The article discusses how many people lack basic financial knowledge, especially about saving and investing. The researchers created a survey to test people's understanding of concepts like interest rates, inflation, and risk diversification. They found that only one-third of respondents could do simple interest rate calculations and grasp the effects of inflation and risk diversification. The study revealed that financial illiteracy is widespread, with elderly and women being particularly lacking in financial knowledge. Similar results were found in different age groups and across the entire U.S. population.