How much do you really know about money? Could you tell us what the current Isa allowance is or how much of your savings would be protected if your bank went under?
In April, we wanted to put the general public’s knowledge to the test with a series of questions on common financial matters. Now you can try it yourself. There are 17 questions in total, all related to four categories: general knowledge, savings, credit and insurance.
Below the quiz you’ll find out how well – or not – the general public did so you can see how you compare.
So how well did you do? Remarkably, just two people out of 1,080 who took the test originally managed to get full marks, while another 10 (1%) got 16 correct answers.
The most common score was nine out of 17, which was achieved by 12%. Hopefully you will have all done better than the 20 (2%) of people who failed to get a single answer correct.
The worst-answered were a mix of credit, savings and consumer protection questions. Some 59% correctly answered that paying £20 a month on a credit card balance of £1,000 would take seven years and six months to clear completely, but only 22% were able to correctly identify that they would pay around £800 in interest.
Only 23% were aware that the cash Isa limit is rising to £20,000 for the 2017-18 tax year, while a third (34%) knew that a basic-rate taxpayer can earn up to £1,000 in savings interest before paying tax.
Section 75 of the Consumer Rights Act helps you get your money back if something goes wrong when using a credit card. However, just 27% knew it protects payments between £100 and £30,000, a similar figure to the 29% who answered that the Financial Services Compensation Scheme (FSCS) protects deposits of up to £85,000.
Overall, one section proved much easier than the rest. The average score for the insurance questions was 67%, significantly better than the other three sections: general knowledge (42%), savings (41%) and credit cards (42%)
Wisdom comes with age
The older you are, the better you did. Some 49% of 65-to-74 year-olds, 43% of 55-to-64 year-olds, and 40% of 45-to-54 year-olds, all managed to get 10 or more correct answers. In comparison, just 15% of 18-to-24 year olds scored 10 or more, while a quarter (24%) of those aged 24 to 34 did the same.
Did you beat the average in your age bracket?
- People aged 65 to 74 scored 54% on average
- People aged 55 to 64 scored 53% on average
- People aged 45 to 54 scored 51% on average
- People aged 25 to 34 scored 42% on average
- People aged 18 to 24 scored 35% on average