Financial literacy key to improving income prospects

AARP President Esther "Tess" Canja last month urged a Senate committee to push for a "coherent and coordinated na-tional strategy" for financial literacy programs to help Americans improve their prospects for personal financial security, according to an AARP press release.

In testimony before the U.S. Senate's Banking, Housing and Urban Affairs Committee, Canja noted that low levels of savings and high levels of personal and real estate debt are serious problems for many people nearing retirement, ac-cording to an AARP study.

Among the AARP research cited was a survey that polled more than 1,500 adults age 18 and older by asking them basic financial questions.

Only 11 percent of the sample of consumers correctly answered all of the ba-sic investment questions. Only 6 percent of the consumers age 65 and older could do so, the release said.