Every two years, the Jump$tart Coalition issues a “personal finance” exam to high school seniors.
The test highlights the importance of personal financial literacy among America’s youth and comes at an especially important juncture.
Many experts — including Fed Chairman Ben Bernanke — believe that basic financial knowledge is essential for (and lacking in) teenagers. Jump$tart’s exam did little to disprove this.
This year, 12th graders answered 48.3% correct on average and posted the lowest scores since Jump$tart first issued the test in 1996.
A sample question from the 31-question test:
Which of the following types of investment would best protect the purchasing power of a family's savings in the event of a sudden increase in inflation?
- A twenty-five year corporate bond
- A house financed with a fixed-rate mortgage
- A 10-year bond issued by a corporation
- A certificate of deposit at a bank
Find out the answer to the sample questions and 30 other questions by taking the complete Jump$tart Personal Financial Literacy test for yourself online.
The average adult scores 68%.