The Dollar Scholars objective:
"...financial literacy, by which we mean people’s knowledge of and ability to use fundamental financial concepts in their economic decision-making, matters and is more important than ever. The fact that so many people lack financial knowledge not only limits their ability to utilize their resources to the fullest, but also contributes to macroeconomic problems."
— Annamaria Lusardi and Olivia Mitchell, Journal of Economic Perspectives (2023)
Dollar scholars is an organization intended to educate and inform adults about financial literacy. A key objective of Dollar Scholars is to target groups who may not have easy access to financial education. We believe that everyone will benefit from improved financial literacy, no matter the age or background.
Data show that financial literacy is low in the United States, with only 57% of US adults considered to be finacially literate, though the U.S. is higher than the global average of 33% of adults, according to the Standard & Poor's Ratings Services Global Financial Literacy Survey.
The United States lags behind other similar countries such as Canada, where 68% of adults are considered financially literate, United Kingdom (67% of adults), Germany (66% of adults). The U.S. has comparable levels of financial literacy compared to countries such as France (52% of adults), Australia (64% of adults), Singapore (59%), and Switzerland (57%).
The Gap in Financial Literacy Knowledge:
In the United States, as well as many countries around the world, men score higher on financial literacy tests than women, with about 62% of U.S. men considered financially literate, while only 52% of U.S. women were considered financially literate.
