Americans’ financial literacy skills have plummeted since the Great Recession

It’s been a decade since the Great Recession’s upheaval, and while some measures of Americans’ economic well-being have recovered like the unemployment rate, their financial literacy isn’t one of them.

Between 2009 and 2018, there was an 8% slip in the amount of people who could correctly answer most questions about interest rates, inflation, bond prices, financial risk and mortgage rates — from 42% to 34%.

That “clear trend of declining financial literacy” is one of the worrying signals in a three-year study from the FINRA Investor Education Foundation, the educational arm of the nonprofit organization regulating the brokerage industry.

Digging into American attitudes about their money by surveying more than 27,000 people, the study says all demographics are faring better financially than they were in 2009, but the picture is much rosier from some than others.

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