Please ensure Javascript is enabled for purposes of website accessibility

According to This FINRA Foundation Quiz, 76% of Millennials Have Absolutely No Clue

For real?

 


Now, I'm no accountant (as some of you like to remind me every. single. day) but I'd like to think I know a thing or two about money. Spending it, especially. Not to brag but I got 5 out of 5. Really, I'm not bragging, the questions aren't hard at all.

For example:

Suppose you have $100 in a savings account earning 2 percent interest a year. After five years, how much would you have?

I suck at math so if you asked me exactly how much, I'd probably get that wrong (the answer is $110.41 by the end of the fifth year, some of you mathletes may have figured that out before you even got to this sentence). But the quiz doesn't ask that. Here are your 4 options:

Well that's easy enough. ISN'T IT? Lord, don't tell me any adult got this question wrong ever or I've really lost faith in the world.

How about this one?

Imagine that the interest rate on your savings account is 1 percent a year and inflation is 2 percent a year. After one year, would the money in the account buy more than it does today, exactly the same or less than today?

Are you joking? 1 < 2, so even if you don't understand the basics of interest and inflation, you should at least understand that inflation will eat up your interest. Right? Please say right. Please?

The national average for correct responses is under 3. So, basically, we're screwed.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a Newton's cradle drawing on a chalkboard

These Twelve Questions Will Help You Figure Out If You’re Happy at Work

I’m positive none of you need a list to know whether or not you are happy at work but you’re getting one anyway. The Well+Being newsletter from The Washington Post recently shared this simple 12-step quiz, a proprietary survey created by Gallup and based on research from 2.7 million workers across 50 industries worldwide. The […]

Is It Time To Break Up With Your Big 4 Firm? A Quiz

Some of you are familiar with the ubiquitous Cosmopolitan Magazine quiz and for those of you who aren’t, well, sorry you’ve never quantified your sex life using a five question quiz developed by some sassy intern. Today we’ve got one of our own. Is It Time To Break Up With Your Big 4 Firm? Pick […]