Can You Pass This Financial Literacy Quiz? Most Americans Can’t
Although these questions address fundamental financial issues everyone will face, only 1 in 16 people actually know the answers. Test your retirement readiness with this quickie quiz.
Test yourself even more
Would you like to take the entire quiz? Check it out here. Allison+Partners Research + Insights team surveyed 1,000 individuals between the ages of 18 and 65 who are employed full-time, part-time or self-employed. For the entire test, the passing rate was set at 60 percent, and only 6 percent of people who took it passed.
Time to take action
Whether you took the sample questions or the entire test, consider it as a call to action—even if you aced it. Says Marc Diana, “No matter how many questions you missed, take heart in that there are many avenues to pursue to achieve financial literacy. You could speak to a financial advisor, but there are plenty of things you can do for yourself for free. Whether it’s budgeting, retirement planning, preparing for a mortgage, or other financial topics, educate yourself with available online resources. Learn what financial economic terms mean and how they apply to you. Know your credit score and study your credit report for mistakes or fraud.”
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The good news? In the same survey, almost half (47.3 percent) of the respondents have a greater sense of financial security now compared to five years ago. The breakdown:
18.2 percent feel much more secure
29.1 percent feel somewhat more secure
31.0 percent feel about the same
18.2 percent feel somewhat less secure
18.2 percent feel much less secure
What about you? Are you feeling more secure? Or were you before taking this test? Brush up on these 19 personal finance tips that you were never taught to learn even more about your finances.