Figure 2
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.