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RSS FeedsWe will all pay the price for our financial illiteracy
(The Guardian Money News)

 
 

27 may 2017 08:34:37

 
We will all pay the price for our financial illiteracy
(The Guardian Money News)
 


An OECD study on young peopleīs grasp of money issues around the world serves as a wake-up call not just for parents and schools, but also for regulatorsOne in five people are financially illiterate, incapable of grasping basic shopping conundrums - such as, is that nine-pack of loo roll better value than two four-packs? In a world of ever more complex financial products, itīs never been a better time for companies to rip people off because, frankly, very large numbers of us are rather dim with numbers.A fascinating study on financial literacy was issued by the OECD this week, comparing financial literacy around the world, using the same Pisa scoring system that ranks abilities in reading and maths. It was focused on 15-year-olds in 15 countries, so itīs not about adults, but my guess is that most peopleīs literacy at 50 isnīt much better than at 15. It asked some maths-style questions - comparing the cost of loose tomatoes with boxed ones, and checking an invoice for accuracy - but also explored more modern issues around money, such as identifying if that email from your bank is a scam, and the factors that go into insurance costs for a first moped. Continue reading...


 
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