George Washington University Study Finds a Major Racial Gap in Financial Literacy

Education

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A new report from the Global Finance Literacy Excellence Center in the School of Business at George Washington University and the TIAA Institute found a large racial gap between White and Black adults in the United States in financial literacy. The term financial literacy is defined as knowledge and understanding that enable sound financial decision-making and effective management of personal finances. The survey measured eight key areas of personal finance knowledge: earning, consuming, saving, investing, borrowing and managing debt, insuring, comprehending risk and uncertainty, and go-to inf...

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