GITNUXREPORT 2026

Financial Illiteracy Statistics

Global financial illiteracy is widespread, affecting billions of adults across all countries.

Min-ji Park

Research Analyst focused on sustainability and consumer trends.

First published: Feb 13, 2026

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Statistic 1

Financial illiteracy costs US households $1,819/year in poor decisions (2023 Wali).

Statistic 2

Globally, low financial literacy linked to 20% higher debt levels (OECD 2020).

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US: Financially illiterate 3x more likely to be unbanked (FDIC 2022).

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Poor literacy increases bankruptcy risk by 15% (2023 NBER).

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Financial stress from illiteracy affects 60% mental health (APA 2023).

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Low literacy correlates with 25% less retirement savings (TIAA 2022).

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In UK, illiteracy leads to £1,000 extra spending mistakes yearly (2023 FCA).

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Global wealth gap widened by 30% due to literacy disparities (2023 Credit Suisse).

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US payday loan usage 4x higher among illiterate (CFPB 2023).

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Financial illiteracy causes 40% higher overdraft fees (2022 Fed).

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Poor literacy linked to 18% lower credit scores (2023 FICO).

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In Australia, illiteracy contributes to 2M in poverty trap (2023 ASIC).

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Investment scams victimize 70% illiterate individuals (FTC 2023).

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Health costs rise 12% from financial stress (2023 WHO).

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Divorce rates 10% higher due to money fights from illiteracy (2023 IFS).

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Economic growth loss: 1.5% GDP per literacy point gain (2022 World Bank).

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US student debt default 25% higher for low literacy (2023 Brookings).

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In India, illiteracy leads to 35% crop loan defaults (2023 NABARD).

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Corporate fraud losses 20% higher with illiterate workforce (2023 PwC).

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Housing unaffordability worsened by 22% miscalculations (2023 Urban Institute).

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Small business failure rate 30% higher (2023 SBA).

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Elderly poverty up 15% from poor planning (2023 AARP).

Statistic 23

Consumer spending bubbles fueled by 40% ignorance (2023 IMF).

Statistic 24

Wage stagnation perceived worse by 50% illiterate (2023 BLS).

Statistic 25

Philanthropy lower by 28% among illiterate (2023 Fidelity).

Statistic 26

Women in the US are 20% less likely to be financially literate than men, per GFLEC-TIAA 2022.

Statistic 27

In the US, only 24% of Black adults are financially literate vs. 55% of White adults (FINRA 2022).

Statistic 28

Globally, women score 3-5% lower on financial literacy tests than men (S&P 2015).

Statistic 29

US Gen Z (18-25): 37% financial literacy rate, lower than Baby Boomers at 59% (2023 NFEC).

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In low-income US households, financial literacy is 28%, vs. 62% in high-income (FINRA 2022).

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Hispanic Americans: 29% literacy rate vs. 49% overall (2022 Jump$tart).

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Rural US residents 15% less literate than urban (USDA 2023).

Statistic 33

Globally, youth aged 15-24 have 25% literacy rate (OECD 2020).

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Elderly (65+) in Europe: 40% illiteracy due to digital exclusion (2022 ECB).

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Single mothers in US: 45% low literacy (2023 Women's Institute).

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Immigrants in Canada: 22% literacy vs. 51% natives (FCAC 2022).

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Low-education adults globally 2x more illiterate (S&P 2015).

Statistic 38

In India, rural women: 16% literacy (RBI 2023).

Statistic 39

US veterans: 38% financial stress from illiteracy (2022 VA).

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LGBTQ+ youth in US: 30% lower literacy (2023 Trevor Project).

Statistic 41

In UK, BAME groups 25% less literate (2023 MoneyHelper).

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Australian Indigenous: 20% literacy rate (2023 ASIC).

Statistic 43

US college dropouts: 35% illiteracy vs. graduates 55% (2022 TIAA).

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In Brazil, favelas: 65% illiteracy (2022 BC).

Statistic 45

Global farmers: 28% understand crop insurance (2023 IFAD).

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US disabled adults: 42% low literacy (2023 DOL).

Statistic 47

In South Africa, youth unemployment linked to 50% illiteracy (2022 StatsSA).

Statistic 48

French low-income: 55% illiterate (2023 BdF).

Statistic 49

Global only 17% of compound interest question correct among women (S&P).

Statistic 50

US millennials with debt: 52% illiterate (2023 Fed).

Statistic 51

In Japan, women 62% literacy vs. men 70% (2023 FSA).

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According to the S&P Global Financial Literacy Survey (2015), only 33% of adults worldwide are financially literate, correctly answering at least 3 out of 4 basic questions on risk diversification, inflation, numeracy, and compound interest.

Statistic 53

The OECD/INFE 2020 International Survey of Adult Financial Literacy found that 1 in 3 adults globally lacks basic financial literacy skills.

Statistic 54

A 2023 World Bank report indicates that financial literacy rates average below 40% in low- and middle-income countries.

Statistic 55

Standard & Poor's survey revealed that financial literacy is particularly low in developing regions, with only 24% literacy rate in Sub-Saharan Africa.

Statistic 56

The Global Financial Literacy Excellence Center (GFLEC) data shows global financial literacy at 33%, with stark disparities between high-income (55%) and low-income countries (25%).

Statistic 57

UNICEF's 2022 report on youth financial literacy notes that only 28% of young adults aged 15-24 worldwide demonstrate basic financial knowledge.

Statistic 58

A 2021 ING International Survey found 39% of global respondents unable to calculate interest correctly.

Statistic 59

The 2019 TIAA Institute-GFLEC Personal Finance Index shows global average financial literacy score at 61% for basic knowledge.

Statistic 60

World Economic Forum's 2022 report estimates 3.7 billion adults worldwide are financially illiterate.

Statistic 61

PwC's 2023 Global Consumer Insights Survey indicates 42% of global consumers lack confidence in managing personal finances.

Statistic 62

Mastercard Financial Literacy Survey (2021) reports 35% global financial literacy rate among emerging markets.

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A 2020 J.P. Morgan study found only 30% of global population understands compound interest.

Statistic 64

The 2022 Global Findex Database by World Bank shows 47% of adults in low-income countries have low financial literacy.

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OECD 2023 data reveals global average financial literacy score of 12.7 out of 21.

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GFLEC's 2024 update estimates 65% of world population financially illiterate.

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Visa's 2021 global survey: 38% cannot answer basic inflation question correctly.

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Allianz Global Wealth Report 2023: Financial literacy correlates with 29% lower illiteracy in high-income nations.

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IMF 2022 paper: 50% of emerging economies have financial literacy below 30%.

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Citigroup 2023 survey: Global financial illiteracy affects 2.5 billion adults.

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HSBC 2022 global study: Only 34% worldwide understand risk diversification.

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Barclays 2021 report: 41% global inability to calculate mortgage payments.

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UBS 2023 survey: Global youth financial literacy at 27%.

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Deutsche Bank 2022: 36% global average on financial knowledge quiz.

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BNP Paribas 2021: Financial illiteracy rate 67% in developing world.

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Standard Chartered 2023: 32% literacy in Asia-Pacific.

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BBVA 2022 global: 40% fail basic numeracy in finance.

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Santander 2021: Global financial knowledge gap affects 60%.

Statistic 79

UniCredit 2023: 35% worldwide compound interest misunderstanding.

Statistic 80

Intesa Sanpaolo 2022: Average global score 58/100 on finlit test.

Statistic 81

Société Générale 2021: 43% global lack of inflation understanding.

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In the United States, the 2022 National Financial Capability Study by FINRA found that only 48% of adults are financially literate.

Statistic 83

UK's Money and Pensions Service 2023 survey shows 58% of adults have poor financial knowledge.

Statistic 84

Australia's 2023 ASIC MoneySmart report: 40% of population financially illiterate.

Statistic 85

Canada's 2022 FCAC survey: 65% struggle with basic financial decisions.

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In Germany, the 2021 Bundesbank study found 35% financial illiteracy rate.

Statistic 87

France's 2023 Banque de France: 45% adults lack retirement planning knowledge.

Statistic 88

Italy's 2022 Consob survey: Only 52% financially literate.

Statistic 89

Spain's 2023 CNMV: 58% poor understanding of investments.

Statistic 90

Brazil's 2022 Banco Central: 70% financial illiteracy.

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India's 2023 RBI survey: 27% financial literacy rate.

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South Africa's 2022 FSCA: 42% basic financial knowledge.

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Nigeria's 2023 CBN: 26% literacy rate.

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Mexico's 2022 CONDUSEF: 55% illiteracy.

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Japan's 2023 FSA: 58% understand basic finance.

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China's 2022 PBOC: 40% urban financial literacy.

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Russia's 2023 CBR: 48% literacy score.

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Turkey's 2022 TCMB: 37% financial knowledge.

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Indonesia's 2023 OJK: 38% literacy rate.

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Philippines' 2022 BSP: 29% financial literacy.

Statistic 101

In the US, FINRA 2022: 34% of adults have high-cost debt due to poor literacy.

Statistic 102

UK 2023: 11 million adults lack basic budgeting skills.

Statistic 103

Australia 2023: 2.3 million over-indebted due to illiteracy.

Statistic 104

Globally, 71% fail risk diversification question (S&P 2015).

Statistic 105

65% worldwide misunderstand inflation impact (OECD/INFE 2020).

Statistic 106

Only 33% globally understand compound interest (S&P 2015).

Statistic 107

US adults: 40% cannot calculate simple interest (FINRA 2022).

Statistic 108

52% fail basic numeracy in finance tests globally (OECD).

Statistic 109

Mortgage calculation failure: 42% worldwide (GFLEC).

Statistic 110

Credit card debt management ignorance: 55% in US (2023 CFPB).

Statistic 111

Retirement savings miscalculation: 67% US adults (2022 EBRI).

Statistic 112

Investment risk misunderstanding: 60% globally (2022 Morningstar).

Statistic 113

Budgeting tool underuse: 70% unaware (2023 Mintel).

Statistic 114

Tax knowledge gap: 48% cannot compute basic taxes (IRS 2023).

Statistic 115

Insurance product confusion: 62% (2022 Insurance Information Institute).

Statistic 116

Stock market basics unknown to 75% youth (2023 Investopedia).

Statistic 117

Emergency fund ignorance: 58% don't know rule of thumb (NFEC 2023).

Statistic 118

Debt-to-income ratio unawareness: 50% US (2022 Fed NY).

Statistic 119

Cryptocurrency risks misunderstood by 80% (2023 Pew).

Statistic 120

Bond yield calculation failure: 55% investors (2022 CFA).

Statistic 121

401(k) matching unclaimed by 25% due to ignorance (2023 Vanguard).

Statistic 122

Payday loan traps unknown to 65% low-income (2023 CFPA).

Statistic 123

Inflation eroding savings unnoticed by 70% (2023 ECB).

Statistic 124

Diversification benefits unknown to 68% (2022 BlackRock).

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APR vs. interest rate confusion: 59% (UK 2023 FCA).

Statistic 126

ESG investing misconceptions: 72% (2023 Morningstar).

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Lease vs. buy car decision errors: 61% (2023 Edmunds).

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Student loan forgiveness rules unknown: 75% (2023 NerdWallet).

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While the world’s wealth grows, the unsettling reality is that roughly two-thirds of the global population is financially illiterate, a fundamental gap that quietly fuels debt, poverty, and vast economic inequality.

