Statistics ( x_X )

According to an OECD study, the latest as of 2012:

– Only 28%     can calculate compound interest; 37% with investments did not know that their investment value could go up or down.

– Only 18%     of “baby-boomers” can calculate compound interest; two thirds failed a basic test on economics.

– More than 50% of     day-labourers store their cash at home and borrow money at high-interest rates from local loan sharks (unknowingly…?)

– In 7 African countries, including  , only 29% of adults have bank accounts; over 50% don’t (know how to?) use any financial product or service at all.

– 60%    don’t know what “interest” is.

In other studies:

– Only 29%  know what “bonds and equities” are.

– Only 22%  of credit card holders know what interest rate their credit card charges.

40%  have NOT made alternative plans for retirement savings even though they know that state pensions will not be enough.

– There are 0 programmes  for public Financial Education.

– Only 11%   feel financially secure.

50% of 18-20 year olds  said that their schools taught them NOTHING about finance.

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