FinanceSpectrum.com Offers Tips to Americans who Bombed Financial Literacy Quiz

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FinanceSpectrum.com financial advice website comments on the radically low number of Americans who earned a perfect score on a recent financial literacy quiz distributed by the FINRA Investor Education Foundation, and challenged its readers to take the quiz themselves to highlight areas that need some work

Nobody is responsible for your financial well-being other than yourself, and it’s vital to educate yourself on the areas where you might need some work

FinanceSpectrum.com financial advice website today released their observations regarding a recent financial literacy quiz taken by some 25,000 Americans that revealed a real lack of financial knowledge. Only 14% of Americans answered all five questions on the quiz correctly, prompting FinanceSpectrum.com to encourage its readers to take the quiz and then to educate themselves in the areas that they did not score well.

According to an article published in Business Week on May 31st, 2013, the FINRA Investor Education Foundation recently released a survey aimed at testing the financial literacy of American adults. Of the more than 25,000 adults who took the online quiz, released on May 30th, only 14% got all five questions right. The Business Week article reported that this number is especially shocking since 75% of the survey-takers ranked themselves as being highly financially literate.

FinanceSpectrum.com was disappointed to see the low scores, and urged its readers to get proactive in changing the tide. FinanceSpectrum.com is quoted as saying, “This information is so pivotal to the financial success of us as individuals, and collectively as a nation. The 86% who obtained less than stellar scores are probably not the savvy people out there planning for retirement, investing in life insurance, or researching mutual funds. The survey comes right out and says it—‘those with higher financial literacy [the 14%] are more likely to plan for retirement and to have an emergency fund.’ Nobody is responsible for your financial well-being other than yourself, and it’s vital to educate yourself on the areas where you might need some work.”

The above-mentioned Business Week article reported that according to the survey, the ability of Americans to “make ends meet” has increased since the 2009 version of this survey was released, during a time when the U.S. economy was still under water. Business Week stated that unfortunately the survey also revealed that most Americans have no emergency or rainy-day fund to speak of, and that more than two out of every five credit card owners take part in costly and foolish behaviors such as paying fees for charging over their allowed credit limit, and only paying down the monthly minimum each month on their balances.

FinanceSpectrum.com advised its readers to take the 5-question survey (found at the bottom of the Business Week article) themselves, and vowed to continue to provide educational and helpful material to further their readers’ financial schooling. FinanceSpectrum.com recommended that consumers only charge what they can afford to pay off in full each month to their credit cards, and emphasized the necessity in making payments on time. They also suggested keeping a monthly budget to limit overspending and overcharging, and using the budget to pinpoint areas where money can be trimmed off and put in a savings account or emergency fund.

About FinanceSpectrum.com
FinanceSpectrum.com is an online magazine designed to aid American consumers in their financial decisions by educating and informing them in areas such as personal finance, budgeting, investments, and debt management. FinanceSpectrum.com’s goal is to empower consumers with the knowledge to make intelligent and prosperous financial choices that will ultimately increase their quality of living, and peace of mind.

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