The purpose of this report is to respond to a requirement of Section 917 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that charges the Securities and Exchange Commission (SEC) to identify “the existing level of financial literacy of retail investors, including subgroups of investors identified by the Commission. ” The SEC’s Office of Investor Education and Advocacy (OIEA) is the sponsor of this research. The goal is not only to assess general financial knowledge, but also to determine specific knowledge of investment fraud, fees, and risk. Besides assessing the financial literacy of retail investors in general, the research evaluates the knowledge of subgroups defined by age, gender, and race. The researcher derived the data for this analysis from a series of quantitative studies conducted since 2006 to determine the financial literacy of U.S. retail investors. The Federa
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