Does Financial Literacy Decline With Age? + MORE Nov 11th

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Does Financial Literacy Decline With Age?
For most of us, our most important financial decisions come towards the end of our lives.
After a lifetime of work, we have to decide when to retire, when to take CPP and OAS, how to squeeze income from our savings, whether to keep the house or downsize, and how to update our will or establish an estate plan.
These are tough choices, particularly when you consider that – regardless of gender or education level – studies suggest most people become considerably less literate when it comes handling money issues after age 60.
According to Texas Tech University professor Michael Finke, test scores measuring knowledge of investments, insurance and credit issues fell slightly more than two per cent each year starting after age 60.
Financial Literacy Peaks In Late 40s
Finke and his team noted that financial literacy peaks in the late 40s and that there was a statistically strong and steady decline in financial literacy among older respondents. What’s worse, however, is that many subjects’ confidence in their financial decision-making abilities actually seemed to rise with age…

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LOS ANGELES, Calif. – When it comes to learning about the evils of Internet piracy, Hollywood studios and the major music labels want kids to start young.
A non-profit group called the Center for Copyright Information has commissioned a school curriculum to teach elementary-age children about the value of copyrights.
The curriculum, still in draft stage, includes lesson plans, videos and activities for teachers and parents to help educate students about the “importance of being creative and protecting creativity,” with topics such as “Respect the Person: Give Credit,” ”It’s Great to Create,” and “Copyright Matters.”
The non-profit is backed by the Motion Picture Association of America, the Recording Industry Association of America and others, the Los Angeles Times reported Monday (http://lat.ms/1cfNW1R ).
Some critics say the curriculum, called “Be a Creator,” would promote a biased agenda. Others contend it would use up valuable classroom time when public schools already are struggling to teach the basics…

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