An AARP Financial Inc. survey says that many U.S. investors make investment errors and miss out on opportunities to invest because they find financial jargon confusing, technical, and hard to understand. GfK Custom Research North America of New York interviewed 1,203 adults by phone for the survey.
Findings included:
*Over 52% of respondents said they made an investment mistake because they did not understand or were confused about the investment.
*Over half of the participants surveyed say that they do not read financial information because they can’t understand it.
*Two-thirds of the survey participants say they would rate the financial services industry’s ability to explain investing and savings with a C, a D , or an F grade.
*Survey respondents said the two most common investment mistakes that they’ve made included waiting too long to invest and failing to invest.
*41% of the participants that they didn’t find financial services information to be very helpful.
AARP Chief Investment Officer Richard Hisey said the survey results showed a clear failure to communicate.
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Related Web Resources:
AARP Financial Inc. Survey Finds: When it Comes to Financial Jargon, Americans are Befuddled, PR Newswire, April 2008
AARP FInancial