The results were based on a survey of “1,007 U.S. women focused on their financial knowledge, financial behaviors and confidence in attaining their financial goals.” The survey has been conducted every other year and revealed that despite “53% of women surveyed in 2004 who said they intended to save and invest more money over the next 23 months, only 11% actually did so this year.”
Paying off credit card debts or other loans took first place for top priority among those surveyed. Also an important finding was “almost 50% of the women surveyed said they did not understand individual stocks and bonds, long term care insurance, estate plans, trusts, wills, mutual funds or annuities very well or at all.”
The article did not reveal the demographics of the women surveyed but if they were anyone except women from a higher income household then I am not surprised. I have written this many times but the lack of exposure to financial information in our schools, homes and work places is why this survey bared these results.
Is anyone out there opposed to their kids learning basic financial concepts throughout school?
If your child graduated from high school understanding how to open a bank account, not to get into debt, what a mutual fund is, the basics of different types of insurance, the concept of compound interest and other important financial information would you be upset?
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