Selecting Mutual Funds

"When it comes to choosing a mutual fund, 2/3rds of consumers are more confident at purchasing a car, home computer or life insurance policy. Baby-boomers, who came of age at roughly the same time as the explosion in mutual funds, are even less confident than other consumers," says Neal Cutler, a financial gerontologist at Widener University who directed a financial-literacy survey. Wealthier individuals aren’t immune to the mutual fund crisis of confidence. Only 31% of high-income boomers are comfortable picking funds, compared with 27% of their low income contemporaries. Cutler believes his research bolsters the case for slowing down partial privatization of social security. "If we were to change the system tomorrow, the public would not be ready," he says.

Source: Kiplingers - July ‘97

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