Quiz: Are You Financially Literate?

Do you think you’re doing a good job of managing your money? Or do you feel your spending is out of sync with your income? Take this Financial Literacy quiz and in just a few minutes you'll know how you're doing.

Answer YES or NO to the following questions...

1. Are you 30 or older?
2. Do you have at least $3,000 or three months of living expenses saved up to cover emergencies?
3. Are you participating in your company's 401(k) or pension program?
4. Do you save or invest beyond your retirement plan and emergency fund?
5. Are you aware of how much you need to save each month to retire at the age you would like?
6. Do you have life insurance (at least enough to cover funeral expenses)?
7. Do you have health insurance?
8. Do you have insurance that covers disability (besides Social Security)?
9. Do you have a will?
10. Do you spend less than 25 percent of your income on your rent or mortgage?
11. Are you investing or saving money with each paycheck in a savings account, money market account or mutual fund?
12. Are you paying your credit cards in full each month?
13. Are you paying all of your bills in full each month?
14. Do you know the interest rates on your checking, savings and credit card accounts?
15. Have you reviewed your credit report lately?
16. Do you balance your checkbook each month?
17. Do you track your monthly expenses?
18. Do you regularly read about improving your personal finances?
19. Do you have a financial plan?
20. Are you saving at least 10 percent of your gross income each month?

How Did You Score?

Give yourself five points for each "yes" answer, zero points for each "no" answer.

0 to 40 points: Financially Fuzzy
You could be headed for financial trouble. You need to get your spending under control immediately. If you don’t have a monthly budget, draw one up and follow it. Put away your credit cards and cut out all unnecessary spending until you can answer “no” to all or most of the questions on the Financial Literacy quiz.

45 to 75 points: E for Effort
You're definitely on the right track financially, but keep an eye on your budget and your financial priorities. Don’t let credit use get out of hand and watch impulse spending.

80 to 100 points: You're Financially Literate!
Your hard work has paid off, and your personal financial plan is healthy and thriving. You’re sensible about using credit and take budgeting and saving seriously. Be sure to update your financial plan frequently as your life changes.

Two of three Oregonians will probably not realize one or more major life goals--home ownership, college, retirement--without more financial training. Use the OSCPA's free Financial Literacy resources to take control of your finances.