St Casimirs Mortgage Minute

Survey: 3.4 Billion People Are Financially Illiterate

Two out of three adults worldwide -- an estimated 3.4 billion total -- have low financial literacy, according to a survey released yesterday by Standard & Poor’s. Fifty-seven percent of U.S. adults are financially literate, the survey found, two points above the average for major advanced economies. Two-thirds of U.S. homeowners had high levels of financial literacy.

The survey of 150,000 adults in 148 countries also identified a financial literacy gender gap in virtually every country. In the U.S., the study found that 62 percent of men are financially literate, compared to only 52 percent of women, a gap twice the size of the global average. The study also found that Americans with less education and lower incomes have lower financial literacy levels than their counterparts in other countries

---ABA Daily Newbytes