FINRA's new 5-question financial capabiliy quiz is out today

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fcirullo
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FINRA's new 5-question financial capabiliy quiz is out today

Post by fcirullo »

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.
Frank R. Cirullo | | "It isn't what we don't know that gives us trouble, it's what we know that ain't so." -- | Will Rogers
Johm221122
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Re: FINRA's new 5-question financial capabiliy quiz is out t

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Grt2bOutdoors
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Re: FINRA's new 5-question financial capabiliy quiz is out t

Post by Grt2bOutdoors »

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.
They must have excluded the legislative bodies when they administered the test. :twisted:
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
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fcirullo
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Re: FINRA's new 5-question financial capabiliy quiz is out t

Post by fcirullo »

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 | | "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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Blues
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Re: FINRA's new 5-question financial capabiliy quiz is out t

Post by Blues »

The sad thing is that so many folks won't even get those simple questions right or even understand some of the basic principles.
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zaboomafoozarg
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Re: FINRA's new 5-question financial capabiliy quiz is out t

Post by zaboomafoozarg »

The average score on this quiz is 57.6%?

:shock: :oops:
hlfo718
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Re: FINRA's new 5-question financial capabiliy quiz is out t

Post by hlfo718 »

My wife, without any experience with investing, got 4 out of 5. How is the avg score so low?
Grt2bOutdoors
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Re: FINRA's new 5-question financial capabiliy quiz is out t

Post by Grt2bOutdoors »

hlfo718 wrote:My wife, without any experience with investing, got 4 out of 5. How is the avg score so low?
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. :shock: :oops: People never learn and his behavior is representative of the masses at large.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
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bertilak
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Re: FINRA's new 5-question financial capabiliy quiz is out t

Post by bertilak »

zaboomafoozarg wrote:The average score on this quiz is 57.6%
hlfo718 wrote:How is the avg score so low?
I'd say it's even lower than 57.6%.

Here is the raw data:
Image
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%
That puts DC slightly behind the national average and, I would guess, WAY behind the average of all those who read this post. The questions are very, very, easy. That the national average is so low is scary. (See my sig!)
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet
FafnerMorell
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Re: FINRA's new 5-question financial capabiliy quiz is out t

Post by FafnerMorell »

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? :twisted:
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