Menu
Sister Sites

  • Financial understanding reaching ‘dangerous’ levels after embarrassing test results

    From news.com.au

    A BASIC test designed to gauge our understanding of finance is proving too hard for most Aussies — and experts say our ignorance on the subject is reaching “dangerous” levels. Embarrassingly, more than 50 per cent of Australians couldn’t answer the simple set of five questions laid out by researchers as part of the latest Household, Income and Labour Dynamics in Australia (HILDA). Best-selling author of Unf*ck Your Finances and CEO of The Money Barre, Melissa Browne said the results are not surprising because the vital subject has been neglected in Australia for decades — and it is leaving us at risk. ... (full story)

He! He! He! Answered all 5 questions correctly. Basic questions about interest, inflation and risk! Too many tinnies and too much sunshine addling the Aussie grey matter.
Don't wait for the wind, take to the oars.
i'm ok 5 out of 5
Ignorance, regarding all things to do with finance, is rampant throughout the world. Simple lessons like how compound interest works, could be taught to children from a very young age, say 8, and up. But that would likely ruin the credit card business.
Banks are not our friends.
Interest rate payments on loans is rigged with the Rule of 72. Not only that any savings account that you have, with a bank, banks use the carry trade principle on the interest rate and lend out your savings to other customers. The banks keep the lions share and you get the scraps in your savings account.
Don't wait for the wind, take to the oars.
  • New Comment
  •  Guest
  • | IP X.XXX.16.173
Join FF
  • Story Stats
  • Posted: Aug 1, 2018 6:32am
  • Submitted by:
     Newsstand
    Category: Entertainment News
    Comments: 4  /  Views: 2,074