Thursday, June 7, 2012

How much does poor financial literacy cost?

A lot, according to a study from the FINRA Investor Education Foundation.  The study looked at the differences between men and women at various levels of financial literacy.  What did they find ?
Women with low levels of financial literacy were more likely to engage in costly credit card behaviors—like incurring late fees—than men with low financial literacy. There were, however, no differences in behavior between men and women with high financial literacy. These findings suggest that increasing financial literacy can improve credit card management and reduce or eliminate gender-based differences in credit card behavior.
Read more.