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Financial advisors provide substantial value and service to their investor clients by guiding their strategy and actions, but it's important to dig deeper to address the root of most people's financial woes: lack of financial literacy.
Barely half of American adults qualify as financially literate (measured by correctly answering 3 out of 5 basic personal finance questions), and these already distressing rates are plummeting generationally — only 43% of Gen Z are financially literate. This is cause for alarm, as these basic skills are crucial to building a fiscally responsible and prosperous life.
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