Who is "financially competent"?

WHO IS "FINANCIALLY COMPETENT"? THE ING INTERNATIONAL SURVEY ON FINANCIAL COMPETENCE TESTED MORE THAN 11,000 PEOPLE IN 11 COUNTRIES IN EUROPE ON THEIR UNDERSTANDING OF INTEREST RATES, MORTGAGES, INFLATION AND MORE. TEST YOURSELF! Those who scored 80% or higher (four or more in the five-question test) were more likely to: Buppose you had C00 in a sovings account and de interat sate wia 2% per year. Abur 5 yara, how mach do you think you wold a in an account 2he manwy waa te so grow Aговnd с10г Be aged over 25 Work full-time Around €105 Around €110 NOT SURPRISINGGASFEOPIECAN LEARN THROUGIAL EREI AND EXPERI I A IY A Imagine the iteres re on your savings account was 1% and inbation wia 2% per year, Aher one yar, how much woald you be le to buy with tha morary in thia 25 ccouat More than today Manage their money very carefully - going through bank Exactly the same as today Not argue with their life partner about money Less than today statements, credit card bills and other documents thoroughly ITinmerest sates rise, what wil ypieally hppen to bond prioes? every month HIT SOME DO STILL. HAVE DBAGREE- MENTS OVEH MONEY - SUCH AS IP ONE HAIE GOS ON A SPENDING SPKEE, ANNOYINтHE OTHER. WHEN ASKED "нOW DO TOU KEEР СONTROL They will rise OF YOUR MONEY", THE PERCENTAGE WHO They will fall They will stay the same ANSWEKED VERY CAREFULY WAS 63 NO ONE QUmcre CORECT A 16 year mortgage typioally reguires igher monthly payments dan a 30-yoar ongage, but the total intserat paid over the life of the loan will be len. CORRCT True False It might come as a surprise but those who scored well And have some "financial Make their education", such as school, university or studying online resources or from books were not necessarily For the sae anount of money a person can eater one of De following loueries. Lotery A poys a prise of 8300 ad the chance of winring in 5. Lottery 8 payaa prine of S00,000 and ae chance of wirming ia 0.01%. eiher can, Ifone does not wrin, one does aot get any money. Which lottery pays the higher avenge anount own financial happier with their lives. And almost one-in-five decisions INSTEAD OF RELYING ON OTHERS (18%) of them admit to Remember, it's never too late to learn. spending longer shopping for clothes than looking for a good savings account. 30% OF THOSE WHO SCORED BO% OR MORE Lottery A TO MAKE CHOICES FOR THEM. Lottery B DIDNT HAVE ANY FINANCIAL EDUCATION, COMPARED WITH 46% OF THOSE WHO The twe letteries pay the same aerage amount SCORED LESS. Soure: ING International Survey on Financial Competence www.esonomics.com/lis_financial_competence (Anremra e, e, ba, a]