How money savvy are you?

AUSTRALIANS are clueless when it comes to savings, rewards points and credit cards, a finance quiz has revealed. Test yourself to see if you get the banking basics.

AUSTRALIANS are worryingly ignorant on financial matters, especially when it comes to money knowledge that could be vital for our future.

We are least informed about savings, life insurance, credit cards and travel cards, the results of Finder’s Money Savvy Challenge revealed.

Most of us are hopelessly confused when it comes to earning rewards points, and whether the government guarantees savings: meaning we’re probably failing to make the most of our earnings.

Australians scored highly when it came to questions on personal loans and home loans, however, suggesting we are very good at borrowing — less so at smart saving and spending.

Tasmania performed the worst of any state, with an average score of 66.2 per cent, although New South Wales had highest number of outright fails.

The best performing state was Western Australia, with an average score of 67.4 per cent.

Only 47 Australians scored a perfect 100 per cent — just 1.16 per cent of the respondents.

“The results from this quiz show that many Australians don’t know the basics about banking,” Michelle Hutchison told news.com.au. “It’s very concerning to see so many people get these simple questions wrong, and so many failing the quiz.

“Financial literacy is an important issue in Australia as too many Australians don’t know enough about money and banking. This can lead to wasting money on banking products that don’t suit you, staying with the same products for too long, missing out on better deals and relying on bankers and institutions to give you advice that may not necessarily be in your best interest.

“That’s why we’ve launched the finder.com.au Money Savvy Challenge for the second year, to help raise awareness about financial literacy.”

As an added bonus, there’s $10,000 on the table to go to the top 35 charities chosen by the Australians who take the quiz.

How much do you know about your finances? Try the Money Savvy Challenge here.