You could have seen a report a couple of days in the past that highlighted folks’s lack of know-how of primary financial ideas. The report, primarily based on a survey by the Financial Statistics Centre of Excellence and the Nationwide Institute of Financial and Social Analysis, confirmed that fewer than half of individuals knew what gross home product (GDP) was when offered with a variety of definitions.
Most, 67%, knew that the federal government was working a finances deficit — I don’t know what the opposite one-third have been doing throughout this yr — however solely 40% knew that it meant authorities spending was larger than tax revenues.
Welcome to my world. That is meat and drink for these of us who assume primary financial understanding ought to be a part of