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Americans clueless about 401(k)s

Sixty percent of respondents to a Fifth Third Bank survey believe themselves to be up on financial matters, but their answers belie that.

By Marlene Y. Satter | Updated on April 02, 2015
Imbecilic best friends Lloyd Christmas (Jim Carrey) and Harry Dunne (Jeff Daniels) appeared in 1994’s "Dumb and Dumber."

Americans like to think of themselves as financially astute, but 90 percent of those under 50 have no idea how much money they’re allowed to add to their 401(k)s. 

This and other disturbing findings were the result of a survey from Fifth Third Bank, which also discovered that 44 percent live paycheck-to-paycheck and that they’re twice as likely to check social media than to check savings or checking account balances each day. 

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