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Belles bomb financial literacy test

By Crissinda Ponder · Bankrate.com
Friday, June 29, 2012
Posted: 1 pm ET

This just in: Girl power has taken a painful blow. College-educated women have been asked to hang their heads in shame for the next 24 hours.

Highly educated women's levels of financial literacy aren't where they need to be, according to a not-yet-published study conducted by Mahnaz Mahdavi, a professor of economics at Smith College in Northampton, Mass.

The findings were presented during a panel discussion at the Council for Economic Education's national headquarters in June.

Mahdavi surveyed more than 4,300 Smith College alumnae, and some of her findings are sure to make you gasp. Here's one that will give you a fright: The financial knowledge among women in their 20s and 30s was the most insufficient. *You may shriek like a girl running from the killer in your favorite thriller.*

Of the six basic finance questions the women in these age groups were asked, only 35 percent of women in their 20s and 44 percent of women in their 30s answered correctly.

Financial literacy is supposed to increase with age, right? OK. College-educated women in their 60s -- the decade when financial literacy peaks -- had a 57 percent correct response rate, which is far from impressive.

Ladies, what's up with that?

Not everyone is fortunate enough to have a high-cost financial planner at their beck and call, but you can find great resources for many of your financial needs, including banking and retirement planning, right here at Bankrate.com.

As women, we mustn't forget the motto we are required to follow:

Girls rule, boys drool.

So moving forward, we must plan harder to make sure our money ain't funny. Check out Bankrate's newsletters and other resources to get your financial literacy in gear.

Crissinda Ponder is a reporting intern for Bankrate. Follow her on Twitter @CrissiPonder.

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