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Study: Financial Literacy Declines With Age, Confidence to Make Decisions Doesn't

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A new study shows the ability of Americans to manage their money may decrease after they reach retirement age, but confidence in their ability to make good financial decisions stays the same.

The study, authored by Department of Personal Financial Planning professors Michael Finke and Sandra Huston of Texas Tech University and John Howe of the University of Michigan found financial literacy declines at a consistent rate after retirement.