An article in The Wall Street Journal caught my attention recently. It talked about how Americans, regardless of gender or education, become considerably less literate about all things money after age 60.
You see, humans are all the same everywhere. So what applies to Americans, also applies to Indians.
Anyways, the above conclusion was based on a test conducted by Michael Finke, an associate professor from Texas University.
The scores on a test measuring knowledge of investments, insurance, and money basics fell about 2% each year starting after age 60, falling from about 59% correct for those in their 60s to a dismal 30% for those 80 and older.
What was even a worse output of the study was that our confidence in our financial decision-making abilities rises with age. [Read more…] about If You Are 45 or Older, You Won’t Like To Read This