| Consumers With Less Financial Knowledge Have a Smaller Scope of Financial Experiences | ||||
| All | More Financial Knowledge* | Less Financial Knowledge | ||
|---|---|---|---|---|
| Have Checking Account | 89 | 95 | 76 | |
| Have Savings Account | 80 | 84 | 71 | |
| Have Credit Card | 79 | 86 | 65 | |
| Have Investment Accounts | 52 | 63 | 30 | |
| Keep Financial Records | 65 | 73 | 49 | |
| Have Emergency Fund | 63 | 72 | 45 | |
| Review Credit Reports | 58 | 62 | 48 | |
* Those with more financial knowledge earned a passing grade on a financial literacy quiz that was commissioned by the Federal Reserve and included in the monthly Survey of Consumer Finances. Source: Hogarth and Hilgert, "Financial Knowledge, Experience and Learning Preferences: Preliminary Results from a New Survey on Financial Literacy," Consumer Interests Annual v 48, 2002. |
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