August 24, 2007

Bank sets personal finance exam

It has to be said that for most of us, exams are a thing of the past. Yet the past few weeks has been full of exam results, so in order to gauge the current level of personal finance expertise, the Abbey decided to set a test to see just how financial aware we are.

The test took the form of a ten question personal finance exam; this has been designed to go inline with GCSE standards. Now that is enough to get the heart pumping, the subjects covered were credit card interest, negative equity and secured loan repayments.

The results found that 25% scored A*, 30% scored A, and 21% scored B, so more than three quarters of those who took the exam hit the top three grades, however that left 24% that did not, which works out at around five million adults, or one in ten.

While the figures were initially encouraging, there is a worrying aspect of those who fall into the one in ten bracket, could we see banks introducing this to vet their customers? Only if they could get away with it!

Source [Loan Arrangers]

Filed Under Uncategorized