#Fintech Is Dropping the Ball When it Comes to Financial Literacy

By David Lyon via Iris.xyz

Americans face serious challenges because we’re doing a lackluster job of managing our money, personally and as a nation. Our booming fintech industry could be part of the solution but is at risk of becoming part of the problem instead.

Just two of every five Americans spend less than they make. Two spend all they make, and one out of five spend even more by borrowing (FINRA Investment Education Foundation Survey). This is little changed since 2009 – the height of the the financial crisis. What’s even more worrisome: 76% of respondents gave themselves “very high” ratings on financial knowledge, up from 67% since the financial crisis, but just 14% could correctly answer five “everyday life” questions about interest rates, inflation, bond prices, mortgages and risk.

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