Within 10 years, Gen Yers will make up three quarters of all global workers. It's important for credit unions and for the economy at large that they make good financial decisions. They're off to a bad start.
Financial behavior around simple but important issues like inflation, mortgages, and risk diversification will determine household wealth for young adults. So we asked Filene Research Fellow Annamaria Lusardi, one of the world's foremost experts on financial capability, to tell us how much they know. The answer: not much.
Only 8% could correctly answer five simple financial capability questions even though 70% rated themselves as having high financial knowledge. That's a recipe for bad decisions in borrowing, investing, saving and almost everything else credit unions care about.
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