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We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy.
CGS is the leading source of information, data analysis, and trends in graduate education. Our benchmarking data help member institutions to assess performance in key areas, make informed decisions, and develop plans that are suited to their goals.
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As the national voice for graduate education, CGS serves as a resource on issues regarding graduate education, research, and scholarship. CGS collaborates with other national stakeholders to advance the graduate education community in the policy and advocacy arenas.
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