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Click on the link below to find out your Financial IQ score.
To discover how well you understand financial concepts, click on the link below.
Answer five questions to get your FIQ score. Please answer as truthfully as possible to get the most accurate score.
Understanding
Control
Preparation
Confidence
Resilience
FIQ ranks financial resilience on a scale from 0 to 10. A high index score is a ranking above 6, scores from 4 to 6 are classified as medium, and a low score is under 4. To find out more about FIQ please click below.
FIQ is calculated on responses to five questions, which assess your approach towards your personal finances and how prepared you are for a financial shock. A lower index score suggests you could struggle to cope with some financial shocks, a higher score may indicate you're more resilient.
Speak to one of our agents if you would like a comprehensive view of your financial position and how you could improve your outlook.
Answer three questions to test your financial literacy and see what you know!
Interest rates
Inflation
Investment Risk
Drs. Annamaria Lusardi and Olivia Mitchell developed the “Big Three” financial literacy questions in conjunction with the Organization for Economic Cooperation & Development (OECD) to test a person's knowledge of compounding interest, inflation, and risk diversification.
Our survey found that just 27% of the population in the U.S. and Canada can answer all three questions correctly.
With a 2% interest rate per year, after the first year you would have $102. The next year the interest rate would apply to the original $100 and the $2 of interest from the first year, i.e. $102, and so on for five years. This process is called compounding, whereby interest is credited to an existing principal amount and to interest already paid.
Inflation is when money loses value over time. It’s happening constantly as things are generally more expensive than they were a few years ago. For example, think about what you could have purchased with $10 over the past few decades. To protect against inflation, many people try to grow their wealth. But when inflation outpaces returns, you have decreased relative “purchasing power” of money. This means you can purchase less with that money today, than you could have purchased with it last week, last month or last year.
By investing in a mutual fund, you are investing in a varied portfolio of stocks, bonds and other securities. This means the investment is diversified. Diversification is a common investing strategy used to manage risk. Rather than concentrate money in a single company, industry or sector, investors diversify their investments across various companies, industries, and asset classes.
Speak to one of our agents if you would like a comprehensive view of your financial position and how you could improve your outlook.