74% of retirement-age Americans are financially illiterate according to the American College of Financial Services’ Retirement Income Literacy Report. The survey found 74% of respondents failed a 38-question retirement literacy quiz. 47% was the average score.
Americans performed the lowest in knowledge of preserving assets and sustaining income in retirement. Older respondents displayed a lack of knowledge when it comes to understanding investments. As for the best performing areas of the quiz? The majority of Americans answered housing and Medicare questions correctly.
Men did better than women -- only 18% of women passed as opposed to 35% of men.