Since launching its Money Savvy Challenge, comparison website finder.com.au has gauged the financial literacy of everyday Australians. Sadly, the results aren’t good.
The site’s experts claim most Aussies are ignorant about important financial matters, especially in the areas of savings, life insurance, and credit and travel cards. Australians did score well on questions relating to personal and home loans however, indicating that we’re a nation of borrowers rather than savers.
“The results from this quiz show that many Australians don’t know the basics about banking,” finder.com.au’s money expert Michelle Hutchison told news.com.au. “It’s very concerning to see so many people get these simple questions wrong, and so many failing the quiz.”
Tasmania had the worst average score of 66.2 percent, although New South Wales had the greatest number of failures. Western Australians have performed best on the quiz, although their average of 67.4 percent is still nothing to crow about. Just 47 Australians, or roughly 1.16 percent of respondents, earned a perfect score on the multiple choice quiz.
While the quiz will give you some useful tips, if you really want to boost your financial literacy, book a financial health check with Chase Edwards. Our money experts can teach you about your own finances and suggest strategies for reducing your debts, growing your wealth, and more.