Your result for The (Federal Reserve's) Financial Literacy Test ...

In Big Trouble

You answered 12/31 correctly.

Your score was far below average for an American high school senior in 2008.

If you're very young and haven't really been exposed to money, this is fine. But note that this sort of thing is actually very important to your future. Pay attention when you hear people talk about money, and think carefully about the things they say. Weigh others' advice about money according to how much money they actually have, and MUCH more importantly how they got it. Think about whether it would be practical for you to get money the same way they did. As a general rule, you should not buy advice from anyone who's trying to sell it to you.

If you're in high school, or have dropped out or graduated, you are in big trouble. It's likely you'll be taken advantage of, and make some extremely poor financial decisions. Your quality of life will be significantly lower than that of someone who makes the same amount of money and is financially literate. I'm afraid I have no good advice for you, except to find a way to learn a little bit about money. It's not particularly hard, and shouldn't take anyone more than a couple months. Your local community college might offer a course on personal finance. An investment of only a couple hundred dollars and some thought could improve your life a LOT.

There's an answer key with explanations in my journal, but... don't cheat. You're only cheating yourself.

The other categories were:
Below Average
Average
Above Average
Financially Literate
Personal Finance Expert

Your Analysis (Vertical line = Average)

  • Literacy Distribution

    You scored 12% on Literacy, higher than 13% of your peers.

All possible test results

In Big Trouble

Your score was far below average for an American high school senior in 2008. If you're very young and haven't really been exposed to money, this is fine. But note that this sort of thing is ... Read more

Average

You're relatively near the average for an American high school senior in 2008, which is about halfway between 15/31 and 16/31. Be warned: average on this test is NOT okay. America in 2008 is in the ... Read more

Above Average

You're above average for an American high school senior in 2008, which is about 15.5/31. If you're in high school, you do deserve some praise for surpassing your peers, but remember that America is i... Read more

Financially Literate

You're doing pretty well. You probably know enough not to be taken advantage of in ordinary situations involving money. Thanks for being part of the solution. You probably know the importance of fi... Read more

Personal Finance Exp

You're definitely part of the solution. Thank you, on behalf of your fellow citizens, for managing your money responsibly. But keep learning! As you probably already know, financial knowledge pays.... Read more

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