A recent report by the Securities and Exchange Commission (SEC) found that U.S.
Businessweek noted that the investors in the report wanted more financial institution disclosures, but did not want the lengthier disclosure statements such information usually necessitates.
The report, which was mandated by the 2010 Dodd-Frank legislation, also found that women, African-Americans, Hispanics, the elderly, and undereducated groups demonstrated below average financial literacy rates.
The report recognizes the need to improve investor financial literacy and states that the SEC will collaborate with members of the Financial Literacy and Education Commission to develop financial literacy programs that address this problem.
