Over 40% Of Americans Have No Clue What A 401k Is [Video]

By Julia Sutherlin // SWNS

Almost half of Americans don’t know what a 401(k) is, according to a recent poll.

A national survey of 2,000 Americans, evenly split by generation, revealed that 43% of respondents don’t know what a 401(k) is. The survey examined Americans’ financial literacy, commitment to learning and adopting healthy money habits, and feelings regarding their bank accounts and financial futures.

The results revealed a significant lack of confidence among respondents regarding their financial literacy, with only 30% believing they could win a game of personal finance trivia.

And over a third (35%) don’t know what “interest” is in a financial context.

The study, commissioned by Beyond Finance for Financial Practice Week and conducted by OnePoll, revealed that despite these startling knowledge gaps, only two in five respondents (39%) consider themselves more financially literate than others.

Four in 10 Americans (39%) admit they procrastinate when implementing healthy financial habits. Gen Z are most likely to procrastinate (49%) while …