Put Your Financial Knowledge to the Test

Did you know that the entire month of April has been designated Financial Literacy Month? The month may be coming to an end soon but that doesn’t mean that the quest to improve our own financial knowledge should ever stop. As the financial world appears to get more and more complex, the concept of financial literacy becomes increasingly important when it comes to making decisions about money. Here are some assessments you can use to test your own financial literacy:

Test your financial knowledge by taking this brief quiz created by Michele Lerner with DailyFinance.com: Financial Literacy Quiz: 10 Questions to Challenge your Money Smarts

My colleague, Erik Carter, proposed questions to test your financial literacy in this article for Forbes.com: 7 Questions to Test Your Financial Literacy

FINRA’s Investor Education Foundation offers a brief financial literacy quiz on their website.  You can also review results from the National Financial Capability Study to see how your state compares to national averages: Brief Financial Literacy Quiz

The lack of financial education in some schools and low financial literacy scores among our nation’s youth has become a growing area of concern. The National Financial Educators Council has designed a National Financial Literacy Test to assess some of the gaps in financial knowledge of teenagers.  If you have a child in middle or high school they can take this quiz (but it doesn’t hurt to test your own financial literacy with it too): NFEC’s Financial Literacy Test

So how did you do on these various assessments of your financial knowledge?  Hopefully you passed the test!  If not, no worries because there are numerous books and other resources to help build your knowledge base.  You can also attend a financial planning seminar at work if your employer offers a financial wellness program.  Many non-profits offer financial classes in the community and there are many websites devoted to improving financial literacy.  Here are just a few examples worth exploring:

MyMoney.Gov (Financial Literacy and Education Commission)

Smart About Money (National Foundation of Financial Education)

360 Degrees of Financial Literacy (American Institute of CPAs)

Of course, this Financial Finesse blog site and other unbiased financial education blogs provide additional learning opportunities. You have a lot of options to choose from so take some time to continue to learn about the elements of personal financial planning no matter what your financial knowledge level may be and regardless of your confidence in your own money management skills. Just remember that knowing is half the battle and our financial habits and behaviors are what matter the most.  If you have any specific financial topics you want to learn about, send us your questions.

 

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