POP quiz, financial wizards: If you could have $1 million right now or a penny doubled every day for a month, which would you pick?
To learn the answer, take this quiz to test your financial savvy – it’s got a few tricky questions so you will probably learn something. And if you haven’t already taken the Financial Literacy Quiz in our post from last month, try that one too. You can compare your results to others in your state and in the nation.
April is Financial Literacy Month.
The National Foundation for Credit Counseling (NFCC) recently released results of its 2014 Financial Literacy Survey conducted by Harris Poll among more than 2,000 U.S. adults ages 18+. Of the survey respondents:
- 61% admit to not having a budget
- 41% graded their financial knowledge as C, D or F
- 60% have not reviewed their credit score and 65% their credit report within the past 12 months
- The top worries were insufficient “rainy day” savings for an emergency and retiring without having enough money set aside
- 32% do not save any portion of their annual income for retirement
Click the graphic to access the full NFCC infographic and to use interactive features.
Here are some other great free tools for learning more about money management.
MyMoney.Gov – Making the most of your money starts with five building blocks for managing and growing your money. MyMoney.Gov offers tools and information on five key areas of money management: Earnings; Saving & investing; Protecting; Spending; and Borrowing.
360 Degrees of Financial Literacy – A free program by the nation’s certified public accountants to help Americans understand personal finances through every stage of life.
Insure U – Unbiased insurance information for consumers sponsored by the National Association of Insurance Commissioners (NAIC). Information is organized by life stage and lines of coverage: auto insurance, home insurance, health insurance and life insurance.
Your Life, Your Money – a PBS special featuring real-life stories of young people facing and overcoming economic challenges. It offers sound, simple financial advice – raising awareness on banking, credit, investments, budgeting, insurance, self-employment, and more.
Jump$tart Coalition for Personal Financial Literacy – a national non-profit organization
of about 150 national organizations and entities from the corporate, non-profit, academic, government and other sectors that share an interest in advancing financial literacy among students in pre-kindergarten through college. Check out their site for tools and information – or check out your state coalition.