More than 40% of Americans have no clue what a 401k is

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Four in 10 Americans admit they procrastinate when implementing healthy financial habits. Which would be less alarming if they also didn’t lack financial knowledge. A mere two in five respondents consider themselves more financially literate than others — and 35% don’t know what “interest” means in a financial context.

Those are the conclusions of a national OnePoll survey of 2,000 Americans, evenly split by generation. Only 30% believe they could win a game of personal finance trivia. The study, commissioned by Beyond Finance for Financial Practice Week, further reveals 43% of respondents have no idea what a 401(k) is — the essential building block for most American’s retirement.

 
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