According to a study conducted jointly by the TIAA Institute and the Global Financial Literacy Excellence Center, more U.S. adults have a very low level of financial literacy than in any year since 2017.

The annual study, based on a 28-question survey, revealed that on average adults correctly answered only one-half of the questions correctly. The survey also found that 23 percent of the adults could not correctly answer more than seven of the 28 questions. TIAA said in a release that financial literacy tends to be particularly low among those in early adulthood. Gen Z and Gen Y correctly answered only about 45 percent of the survey questions.

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