What do you really know about finance? How would you rate your financial literacy? Most folks say they're very knowledgeable about financial matters.
But guess what?
Only about 1 in 3 folks can score 80% on a simple financial literacy quiz. And only 7% answer every question right. So, how will you measure up? Can you beat 93% of your fellow Americans?
Click here to take the financial literacy quiz, then come back to this article for some lessons.
How did you do on the quiz? Were you surprised by any of the questions — or answers? It's OK if you couldn't get every question right. You don't have to know everything – few people do. In fact, these days, more folks are missing more questions on this quiz than they did about 10 years ago. And that's not because they're dumb.
Actually, there are a couple of good reasons why many don't do so hot on this quiz. One is that times have changed. In the 80s, inflation was rampant, and interest rates exploded. So, more folks back then were more familiar with these concepts. Two, most folks (more than 4 in 5) never get a formal education on finances. They learn from family, experience, and trial and error. The good news? It's never too late to learn and level up your money smarts.
At Baron Silver Stevens Financial Advisors we take pride in educating our clients. We’ve built a boutique financial planning firm where it’s all about you, not corporate agendas. Contact our Boca Raton office today to learn more.