Middle Class American Financial 'Mistakes' Average $23,000
"Considering their past mistakes and the complexity of the financial services marketplace, we were surprised at how highly most middle-class Americans rate their ability to make a variety of financial decisions and how infrequently they rely on information from the internet and publications," CFA executive director Stephen Brobeck said in a release.
Even as Americans rate their financial acumen as fairly high, the economic waters may be too treacherous to navigate without doing more research. That may be why so many financial consumers are making big mistakes that cost them thousands of dollars.
Consequently, from a financial point of view, it looks like Americans have a lot of homework to do.
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More on the American financial quandary:
The 0% Solution: Fed strands savers, retirees
Financial double-whammy: falling incomes, rising prices
Kinflation: price of having a kid hits $235,000
--By Brian O'Connell