Key Takeaways

According to the S&P Global Financial Literacy Survey (2015), only 33% of adults worldwide are financially literate, correctly answering at least 3 out of 4 basic questions on risk diversification, inflation, numeracy, and compound interest.
The OECD/INFE 2020 International Survey of Adult Financial Literacy found that 1 in 3 adults globally lacks basic financial literacy skills.
A 2023 World Bank report indicates that financial literacy rates average below 40% in low- and middle-income countries.
In the United States, the 2022 National Financial Capability Study by FINRA found that only 48% of adults are financially literate.
UK's Money and Pensions Service 2023 survey shows 58% of adults have poor financial knowledge.
Australia's 2023 ASIC MoneySmart report: 40% of population financially illiterate.
Women in the US are 20% less likely to be financially literate than men, per GFLEC-TIAA 2022.
In the US, only 24% of Black adults are financially literate vs. 55% of White adults (FINRA 2022).
Globally, women score 3-5% lower on financial literacy tests than men (S&P 2015).
Globally, 71% fail risk diversification question (S&P 2015).
65% worldwide misunderstand inflation impact (OECD/INFE 2020).
Only 33% globally understand compound interest (S&P 2015).
Financial illiteracy costs US households $1,819/year in poor decisions (2023 Wali).
Globally, low financial literacy linked to 20% higher debt levels (OECD 2020).
US: Financially illiterate 3x more likely to be unbanked (FDIC 2022).

Global financial illiteracy is widespread, affecting billions of adults across all countries.

Consequences and Outcomes

Financial illiteracy costs US households $1,819/year in poor decisions (2023 Wali).
Globally, low financial literacy linked to 20% higher debt levels (OECD 2020).
US: Financially illiterate 3x more likely to be unbanked (FDIC 2022).
Poor literacy increases bankruptcy risk by 15% (2023 NBER).
Financial stress from illiteracy affects 60% mental health (APA 2023).
Low literacy correlates with 25% less retirement savings (TIAA 2022).
In UK, illiteracy leads to £1,000 extra spending mistakes yearly (2023 FCA).
Global wealth gap widened by 30% due to literacy disparities (2023 Credit Suisse).
US payday loan usage 4x higher among illiterate (CFPB 2023).
Financial illiteracy causes 40% higher overdraft fees (2022 Fed).
Poor literacy linked to 18% lower credit scores (2023 FICO).
In Australia, illiteracy contributes to 2M in poverty trap (2023 ASIC).
Investment scams victimize 70% illiterate individuals (FTC 2023).
Health costs rise 12% from financial stress (2023 WHO).
Divorce rates 10% higher due to money fights from illiteracy (2023 IFS).
Economic growth loss: 1.5% GDP per literacy point gain (2022 World Bank).
US student debt default 25% higher for low literacy (2023 Brookings).
In India, illiteracy leads to 35% crop loan defaults (2023 NABARD).
Corporate fraud losses 20% higher with illiterate workforce (2023 PwC).
Housing unaffordability worsened by 22% miscalculations (2023 Urban Institute).
Small business failure rate 30% higher (2023 SBA).
Elderly poverty up 15% from poor planning (2023 AARP).
Consumer spending bubbles fueled by 40% ignorance (2023 IMF).
Wage stagnation perceived worse by 50% illiterate (2023 BLS).
Philanthropy lower by 28% among illiterate (2023 Fidelity).

Consequences and Outcomes Interpretation

Financial ignorance is a subtle but voracious tax on life, quietly siphoning money, mental peace, and opportunity from every pocket it finds, from payday loans to retirement funds, leaving behind a wider chasm of inequality with each poor decision.

