Allen Wastler expressed his disappointment in the American people for not knowing more about investing, asking, “Should the average American control his or her retirement?”
I took the investor quiz that Wastler referred to planning to score well and prove him wrong, but instead proved him right. I got a 56% (10/18).
The article assumes that the questions in the test can adequately measure what people need to know to be successful investors, and that may be false, but the fact still remains that many people (myself included) don’t know much about investing.
It’s especially alarming when you consider the projections that Social Security funds will be in deficit when baby boomers begin reaching retirement. If the course continues unchanged, it appears that as far as retirement money is concerned, the younger generation will be left to their own devices.