Tuesday, April 16, 2024

What is the retail industry’s financial health score?

The Financial Consciousness Quiz, launched by Comparethemarket.com.au is a quiz to help find out where you and other industries sit on the financial literacy and health scale.

The 10-question test based on its recently released Financial Consciousness Index (FCI), tests around 3000 Aussies on various aspects that make them financially, ‘conscious’.

More than 65,000 Aussies have taken the Financial Consciousness Quiz since it launched three years ago.

The Quiz asks questions on the topic of:

  • An individual’s ability to meet their money commitments
  • The extent to which they have control over their finances
  • Their approach to finances
  • Their knowledge about interest rates vs inflation on savings
  • Their knowledge of share investing
  • Where individuals go for financial advice
  • Personal budgets
  • Personal super funds
  • How often they monitor RBA rate announcements

The average score for workers in the retail industry is 51 out of 100, placing them in the ‘Conscious’ category. This means they have decent financial capability and are willing to make improvements to key financial matters than impact on their money.

“Our results reveal that workers in the retail industry are on par with the Australian average,” says General Manager of Digital Banking at comparethemarket.com.au, David Ruddiman.

“This means that these industry workers typically have a strong understanding of personal finances and are great at sticking to their budgeting goals.”

In comparison, individual who fail – and received a score less than 45 – have a basic understanding of financial concepts and products but may find it challenging to apply financial knowledge to their day-to-day financial decisions and planning.

“Regardless of how you score, it is a good idea to continuing updating your knowledge of financial products and money strategies to continue improving your financial situation.

“Now, more than ever, being financially well and improving one’s finances could be the difference between getting ahead or falling behind fellow Aussies during the recession.”

To take the 10-question Financial Consciousness Quiz to find out how you score, head to comparethemarket.com.au/financial-consciousness/the-quiz/

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