Crunching the numbers on those who scored 80% or higher (four or more in the five-question test), some interesting characteristics of “financially competent” people emerged. They were more likely to:
Be aged over 25 – this is not particularly surprising as people can learn through trial, error and experience as they age)
Not argue with their life partner about money. But some do still have disagreements over money – such as if one half goes on a spending spree, annoying the other.
Manage their money very carefully – going though bank statements, credit card bills and other documents thoroughly every month.
Make their own financial decisions instead of relying on others to make choices for them.
It’s never too late to learn
The “financially competent” were also more likely to have some “financial education”, such as school, university or studying online resources or from books. In fact, about a third (or 30%) of those who scored 80% or more didn’t have any financial education, compared with about half (or 46%) of those who scored less than 80%. Remember, it’s never too late to learn about money – and these results suggest it’s a good idea.
Our infographic builds a profile of “who is financially competent” and lists the five-question test, so you can check your results.
This article is related to the ING International Survey: