Time for something a little different. A post that involves some group participation. You could call it a quiz if you wanted to make it sound fun. Or a test if you wanted it to sound like hard work!
I’ve pulled together four questions for you to answer. They are mainly taken from a study from America (see link below) which aimed to find out the financial literacy level of participants. (financial literacy is the level of knowledge you have which helps you to make good decisions about what you do with your money). These questions are focused on areas of risk, interest and inflation.
Because of the categories they cover they give a good indication of the financial literacy level of those who answer them. The aim of this blog is to help you become more financially literate- to help you know more about your money. Your answers will help future posts to be better tailored for the areas you need the most.
I've added one of my own around budgeting which gives a good indication of how you are prioritising your finances.
Do you want to know how you stack up?
Fill out the questions in this link. It’s not supposed to be a maths test- you can use a calculator if you want to, but you might find you don’t need one.
If you include your email address* at the end I will send you out your answers, and let you know how you stack up against the average. I’ll be running blog posts in the New Year which will include the answers, as well as more in depth coverage on the ideas that they highlight.
If there are some gaps in your personal finance knowledge that you already know about then drop me an email and I will try to help where I can. Another great free resource that might be helpful is a personal finance textbook called Your Money Matters. It’s targeted at school age children, but has only just been released. If you are older than that then think of it as what you probably should have been taught back when you were at school! Click here for a free PDF of the textbook
The questions and ideas have come from a couple of sources- here are some
Freakonomics Podcast Episode: Everything you wanted to know about money but were afraid to ask
(sums up many personal finance basics in one 45 min episode)
Study to link to: https://www.dartmouth.edu/~alusardi/Papers/Financial_Literacy.pdf (more in depth analysis of financial literacy)
*If you get any other emails from Dough it will be because there is some useful information linked to one of the answers you put. You might get an email from time to time letting you know about new posts that go out but there won’t be any spam. You can unsubscribe at any time.