Greek retail investors scored the highest out of 11 nations in a survey on financial literacy despite the fact that the country is on the verge of economic collapse. Looking at the actual scores, however, explains quite a bit. Europeans only answered 6.2 out of 13 questions correctly on average. That’s less than half and still in line with U.S. scores. Spain—also in economic turmoil—puts considerable effort into financial education for the nation, yet, scored almost dead last. What does the survey reveals truly reveal—more than financial literacy? It shows that all efforts to educate ordinary folks on financial matters are not working.
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