Only 57% of American adults are financially literate, according to a survey by Standard & Poor’s. Without a basic understanding of financial concepts, people are far more likely to make poor decisions regarding their money.
This knowledge is arguably more valuable than ever, as tools and products that can significantly improve your financial situation are so easily accessible. Yet without a proper understanding of how they work, let alone that they exist, they’re rather useless.
To gauge your knowledge of all things money, we put together a quiz that asks: What is your financial IQ?
Between securing a loan, buying a car, saving for retirement, and much more, AAA is here to help you with all your financial needs. Learn more about all the products and services available to members.
So, what is your financial IQ? Share your quiz results in the comments.
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The compounding interest question is ambiguous.
“If you deposit $100 and it earns 5% compounding interest each year …” You’ll have $110.25 at the end of the second year! So, will you have $110? True or False?
I took the quiz, hit ‘Submit’, looked through the answers, and confirmed that I had answered all the questions correctly. I scored 95%! ???????????????????????
I think the bond question needed better clarification. Were you speaking of investment bonds or savings bonds. If savings bonds, which type? For some savings bonds, the price remains the same, but the value changes.
What score is considered passing and thus considered “financially literate”?
This was interesting. I’m looking forward to the answers.
I learned a few things just by taking this quiz. Thanks for providing it!
We should all know this important information
The answer for “Checking your credit report lowers your credit score. ” is debatable; I have recently received a credit report stating that one of the factors lowering my score is that there were too many requests for reports (~3 in one year, two of them from banks considering mortgages). It may be that the score is affected only by other people asking, but the question doesn’t say this. (89% with this “error” — I also forgot that SSI can be started at a lower level at age 62, which I’m well past.)
Great quiz, I received an 89% Not great but not half bad!
Thank you for sharing.
Fun
please send the results of my test.
Hi Elizabeth, thanks for taking the quiz! After you answer the questions and hit submit, your score will appear. You’ll also be able to look through the quiz to see the correct answers.