According to a 2007 survey in the United States:
- Almost a third (29%) of respondents said they had no idea what the interest rate on your card was.
- Another 30% said it was less than 10%, when in fact the vast majority of cards have interest rates well above 10 percent.
- The 50% of respondents said that they had learn nothing or not too much about finance at university
A 2008 survey revealed that:
- Two-thirds of Americans ( 66.6% ) do not understand how compound interest works
In a survey conducted by a group of graduate students from School of Business at the University of Buffalo:
- Only 14% understood that equities would outperform bonds in more than 18 years.
- The 59%t did not know the difference between a private retirement plan, the Social Security pension and a pension plan.
But it does not only happen in the U.S., in 2006, the British Financial Services Authority conducted a survey which revealed that:
- One out of five respondents had no idea what would be the effect on the purchasing power of their savings if inflation rate were 5% and an interest rate were 3%.
- One out of ten did not know which was the best discount for a TV which cost £ 250: if £30 or 10%.
