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Lack of financial literacy cost 15% of adults at least $10,000 in 2022. Here’s how the rest fared

Courtesy of MSNBC
  • The share of people who said not being financially literate cost them more than $10,000 is up from 11% in 2021, according to a new report.
  • Most respondents say it cost them under $500, if at all.
  • Advocates say research shows the importance of teaching personal finance in the classroom before students reach adulthood and face a multitude of financial decisions.

When it comes to money matters, what you don’t know can hurt you.

A report from the National Financial Educators Council shows that 38% of individuals in a recent survey said their lack of financial literacy cost them at least $500 in 2022, including 15% who said it set them back by $10,000 or more. That’s up from about 11% in 2021.

The majority (68%) of respondents said poor financial literacy cost them somewhere from zero to $499.

The average cost was $1,819, according to the survey, which was conducted Oct. 23 through Dec. 5 among about 3,000 adults across the country. That 2022 figure is nearly $500 higher than the average $1,389 in 2021.

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