April is National Financial Literacy Month, and here at Bank On Yourself, we’re doing our part to give Americans the knowledge and skills they need to make smarter financial decisions.
As President Obama noted in a 2011 Proclamation supporting National Financial Literacy Month, “We must strive to ensure all Americans have the skills to manage their fiscal resources effectively and avoid deceptive or predatory practices.”
And the Senate resolved in 2012 that “increased financial literacy empowers individuals to make wise financial decisions and reduces the confusion caused by an increasingly complex economy.”
Wow! I think “complex economy” may be an understatement!
So we’ve put together a quick 20-question quiz here that increases your understanding of the most critical things you need to know about managing your money, investing, and planning for a secure retirement.
You’ll get your score immediately, along with the correct answers and clear explanations of each one.
So take the quiz now here and find out what your financial IQ is! It takes only 5-10 minutes, and you’ll be much more savvy about personal finance than most people when you finish it.
How important is financial literacy really? The Securities and Exchange Commission found that “investors have a weak grasp of elementary financial concepts, and lack critical knowledge of ways to avoid investment fraud.”
You may think investment fraud could never happen to you, but remember that the list of people who good snookered by the Bernie Madoff pyramid scheme reads like a Who’s Who of the rich, famous and powerful.
And just 20% of Americans passed a recent Retirement Literacy Quiz, according to The American College. Not one single person got an A, and only 1% got a B!
When you take the quiz, you’ll discover…
- The actual returns of the typical mutual fund or investment advisory service
- The impact of fees on your retirement savings
- How much money you should expect to need to cover out-of-pocket health care and long-term care costs during your retirement
- The true cost of paying cash for cars and other major purchases
- The restrictions in government-sponsored retirement accounts you should be aware of sooner rather than later
- And more
So take the quiz here now and discover your financial IQ now, because if you aren’t financially literate in today’s world, you’re pretty much toast.