Over 40% of Americans have no clue what a 401k is

Almost half of Americans don’t know what a 401(k) is, according to a recent poll, commissioned by Beyond Finance for Financial Practice Week and conducted by OnePoll. A national survey of 2,000 Americans, evenly split by generation, revealed that 43% of respondents don’t know what a 401(k) is. The survey examined Americans’ financial literacy, commitment to learning and adopting healthy money habits, and feelings regarding their bank accounts and financial futures. The results revealed a significant lack of confidence among respondents regarding their financial literacy, with only 30% believing they could win a game of personal finance trivia. And over a third (35%) don’t know what “interest” is in a financial context.