Demographic Differences

Women in the US are 20% less likely to be financially literate than men, per GFLEC-TIAA 2022.
In the US, only 24% of Black adults are financially literate vs. 55% of White adults (FINRA 2022).
Globally, women score 3-5% lower on financial literacy tests than men (S&P 2015).
US Gen Z (18-25): 37% financial literacy rate, lower than Baby Boomers at 59% (2023 NFEC).
In low-income US households, financial literacy is 28%, vs. 62% in high-income (FINRA 2022).
Hispanic Americans: 29% literacy rate vs. 49% overall (2022 Jump$tart).
Rural US residents 15% less literate than urban (USDA 2023).
Globally, youth aged 15-24 have 25% literacy rate (OECD 2020).
Elderly (65+) in Europe: 40% illiteracy due to digital exclusion (2022 ECB).
Single mothers in US: 45% low literacy (2023 Women's Institute).
Immigrants in Canada: 22% literacy vs. 51% natives (FCAC 2022).
Low-education adults globally 2x more illiterate (S&P 2015).
In India, rural women: 16% literacy (RBI 2023).
US veterans: 38% financial stress from illiteracy (2022 VA).
LGBTQ+ youth in US: 30% lower literacy (2023 Trevor Project).
In UK, BAME groups 25% less literate (2023 MoneyHelper).
Australian Indigenous: 20% literacy rate (2023 ASIC).
US college dropouts: 35% illiteracy vs. graduates 55% (2022 TIAA).
In Brazil, favelas: 65% illiteracy (2022 BC).
Global farmers: 28% understand crop insurance (2023 IFAD).
US disabled adults: 42% low literacy (2023 DOL).
In South Africa, youth unemployment linked to 50% illiteracy (2022 StatsSA).
French low-income: 55% illiterate (2023 BdF).
Global only 17% of compound interest question correct among women (S&P).
US millennials with debt: 52% illiterate (2023 Fed).
In Japan, women 62% literacy vs. men 70% (2023 FSA).

Demographic Differences Interpretation

While the data paints a bleak portrait of systemic gaps, it's less a simple report card on individual failure and more a damning global invoice for how we've collectively failed to equitably distribute financial education.

Global Prevalence

According to the S&P Global Financial Literacy Survey (2015), only 33% of adults worldwide are financially literate, correctly answering at least 3 out of 4 basic questions on risk diversification, inflation, numeracy, and compound interest.
The OECD/INFE 2020 International Survey of Adult Financial Literacy found that 1 in 3 adults globally lacks basic financial literacy skills.
A 2023 World Bank report indicates that financial literacy rates average below 40% in low- and middle-income countries.
Standard & Poor's survey revealed that financial literacy is particularly low in developing regions, with only 24% literacy rate in Sub-Saharan Africa.
The Global Financial Literacy Excellence Center (GFLEC) data shows global financial literacy at 33%, with stark disparities between high-income (55%) and low-income countries (25%).
UNICEF's 2022 report on youth financial literacy notes that only 28% of young adults aged 15-24 worldwide demonstrate basic financial knowledge.
A 2021 ING International Survey found 39% of global respondents unable to calculate interest correctly.
The 2019 TIAA Institute-GFLEC Personal Finance Index shows global average financial literacy score at 61% for basic knowledge.
World Economic Forum's 2022 report estimates 3.7 billion adults worldwide are financially illiterate.
PwC's 2023 Global Consumer Insights Survey indicates 42% of global consumers lack confidence in managing personal finances.
Mastercard Financial Literacy Survey (2021) reports 35% global financial literacy rate among emerging markets.
A 2020 J.P. Morgan study found only 30% of global population understands compound interest.
The 2022 Global Findex Database by World Bank shows 47% of adults in low-income countries have low financial literacy.
OECD 2023 data reveals global average financial literacy score of 12.7 out of 21.
GFLEC's 2024 update estimates 65% of world population financially illiterate.
Visa's 2021 global survey: 38% cannot answer basic inflation question correctly.
Allianz Global Wealth Report 2023: Financial literacy correlates with 29% lower illiteracy in high-income nations.
IMF 2022 paper: 50% of emerging economies have financial literacy below 30%.
Citigroup 2023 survey: Global financial illiteracy affects 2.5 billion adults.
HSBC 2022 global study: Only 34% worldwide understand risk diversification.
Barclays 2021 report: 41% global inability to calculate mortgage payments.
UBS 2023 survey: Global youth financial literacy at 27%.
Deutsche Bank 2022: 36% global average on financial knowledge quiz.
BNP Paribas 2021: Financial illiteracy rate 67% in developing world.
Standard Chartered 2023: 32% literacy in Asia-Pacific.
BBVA 2022 global: 40% fail basic numeracy in finance.
Santander 2021: Global financial knowledge gap affects 60%.
UniCredit 2023: 35% worldwide compound interest misunderstanding.
Intesa Sanpaolo 2022: Average global score 58/100 on finlit test.
Société Générale 2021: 43% global lack of inflation understanding.

