Most Millennials Financially Illiterate, Survey Says

Don’t worry so much about millennials: They’re probably worried enough about themselves.

The millennial generation, aged 18-34, has the skills and education to overcome a widespread lack of financial literacy, according to a recent report sponsored by Chicago-based BMO Wealth Management titled “Generation Why!”

In a study of more than 1,000 millennials, only 24 percent could demonstrate basic financial literacy, and just 8 percent displayed high levels of financial literacy. Yet BMO believes that, as the most educated generation to emerge into the workforce, and as digital natives comfortable with self-driven research, millennials will be able to increase their financial knowledge.

Many millennials acknowledge their lack of financial literacy, with men more aware of their shortcomings than women.

from FA News–still–financially-illiterate-33744.html

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