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...basically recognize that financial knowledge is very limited.” Tulfano said that those who were less knowledgeable about finance were also those who use high-cost financial products, such as programs that promise to reduce and manage debt. Lusardi said that people are “bombarded?? by such products, which often fail to provide the promised help and simply add to one’s costs. Both professors said they are taking immediate steps to improve financial awareness. Tufano has started Doorways to Dreams, a non-for-profit that creates video games to educate youths...

Author: By Alexander R. Konrad, CONTRIBUTING WRITER | Title: Finance Basics Elude Citizens | 2/29/2008 | See Source »

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