A new survey shows that only 48.3% of high school seniors could correctly answer basic questions about personal finance. That's the worst score in the six times the survey has been conducted.
For instance, 48% realize that a person who pays only the minimum due on a credit card each month will end up paying more in finance charges than those who pay more than the minimum. In fact, 18% thought the person who pays off the entire balance each month will pay the most finance charges.
Actually, Steve at brip blap, who posted about the survey results (to read the post, click here) made public by the Federal Reserve last week, thinks there is reason for optimism in these answers. He goes on a little political rant to make his point.
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