Americans are losing around $1,000 a year due to poor financial literacy

Your lack of dollars-and-cents savvy may be costing more than you think.

A survey of 1,200 people, by the National Financial Educators Council, found that the average American adult believes they’re losing $948 a year because of their lack of knowledge about personal finances (so-called “financial literacy”). With the average person losing hundreds annually, the need for better financial education is acute, said Vince Shorb, the council’s CEO.