If balancing your checkbook leaves you feeling like you’re back in high school solving one of those “If train A leaves the station traveling at 60 mph…” math problems, you’re not alone.
American adults could correctly answer only 50% of the questions in the 2022 Personal Finance Index, an annual survey conducted by the TIAA Institute and the Global Financial Literacy Excellence Center at the George Washington University School of Business.
That lack of financial knowledge isn't surprising: only 23 states require a course in personal finance for high school graduation, according to the Council for Economic Education. And that can be costly: lower financial literacy rates correlate with everything from higher use of expensive "payday loans" to lower savings rates.
It’s National Financial Literacy Month, so why not test your financial acumen with this quick quiz?
How did you score?
8-10 correct: Great job. You know the basics to make sound financial decisions.
5-7 correct: Good start, but keep learning. Take advantage of opportunities to grow your financial literacy.
Less than 5 correct: You’re among the many Americans who haven’t received a good financial foundation. There are many free tools and articles, including those here on The Statement, you can use to educate yourself on the best ways to safeguard your money and build a better future.
Keep learning
Whether you made the grade or struggled to get through the quiz, you can take steps to increase your financial literacy. According to Brandy Marion, Institutional Wealth education manager at BOK Financial®, it’s never too late to increase your financial literacy.
“Start by educating yourself, whether that’s through resources offered by your employer or even your local library,” said Marion. “Seek out information provided by reputable nonprofit organizations like the National Endowment for Financial Education.
“Establish your financial goals, create a budget and, above all, make sure you’re honest with your financial situation. Financial literacy doesn’t have to be hard—but it does require your attention.”
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