Thursday, April 2, 2009

Believe it or not, Americans are still confused about personal finances!!

Americans are still confused about their personal finances, this is what the survey of Literacy Month and the Center for Economic and Entrepreneurial Literacy has to say as to how much an average American is confused regarding financial terms and concepts.

Feel this could not be possible, just check out the results of the survey to get assured about the facts:

• 53 percent of respondents did not know what the Dow Jones Industrial Average was.
• 52 percent could not describe the advantages of a Roth IRA.
• 43 percent could not identify a FICO score as the most important factor in receiving a loan.
• 76 percent did not know that when in need of short-term emergency cash, bouncing a check costs more than wire transfers and short-term payday loans.
• 71 percent of people severely underestimated the amount of time it would take to pay off a credit card balance making only the minimum payments.

P.S: I had to read it a couple of times in order to believe it!!


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