Majority of Americans flunk financial literacy test

More than half — 57% — of Americans who took an eight-question quiz measuring financial literacy flunked, according to the National Financial Educators Council, which created the quiz. Some 10,508 people participated in the NFEC’s test, which asked questions about inflation’s impact on purchasing power and bond prices, among other things.

The group also surveyed 1,251 people around the U.S., asking where they turn for financial advice. Just under 40% said they turned to parents, family, friends, or coworkers; 35.9% said financial professionals; and 24.4% said they don’t have anyone trusted to turn to.

[More: Financial literacy: An epic fail in America]

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