Posted on 06/16/2015 7:48:24 AM PDT by george76
The bad news: Women are falling far behind men in financial literacy. The even worse news: Men apparently don’t know much about the topic in the first place.
...
The authors surveyed people in the U.S., Germany and the Netherlands, asking three multiple-choice questions.
In the U.S., only 38% of men got all three questions right. The American women did even worse, with only 22% scoring three out of three. The other countries showed a similar pattern.
Here’s one of the questions: “Suppose you had $100 in a savings account and the interest rate was 2% per year. After five years, how much do you think you would have in the account if you left the money to grow? More than $102; Exactly $102; Less than $102; Do not know; Refuse to answer.
...
the gap apparently isn’t narrowing. In the under-35 age group, where there are a growing number of single women in the workforce, females still fall far short of men in financial knowledge. Worse, both men and women of that age group underperformed most other demographics. Only 12% of women and 26% of men under 35 got all three questions right.
(Excerpt) Read more at wsj.com ...
Guess that explains why they are voting for Democrats.
Maths is so haaaarrrrd for girls.
Jack and Jill
Went up the hill
Both with a buck and a quarter...
Jill came down with 2.50!
OOOOOOOHHH !!!!
Got all 3 question right. However,it was a simple test, so I can’t really pat myself on the back.
Less than $102... in real dollars.
These days, even with long term CDs the rate is about 1.5%
Why should women be financially literate when all they have to do is find some chump to marry and then divorce him? They get half no matter what. Many women go to college just to get a MRS degree.
It was worth it.
The first 2 are shockingly easy math questions. The third is a bit more subjective; is based on what ‘usually’ happens, and depends on the fund, it’s diversification, management, theme, etc. Following ‘conventional wisdom’ will get the correct answer though.
Women are falling far behind men in financial literacy
Explains the idiotic ideas of Hitlery, Fauxcahontis and Nazi Pelousy.
Second or third grade math in my day would have provided the answers easily. Of course America doesn’t “TEACH” any more.
Don't forget that a fiat currency declines in value. That $102 sitting in the bank will be worth far less than the original $100 if the government prints money for their own nefarious purposes.
The last number I heard was the dollar of 1960 had lost about %40 of it's real value by the year 2000. By now its probably closer to %90.
Those were really easy questions. It is really sad how economically illiterate the average person is.
My wife is smarter than I am, and she did our check books for the first 3+ decades of our marriage.
Her concept was to spend as much as there was in the checkbook without going over, each month. She had an amazing track record of minimal amounts of cash at the end of each banking month in our checkbooks over that time period.
She hated and still does with anything dealing with the financial aspect of our IRAs and before that our 401 k’s.
Besides managing our 401 k’s and now our IRAs, I started managing our checkbook about 15 years ago.
We have gone from a minimal balance @ the end of the month to having a no cost bank fee re checking.
Our great CPA at that time said anyone can write checks, but it takes skill to know when to write those checks.
My wife is still better at managing our money at the grocery stores and other stores at the point of purchase.
Like most long term marriages, we have learned to let the one with the best skills at a certain job to do that job with feedback to the other.
Agree —teach your kiddos finance 101 at home. How to make a budget, how to balance a checkbook, how to invest on a regular basis, use of credit rarely and wisely. These things are not taught in schools and with easy credit card approvals and student loans, I think kids are really caught off guard when they go off to college.
I guess I’m the odd “duck” —I like finance, accounting, taxes —anything to do with numbers. Always have. My hubby is the one to watch chick flicks (he’s 69) —not me —
So...I’ve taken the lead on the finances in our home. Everything is paid off; we buy cars for cash when we need to. We have adequate savings when we retire (we both plan to retire at 70 or go further in our careers if allowed/our health holds out)
I read an article that said the “middle class” will die with the Boomers —hopefully not; the same enterprising spirit that founded this country continues to live on —maybe not burning bright, but with Freeper kids leading the way - who knows?
But...given the result of this poll, I think we may be seeing the “end of days” -—people too stupid not to understand basic finance; too stupid to not fall for the “big lie”; too stupid to discern.....
Got all three right and I’m a girl. Take THAT, WSJ! ;)
yes.
> really sad how economically illiterate the average person is.
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