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It's not just young people who are lagging behind.
There is also a gap between men and women in financial literacy – and in 2019 it remains considerable.
Although men answered correctly about 56% of financial literacy questions, women only knew the answers at 47%. Not only is this gap large, but he is stubborn. It persists in time and surfaces for women of all age groups.
When there is an improvement in financial literacy, it mainly concerns people who have started with more financial literacy, mainly men, or higher annual incomes ($ 100,000 or more), thus leaving women further.
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The latest P-Fin survey also shows a clear link between financial literacy and financial well-being, including the ability to handle a financial shock, such as unexpected medical bills or necessary car repairs.
Financial well-being also means being on track to meet short- and long-term financial goals. The results here tell us that people with higher financial literacy are on the path to a more stable and secure financial future.
This is partly because people with financial literacy are much more likely to plan for retirement and stay on track. They are also better placed to withstand shock. The government shutdown earlier this year was a stark reminder of what happens when you do not have – or not enough – some precautionary savings.
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