Americans get a "D"

The August 2003 edition of USAA Magazine carried an item in its "Personal Finances" column.

The headline was "Americans Not Making Grade in Financial Literacy."

According to a survey conducted by marketing research firm RoperASW, Americans get a "D" in financial literacy. Bankrate.com, a web-based aggregator of financial data, awarded a grade to those surveyed, based on how well they applied 12 steps considered basic to the average American's financial well-being.

Timeliness of bill paying, rate comparison shopping, budgeting and short- and long-term financial planning were some of the measures used in the scoring. Respondents received an average score of 67 out of a possible 100 points. Only 10 percent got an "A!"