Financial Literacy Scores Are Falling; This 'Penalty' Helps Explain Why

U.S. financial literacy scores are falling and researchers think they've pinpointed an overlooked factor in the plunge — the "smartphone penalty." Research suggests smartphones lead to less engaged survey participants, and are therefore partly to blame for declining financial literacy scores on surveys conducted over the past 15 years. "We found that using a smartphone to answer survey questions leads… Copyright ©2026 Investor's Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8