Young Americans lack financial knowledge

Americans in their 20s and 30s don’t have fundamental financial knowledge, according to a new survey,“Life and Disability Insurance: What 20- and 30-Somethings Think,” by LearnVest.com and The Guardian Life Insurance Co. of America.

“The results of this study clearly underscore the need for practical, real-life financial literacy and empowerment,” says Deanna Mulligan, CEO of Guardian. “We need to address this earlier in our schools and more often throughout people’s lifetimes. There is a serious gap between the expectations of this audience and the reality they face, particularly when it comes to insurance. By filling these information gaps, we can empower young adults to take control of their financial future and reduce the possibility of placing undue financial burden on their loved ones.”