Every three years, FINRA (the major U.S. financial regulator) conducts a survey to gauge Americans’ personal financial literacy, which appears to be on the decline. As we seek to educate ourselves and others, let us keep God’s principles and biblical generosity at the forefront of our planning.
Making major personal finance decisions can be daunting for anyone.
The outcomes of these decisions not only have long-term impact on the quality of our lives, but also our ability to reach our most important goals. Good decisions can lead to financial freedom and flexibility. Bad decisions can lead to years stuck in a “hole.” So making wise choices is crucial.
But there’s a problem. Despite its clear importance, financial literacy has been dropping for years.
FINRA’s study asked five questions that touch on key topics: interest rates, inflation, bonds, mortgages and risk.