The Economy

Personal Finance 101

Where do most people keep their nonretirement savings? That and other questions answered in our survey about how Americans manage their money.
CFO StaffMay 15, 2015

15May_Quiz_p48Most Americans — 59% — say they deserve a grade of A or B for their knowledge of personal finance, according to a March survey of more than 2,000 adults by the National Foundation for Credit Counseling. But many people would earn low marks for their financial management practices, the survey indicates. Find out how many by taking our quiz:

 

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1. How many U.S. adults do not have a budget?
A. 30%
B. 40%
C. 50%
D. 60%

2. How many adults do not pay their bills on time?
A. One in three
B. One in four
C. One in five
D. One in six

3. How many households carry credit-card debt from month to month?
A. One in three
B. One in four
C. One in five
D. One in six

4. How many adults are currently repaying student loans, either their own or a child’s?
A. One in four
B. One in six
C. One in eight
D. One in ten

5. How many adults have nonretirement savings?
A. One out of three
B. Half
C. Two out of three
D. Four out of five

6. Where do they keep their nonretirement savings? (Arrange from most-used to least-used.)
A. At home
B. 401(k) plan
C. IRAs
D. Investments/mutual funds
E. Savings account

7. How many adults do not save any portion of their household’s annual income for retirement?
A. One in ten
B. Two in ten
C. Three in ten
D. Four in ten

Source: National Foundation for Credit Counseling, 2015 Consumer Financial Literacy Survey


Answers: (1) D; (2) B; (3) A; (4) D; (5) C; (6) E–65%, D–30%, B–29%, C–25%, A–9%; (7) C