Good news on UK Financial Capability

A major new study published in August 2016 by the UK’s Money Advice Service highlights that people are changing their financial behaviours and developing positive habits to deal with money matters.

‘The Financial Capability of the UK’  points to evidence of how millions of people are adapting to deal with tough economic times, and working hard to manage their money. It says that 49% of adults are concerned about their finances but the evidence also shows how people have become more diligent  about their money matters and suspicious of financial scams.

67% agree that we are ‘very organised when it comes to managing money’. People are also checking bank statements more carefully – 54% of adults say they regularly check all incomings and outgoings on their bank statements to keep track of their money; and 40% look for suspicious transactions.

Furthermore, 85% of adults say they are saving – always a good sign that people are thinking to the future and being more responsible!

 

What is your Money Personality Type?

This very ‘non-scientific’ quick quiz has appeared on the ‘Money makes Sense’ Financial literacy website in the UK.  It is targeted specifically at Secondary age students but works for older people too! There are 10 light-hearted questions to answer. When you have completed them it gives you an assessment of your attitude to money.

Why not give it a go by clicking HERE!

Linz FLY Project meeting

The second meeting of the FLY Partnership took place in Linz, Austria on the 16th & 17th April 2015. The FLY Project partners shown here, were involved in wide-ranging discussions related to the progress of the project so far and planning for the future activities and events. The partners also worked on fine-tuning the structure and content of the  E-Course, which is central to the success of the project and its overall target of increasing Financial Literacy in our three target groups.

Try the three question test of financial literacy!

This interesting test of Financial Literacy comes from the Wall Street Journal.

They ask: Are you—or your spouse or your teen or your parents—among the financially illiterate?

Find out by answering these three questions which are based on a quiz  that two US University professors have been using for years to assess individuals’ basic financial literacy level!

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

  • A. More than €102
  • B. Exactly €102
  • C. Less than €102

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

  • A. More than today
  • B. Exactly the same
  • C. Less than today

3. Please tell me whether this statement is true or false: “Buying a single company’s stock usually provides a safer return than a stock mutual fund.”

  • True
  • False

Read the  full story here 

In a survey of Americans over the age of 50, only half could answer the first two of the above questions correctly. Only one-third got all three right.

The correct answers are shown below.

How did you get on?

 Correct Answers: A – C – False