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The Short Answer

Are We Taking the Wrong Approach to Financial Education?

The findings are mixed, but there are ways to improve the effectiveness of financial literacy programs.

It's well-documented that people make simple financial mistakes that can have drastic consequences. For example, research shows that many people don't contribute enough to their 401(k) plan to take advantage of their employer's match, fail to choose fee-minimizing portfolios, or avoid investing in the market.