Americans Feel More Financially Secure, But Are Financially Illiterate

Nearly half of Americans say they feel more financially secure today as compared to five years ago, but they have problems recognizing or understanding important financial planning decisions, a survey from Financial Engines, a California-based independent investment advisor, found.

The survey found 47.3 percent of respondents felt “somewhat or much more secure” about their finances as compared to five years ago, but just eight percent of them were able to pass a financial literacy quiz. According to the survey, respondents struggled the most with questions relating to Social Security benefits, healthcare in retirement and life insurance.

The survey results show many Americans need professional help with long-term planning.