WASHINGTON - Americans would make smarter investment choices if they sharpen their financial know-how, Federal Reserve Chairman Ben Bernanke said Tuesday.
During the housing boom, for instance, some took out mortgages that they didn't understand or couldn't afford. When the market went bust, foreclosures skyrocketed.
"Many American families are struggling in the aftermath of the financial crisis, which reinforces the need for reliable and useful information to facilitate good financial choices," Bernanke said in prepared remarks to a summit here on financial literacy.
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