Almost Everyone Believes at Least One Money Myth

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At this point in human history, so the truism goes, we have access to more knowledge and advice than literally ever before. None of that guarantees that it's correct knowledge or useful advice, of course. That's why we need to be smarter than ever about vetting it.


Lots of us are a bit wobbly on at least some aspect of managing our money. According to a new survey from LendingTree, just 4 percent of us are absolutely on top of personal financial truths — 96 percent of respondents said they believed at least one money myth. The important context? Almost 9 in 10 think they're average or better.

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One reason we're so uneven on financial literacy is that there's very little in the way of standard instruction. "About half (47 percent) learned about finances from their parents or other family members, and 39 percent are self-taught," writes LendingTree's Erika Giovanetti. "Just 29 percent learned about money in high school, even though 56 percent of people think you should." We're also leaning hard on social media, where influencers can help perpetuate these myths.


We need help understanding the truth about renting, credit cards, investing, and retirement. Sometimes we just need some guidance about when to ask for help at all. Beefing up on your financial literacy can save you thousands of dollars each year, not to mention setting you up for success for decades down the road. Make sure you trust and can verify your sources of information — and if you're not certain, ask around.