There are many individuals that don’t have the financial literacy to make wise decisions. This Wall Street Journal article indicates that of the three questions typically asked in surveys to measure financial literacy, only 1 in 3 Americans over age 50 can answer them correctly.
Going beyond financial literacy, it is equally important to understand why we make the financial decisions we do – that is “behavioral finance.” If we can identify behavioral mistakes, it is possible to spot them before they occur. Included in the WSJ article is a brief financial behavioral quiz. Take a few minutes to see how you do!
As Registered Investment Advisers (RIAs), one of our goals at Syverson Strege & Company could be to help clients avoid costly financial mistakes. We can be the Sherpa to help you navigate the financial terrain. Contact us today for your free initial consultation.