When it comes to personal finance knowledge, the typical American barely gets a passing grade. Since January, more than 15,000 people have taken this financial literacy quiz from Finny, a personal finance education website, which covers topics including compound interest, credit scores, and mortgages. The average consumer scored just 66%.
It's good to know where you're falling short. Experts say developing financial literacy should be an ongoing process, since it can help shape your relationship with money. Developing strong financial literacy can help you better manage your bills, make the best choices when investing, and plan for retirement.
We re-created Finny's quiz so you can see how much you know about basic financial concepts, and where you may need to fill in some gaps. If you don't know all the answers, don't fret. We'll give you resources to help you learn.
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