Confidence is great for many a thing. Like when you’re working up the nerve to ask the cute person at the bar to dance, or when you’re about to give a speech to a room of your peers. But overconfidence is best avoided, especially when mixed with ignorance (I’m looking at you, Achilles, and your weak heel). Overconfidence when it comes to your finances? REALLY not good.
LearnVest, a financial planning service, conducted a survey with questions related to how a person’s confidence about their finances affects their saving/spending behavior. In answers from 100,000 users, they found a huge discrepancy in the level of financial confidence between the different age brackets.