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

The FLY Project takes off!

The Fly Project Partners held their first transnational meeting in Ostrava in the Czech Republic on the 25th & 26th November 2014.

The meeting gave the opportunity for the key members of the various partner organisations to get to know each other and most importantly to plan the forthcoming work and associated activities.

Two all-day meetings were held at which partners presented their organisation’s unique skills and expertise and where all aspects of the project’s administration and management were discussed. The website, workshops, e-course structure & content, evaluation, dissemination plans and a whole lot more were finalised!

In all a thoroughly enjoyable and fruitful start to a project that we are all sure will make a valuable and lasting contribution to raising the level of Financial Literacy in the six European countries represented: Czech Republic, UK, Italy, Austria, Bulgaria and Romania.