LOS ANGELES, April 17, 2017 /PRNewswire/ — To test the financial knowledge of Americans, GOBankingRates quizzed survey respondents from all 50 states on basic finance terms and concepts.

For full details on the survey results, visit: https://www.gobankingrates.com/personal-finance/americans-dont-know-super-basic-finance-terms/ 

Respondents were asked the following questions and given multiple answer choices:

  • Which of the following describes a 401k?
  • What does a CD offered by a bank stand for?
  • What is net worth?
  • What does HELOC stand for?
  • Which of the following does not impact your credit score?
  • What are the 3 major credit bureaus?

Answer Insights:

  • Nearly half of survey respondents 65 and older do not know what impacts a credit score
  • 58 percent of those aged 18-24 do not know what a 401k is
  • More than a fifth of Americans believe a «HELOC is not a real thing.»
  • 16 percent of Americans incorrectly believe that networth is your «Income after taxes.»
  • Less than a third of respondents aged 18-24 know the 3 major credit bureaus

About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.


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SOURCE GOBankingRates