The average American doesn’t know what a 401K is
NY Post
Almost half of Americans don’t know what a 401(k) is, according to a recent poll.
A national survey of 2,000 Americans, evenly split by generation, revealed that 43% of respondents don’t know what a 401(k) is.
The survey examined Americans’ financial literacy, commitment to learning and adopting healthy money habits, and feelings regarding their bank accounts and financial futures.
The results revealed a significant lack of confidence among respondents regarding their financial literacy, with only 30% believing they could win a game of personal finance trivia.
And over a third (35%) don’t know what “interest” is in a financial context.
The study, commissioned by Beyond Finance for Financial Practice Week and conducted by OnePoll, revealed that despite these startling knowledge gaps, only two in five respondents (39%) consider themselves more financially literate than others.
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