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Financial literacy test – The answers

Test your financial literacy

See how you did answering questions in this financial literacy test devised by researchers at George Washington University and the University of Pennsylvania. The correct answers are in bold.

1. Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?

  1. More than $102
  2. Exactly $102
  3. Less than $102
  4. Do not know/Refuse to answer

2. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account?

  1. More than today
  2. Exactly the same
  3. Less than today
  4. Do not know/Refuse to answer

3. Please tell me whether this statement is true or false. “Buying a single company’s stock usually provides a safer return than a stock mutual fund.”

  1. True
  2. False
  3. Do not know/Refuse to answer

See how you compare, based on U.S. surveys:

Fi Literacy

Learn more
5 Ways Moms (and All Women) Can Take Charge of Their Financial Futures, from the Financial Industry Regulatory Authority
What Every Woman Should Know, from the Social Security Administration
What Women Need to Know About Retirement, from the Women’s Institute for a Secure Retirement
Managing Money Through Grief: 10 Tips for Widows and Widowers, from the Financial Industry Regulatory Authority

(initially posted May 22, 2017)

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