Could You Pass a Basic Financial Literacy Test?
The new National Capability study showed that 2 out of 3 Americans would fail the study as reported in Time Magazine.
However, the study also showed that even eight years after the financial crisis of 2008, “significant segments of the population, including African-Americans, Hispanics, women, Millennials, and people lacking a high school education—so a lot of people—are still worse off than before the recession.”
“Women are more likely to put off medical services like seeing a doctor, buying prescriptions, or undergoing a medical procedure due to cost. This leaves more than one in five Americans, or 21%, with unpaid medical debt, according to the study.
As for minorities, 39% of blacks and 34% of Latinos have used such high-cost forms of borrowing as pawn shops and payday loans, compared with 21% of whites and 21% of Asians.”
And unlike their predecessors, 29% of Millennials, those 18 to 34, said they had been tardy paying their mortgage, vs. 16% of those ages 35 to 54.
And 45% (almost half) of all respondents with no college education said that if they had an emergency requiring them to pull together $2,000 within a month, they wouldn’t be able to do so.
As important as financial literary is to making good decisions about money and investing, it is more important to know what God says about money. His Word provides us practical help for what we should believe about money and how we should earn it, spend it, save it, and give it.
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