Financial illiteracy comes with a price
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Your 2-minute guide to demystifying money and making you richer
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The price of being financially illiterate
Most British people fail to pass a simple financial literacy test, according to a survey done by Shepherd’s Friendly, a financial services company. In fact, 73% of Brits fail the Shepherd’s test, which asks basic questions about tax and interest.
You can take Shepherd’s test at the bottom of this page.
There are lots of different financial literacy tests. Some of them test your knowledge of personal finance concepts, like tax and pensions, while others focus on your ability to do math problems, like calculating compound interest.
But it doesn’t matter which type of test you give people. Most people fail, most of the time.
Dismally, only 1% of UK teachers think…