Finance and Investment
The lack of financial literacy and understanding of investment principles is indeed a significant problem affecting many people globally.
DID YOU KNOW?
- Only 33% of adults worldwide are financially literate, with financial literacy rates low even in advanced economies with well-developed financial markets.
- In the Australia and the United States, a mere 18.3% of people between the ages of 18-34 can correctly answer fundamental questions on financial knowledge.
- The average financial literacy score among Australian youth (aged 15-24) dropped from 3.4 in 2016 to 2.9 in 2020, based on a five-question test conducted by the Household, Income and Labour Dynamics in Australia (HILDA) survey.
- Globally, financial literacy levels hover around 35%, varying by country.
- 70% of retail investors are under the age of 45, indicating a significant portion of young people entering the investment market potentially without adequate financial knowledge.
- In China, over 90% of university-educated citizens aged 22-32 consider investing a key part of their life plan, yet may lack the necessary financial education to make informed decisions.
- Studies have found that financial literacy is associated with higher returns on investment and investment in more complex assets like stocks, bonds, or other securities.
- Financially illiterate investors are more likely to invest in products they do not understand, resulting in financial losses.
- People with low financial literacy are more susceptible to financial scams and fraudulent investment schemes.
- Many people fail to save for retirement due to a lack of understanding of investment and pension schemes, leading to financial insecurity in old age.
These statistics demonstrate that financial illiteracy is a widespread problem affecting people across different age groups and countries.
The lack of financial education leaves many individuals vulnerable to poor investment decisions, scams, and long-term financial insecurity.
This underscores the need for improved financial education and literacy programs to empower individuals to make informed financial decisions and secure their financial futures.
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