TIAA/GFLEC report also provides insight into what increases financial literacy.
That might seem counterintuitive. But researchers have found that there’s an inverse correlation between literacy and overconfidence, which means that those who know the least about finance tend to be surer of themselves than those who know the most. I devoted a Retirement Weekly column in June to research that documented this inverse correlation.
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