That's led some critics to say financial literacy education doesn't work. Participants start with a quiz, called MyMoneyCheckUp , to assess their financial health in budgeting, saving, debt management and retirement. Past studies also typically didn't distinguish between states that had just approved financial literacy mandates and those that had well-developed standards. Financial literacy won't build a road to riches for most people, but it can help them avoid some of the potholes. RELATED LINKS:National Foundation for Credit Counseling: MyMoneyCheckUp quizhttps://www.mymoneycheckup.org/syffCouncil for Economic Education: National standards for financial literacyhttp://councilforeconed.org/resource/national-standards-for-financial-literacy/NerdWallet: Compound interest calculatorhttp://nerd.me/1-nerdwallet-banking

Source: ABC News September 12, 2016 15:11 UTC