Take this quiz, created by professors Annamaria Lusardi and Olivia S. Mitchell (2017 Quarterly Journal of Finance paper, "How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness"). You will get your score when you complete the quiz. Your results will help you assess your level of understanding of BASIC financial literacy concepts, discussed in Julie Jason's February 2020 column. 

Questions 1-5: basic financial literacy questions
Questions 6-9: "summary self-assessment" questions
Questions 10-14: demographic questions

Quoting from the paper, this set of BASIC questions "captures people's capacity to handle basic financial literacy concepts including compound interest, inflation, and the time value of money."

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* 1. Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?

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* 2. Suppose you had $100 in a savings account and the interest rate is 20% per year and you never withdraw money or interest payments. After 5 years, how much would you have in this account in total?

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* 3. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account?

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* 4. Assume a friend inherits $10,000 today and his sibling inherits $10,000 3 years from now. Who is richer because of the inheritance?

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* 5. Suppose that in the year [2025], your income has doubled and prices of all goods have doubled too. In [2025], how much would you be able to buy with your income?

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* 6. On a scale from 1 to 7, where 1 means very low and 7 means very high, how would you assess your understanding of economics?

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* 7. How much of your school's education (high school, college or higher degrees) was devoted to economics?

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* 8. [Have any of your previous employers offered] financial education programs, for example retirement seminars?

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* 9. How much have you thought about retirement?

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* 10. What is your age?

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* 11. What is your gender?

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* 12. What is the highest level of education you have completed?

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* 13. Would you like to receive Julie Jason's monthly newsletter?

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* 14. Please provide your contact information.

0 of 14 answered
 

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