Being Smart = Being Poor???

a+Does greater financial education lead to actually being poorer?  The silly answer, may actually be yes.

According to an article from The Motley Fool, there is empirical evidence that suggests that the answer is actually yes.

"For some consumers, financial education appears to increase confidence without improving ability, leading to worse decisions."

There may be several reasons that may explain this silly answer including poor education, the lag between the emergence of new financial models and products and the education of consumers, and my favorite, the hubris of the consumer.  In this case, it is argued that over-confidence may be the greatest factor.  Maybe there is a reason for the saying that "A little knowledge is dangerous."

To read more on why being smart may actually make you more poor check out their full article.

 

About Anthony Candella

Anthony is the founder and Directing Attorney of YourCreditAttorney.com and has been helping consumers just like you understand and improve your credit and financial situation since 2003.