Test your Financial Literacy

 

The term financial literacy continues to float around media as a highly common term. But do we really understand the true meaning of the term? Let’s define it for safe measure. According to Investopedia, financial literacy is the “education and understanding of various financial areas including topics related to managing personal finances, money, borrowing, and investing.”

 

So why is it so important? Without having a base level of financial knowledge, it is difficult to make informed decisions when it comes to your own finances.

 

It may or may not be surprising to you, that a six question financial literacy quiz conducted during the 2018 National Financial Capability Study (NFCS), showed that 61% of respondents were unable to answer more than three questions correctly.

 

Take the NFCS Financial Literacy quiz for yourself and see how you score.

 

In New York State, the average answers correct was 2.9. How did you do? If you didn’t rate where you thought you would, we’ve put together some helpful resources to boost your financial literacy.

Explore our blog to gain even more information to help you master your finances.