FINRA's new 5-question financial capabiliy quiz is out today
FINRA's new 5-question financial capabiliy quiz is out today
If you took FINRA's 15-question financial capability quiz last month, you may want take their new 5-question quiz, which shows you State-by-State results.
If you want to take this new 5-question quiz and see how your results compare to others in your state, it's at: http://www.usfinancialcapability.org/submit_quiz.php
Note: The survey found disparities between states when it comes to how its residents handle day-to-day finances and save for the future. California, Massachusetts and New Jersey topped the capability list. Those states ranked in the top five in at least three of the five measures in the survey. Mississippi, Arkansas and Kentucky placed near the bottom in two or more of the five measures. Age also plays a factor. Millennials in particular showed signs of financial stress. Those 34 and under were more likely to take out a loan or hardship withdrawal from a retirement account, or make late mortgage payments.
If you want to take this new 5-question quiz and see how your results compare to others in your state, it's at: http://www.usfinancialcapability.org/submit_quiz.php
Note: The survey found disparities between states when it comes to how its residents handle day-to-day finances and save for the future. California, Massachusetts and New Jersey topped the capability list. Those states ranked in the top five in at least three of the five measures in the survey. Mississippi, Arkansas and Kentucky placed near the bottom in two or more of the five measures. Age also plays a factor. Millennials in particular showed signs of financial stress. Those 34 and under were more likely to take out a loan or hardship withdrawal from a retirement account, or make late mortgage payments.
Frank R. Cirullo |
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"It isn't what we don't know that gives us trouble, it's what we know that ain't so." -- |
Will Rogers
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Re: FINRA's new 5-question financial capabiliy quiz is out t
Try this post, some one beat you
http://www.bogleheads.org/forum/viewtop ... 0&t=117370
http://www.bogleheads.org/forum/viewtop ... 0&t=117370
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Re: FINRA's new 5-question financial capabiliy quiz is out t
They must have excluded the legislative bodies when they administered the test.fcirullo wrote:If you took FINRA's 15-question financial capability quiz last month, you may want take their new 5-question quiz, which shows you State-by-State results.
If you want to take this new 5-question quiz and see how your results compare to others in your state, it's at: http://www.usfinancialcapability.org/submit_quiz.php
Note: The survey found disparities between states when it comes to how its residents handle day-to-day finances and save for the future. California, Massachusetts and New Jersey topped the capability list. Those states ranked in the top five in at least three of the five measures in the survey. Mississippi, Arkansas and Kentucky placed near the bottom in two or more of the five measures. Age also plays a factor. Millennials in particular showed signs of financial stress. Those 34 and under were more likely to take out a loan or hardship withdrawal from a retirement account, or make late mortgage payments.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Re: FINRA's new 5-question financial capabiliy quiz is out t
Thank you. I did not see the previous post. FINRA sends me e-mails, and I just got this new 5-question quiz from them. Sorry!
Frank R. Cirullo |
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"It isn't what we don't know that gives us trouble, it's what we know that ain't so." -- |
Will Rogers
Re: FINRA's new 5-question financial capabiliy quiz is out t
The sad thing is that so many folks won't even get those simple questions right or even understand some of the basic principles.
- zaboomafoozarg
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Re: FINRA's new 5-question financial capabiliy quiz is out t
The average score on this quiz is 57.6%?
Re: FINRA's new 5-question financial capabiliy quiz is out t
My wife, without any experience with investing, got 4 out of 5. How is the avg score so low?
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Re: FINRA's new 5-question financial capabiliy quiz is out t
Simple, read page 2 of the WSJ today - where some chap who's $50K underwater on his townhouse, decided to leverage up because he's in the construction industry and believes the economy is turning around. He couldn't sell his townhouse and so is renting it out whilst taking that leverage and purchasing yet another property. People never learn and his behavior is representative of the masses at large.hlfo718 wrote:My wife, without any experience with investing, got 4 out of 5. How is the avg score so low?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
- bertilak
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Re: FINRA's new 5-question financial capabiliy quiz is out t
zaboomafoozarg wrote:The average score on this quiz is 57.6%
I'd say it's even lower than 57.6%.hlfo718 wrote:How is the avg score so low?
Here is the raw data:
Note that Washington DC got more right than the national average but they also got more wrong! Despite that they were more sure of their answers.
I would calculate the score as (right-wrong)/total
- National average:41.4%
Wash DC average:40.8%
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Re: FINRA's new 5-question financial capabiliy quiz is out t
So do they update the average when someone takes the test, or is the average score from when they tried out the test on FINRA advisors first?