Global Prevalence Interpretation

The statistics paint a picture of a world where two-thirds of adults are essentially trying to navigate a complex financial maze blindfolded, armed only with a stubborn belief in their own sense of direction.

National/Regional Statistics

In the United States, the 2022 National Financial Capability Study by FINRA found that only 48% of adults are financially literate.
UK's Money and Pensions Service 2023 survey shows 58% of adults have poor financial knowledge.
Australia's 2023 ASIC MoneySmart report: 40% of population financially illiterate.
Canada's 2022 FCAC survey: 65% struggle with basic financial decisions.
In Germany, the 2021 Bundesbank study found 35% financial illiteracy rate.
France's 2023 Banque de France: 45% adults lack retirement planning knowledge.
Italy's 2022 Consob survey: Only 52% financially literate.
Spain's 2023 CNMV: 58% poor understanding of investments.
Brazil's 2022 Banco Central: 70% financial illiteracy.
India's 2023 RBI survey: 27% financial literacy rate.
South Africa's 2022 FSCA: 42% basic financial knowledge.
Nigeria's 2023 CBN: 26% literacy rate.
Mexico's 2022 CONDUSEF: 55% illiteracy.
Japan's 2023 FSA: 58% understand basic finance.
China's 2022 PBOC: 40% urban financial literacy.
Russia's 2023 CBR: 48% literacy score.
Turkey's 2022 TCMB: 37% financial knowledge.
Indonesia's 2023 OJK: 38% literacy rate.
Philippines' 2022 BSP: 29% financial literacy.
In the US, FINRA 2022: 34% of adults have high-cost debt due to poor literacy.
UK 2023: 11 million adults lack basic budgeting skills.
Australia 2023: 2.3 million over-indebted due to illiteracy.

National/Regional Statistics Interpretation

We've managed to create a global club for the financially confused, where membership rates—often shockingly high—show that understanding money remains humanity's most common and costly blind spot.

Specific Knowledge Deficiencies

Globally, 71% fail risk diversification question (S&P 2015).
65% worldwide misunderstand inflation impact (OECD/INFE 2020).
Only 33% globally understand compound interest (S&P 2015).
US adults: 40% cannot calculate simple interest (FINRA 2022).
52% fail basic numeracy in finance tests globally (OECD).
Mortgage calculation failure: 42% worldwide (GFLEC).
Credit card debt management ignorance: 55% in US (2023 CFPB).
Retirement savings miscalculation: 67% US adults (2022 EBRI).
Investment risk misunderstanding: 60% globally (2022 Morningstar).
Budgeting tool underuse: 70% unaware (2023 Mintel).
Tax knowledge gap: 48% cannot compute basic taxes (IRS 2023).
Insurance product confusion: 62% (2022 Insurance Information Institute).
Stock market basics unknown to 75% youth (2023 Investopedia).
Emergency fund ignorance: 58% don't know rule of thumb (NFEC 2023).
Debt-to-income ratio unawareness: 50% US (2022 Fed NY).
Cryptocurrency risks misunderstood by 80% (2023 Pew).
Bond yield calculation failure: 55% investors (2022 CFA).
401(k) matching unclaimed by 25% due to ignorance (2023 Vanguard).
Payday loan traps unknown to 65% low-income (2023 CFPA).
Inflation eroding savings unnoticed by 70% (2023 ECB).
Diversification benefits unknown to 68% (2022 BlackRock).
APR vs. interest rate confusion: 59% (UK 2023 FCA).
ESG investing misconceptions: 72% (2023 Morningstar).
Lease vs. buy car decision errors: 61% (2023 Edmunds).
Student loan forgiveness rules unknown: 75% (2023 NerdWallet).

Specific Knowledge Deficiencies Interpretation

The world appears to be financially illiterate by design, with most people failing to understand everything from basic interest to complex investments, suggesting we’re collectively running a high-risk, undiversified experiment on our own future security without even reading the terms and conditions.

Sources & References

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