A LIMRA study involving a financial-literacy quiz found that 36% of test takers failed to provide half of the correct answers. About half of Americans have a midlevel grasp of financial knowledge, 27% have a high level of understanding and 21% have a low level, according to the quiz results. "As Americans are required to take greater responsibility for their retirement saving, the issue of financial literacy becomes increasingly important," LIMRA's Alison Salka said.

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