Financial illiteracy among Americans remains overwhelmingly high when it comes to mortgages and other financial products, according to a new survey from the Center for Economic and Entrepreneurial Literacy. When asked to choose from a list of four most important factors in obtaining a home loan, for example, almost 70% of respondents did not choose the FICO score as they should have, according to the survey. "When so many Americans are unable to answer the most basic questions about personal finance and debt, it is clear that economic literacy is a problem that needs to be corrected in this country," said CEEL senior analyst Kristen Lopez Eastlick.
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