Over all, the study found that most Americans have “relatively low levels of financial literacy.” It included the results of a six-question quiz on fundamental financial issues that may be taken online. The questions were intended to be very basic and thus easy. Yet the average person got only about half the answers right.
An alarming aspect of the study is that although most people knew very little, they felt great about what they knew — or thought they knew. “Americans tend to have positively biased self-perceptions of their financial knowledge,” the study said. And the positive bias has been increasing.