Many Lack the Knowledge to Improve Their Financial Situation

A new survey by the banking corporation Fifth Third Bank suggests that people in the U.S. are failing to understand some basic concepts that would improve their financial status.

Based on more than 1,000 responses to its poll, 90 percent of adults ages 18 and older were not aware that Americans under the age of 50 are able to contribute up to $18,000 a year to a 401k plan, allowing them to set aside tax deferred income retirement purposes.

Overall, just two thirds have put away some money, whether in a 401k or a savings account, for their retirement.

Fifth Third Bank's survey also reveals that people may be fooling themselves by thinking they're more financially knowledgeable than they actually are since less than four in ten could name the annual percentage rate of their primary credit card.