Talking Points: UNCF Colleges More Affordable Than Their Peers

Perceptions of Financial Literacy Inflated

There’s a disconnect between what African Americans think they know about financial literacy and what they actually know, according to a study by FINRA Investor Education Foundation. More than half assessed their financial knowledge as high, but on a financial literacy test about interest rates, inflation, bonds, mortgages, and risk, on average, African Americans answered only 2.3 out of five questions correctly. Overall, respondents answered 2.7 questions correctly.