|Consumers With Less Financial Knowledge Have a Smaller Scope of Financial Experiences|
|All||More Financial Knowledge*||Less Financial Knowledge|
|Have Checking Account||89||95||76|
|Have Savings Account||80||84||71|
|Have Credit Card||79||86||65|
|Have Investment Accounts||52||63||30|
|Keep Financial Records||65||73||49|
|Have Emergency Fund||63||72||45|
|Review Credit Reports||58||62||48|
* Those with more financial knowledge earned a passing grade on a financial literacy quiz that was commissioned by the Federal Reserve and included in the monthly Survey of Consumer Finances.
Source: Hogarth and Hilgert, "Financial Knowledge, Experience and Learning Preferences: Preliminary Results from a New Survey on Financial Literacy," Consumer Interests Annual v 48, 2002.