Nobody likes to get a poor grade. But those online “test-your-financial-literacy quizzes can be irresistible. They’re short. You think you’ll do pretty well. Then, wham. You failed. How bad should you feel? Probably not very.

Financial literacy awareness programs’ impact on retirement savings patterns seems to be headed in a positive direction. Numerous studies on financial literacy awareness conclude that such education efforts do, indeed, have a significant impact on retirement preparedness.

Almost 75% of Americans in retirement age failed a retirement literacy quiz, according to the American College of Financial Services, which interviewed 1,200 Americans between 60 and 75 who had at least $100,000 in household assets. Less than 1% earned an A and only 5% scored a B.

Recently, The American College of Financial Services surveyed Americans to find out what they know about retirement income. This was one of the most comprehensive surveys of retirement income literacy ever conducted. Most previous studies had focused on the accumulation period prior to retirement.