A recent survey, developed in consultation with the U.S. Department of the Treasury, seeks to measure the understanding of general financial concepts by the general population. The survey consists of 5 questions related to interest rates, mortgages, and stocks/diversification. Although fairly simple topics, the survey provides a lot of insight into just how financially illiterate Americans are. Although i scored 5/5, I didn’t learn the answer to any of these questions until I was 20 when i started getting interested in finance.
The general population scored just 57% (2.88/5) of the questions correctly.
So just how financially literate are you? Can you do better? Find out now: