lol romania
this post was submitted on 27 Apr 2024
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Fascinating how Finland has one of the best literacy scores and worst behaviour scores. Apparently Finns understand how to be financially responsible and simply do not care for it
The questions weren't about esoteric financial instruments that allow the rich to get away with murder, they were home ec style questions:
Stuff like
Imagine that someone puts €100 into a savings account with a guaranteed interest rate of 2% per year. They don’t make any further payments into this account and they don’t withdraw any money. How much would be in the account at the end of five years, once the interest payment is made?
Now imagine the following situation. You are going to be given a gift of [€1,000] in one year and, over that year, inflation stays at 2%. In one year’s time, with the [€1,000], will you be able to buy: [more, less, or the same]
Which of the following is true? An investment with a higher return is likely to be: [more risky, less risky]
Maybe part of the reason governments keep bailing out bad financial moves by private companies is because the electorate has decided investing is black magic and ignores it.
€100 into a savings account with a guaranteed interest rate of 2% per year. How much would be in the account at the end of five years, once the interest payment is made?
That's an insanely hard problem to know the equation and do it in your head. Because the interest compounds (current year plus interest adds to last year's total).
The equation is P( (1+r/n)^t*n -1)
If someone asked me to calculate it in the street I would be blue screening but here it was a multiple choice with the options set in a way that you don't really have to calculate compound interest at all, you just had to know it exists (over 110€).
Check the article. It's pretty easy to choose the right option.
Thank you for starting a sensible comment thread. Unless we plan to go back to bartering, basic financial literacy is important. It doesn't make you an evil exploiter to understand that we use money as a go-between for trading goods and services and what the consequences of that can be for someone trying to build a life or business.
Unless we plan to go back to bartering, basic financial literacy is important. It doesn't make you an evil exploiter to understand that we use money
Pretty much this. If people have a better understanding of how our system is supposed to work, they'll get angry when the ~~rich~~ bad people take advantage of it.
How can anyone expect to be financially literate when the rules of capitalism keep changing and economists never agree with each other on anything?
The questions are basically "what is inflation?" and "what did they teach you in high school about investing in stocks?"
They're pretty trivial.
I agree that the rich are able to get away with weird financial fuckery because they own regulators. But that may be because the average voter doesn't understand how investments are supposed to work.
I think some of the questions there are trivial. I don't think all of them are. Take the third question. I don't think it's a trivial question and I don't think that not knowing that bond prices drop when inflation rises is something that shows financial illiteracy. It's not really something most people have to worry about in the first place in terms of something within their control.
Yeah, the bond question doesn't seem relevant to most people (unless they're building a trading portfolio), but the questions on inflation and buying power shrinking over time are extremely important.
Inflation is not exactly a new concept, and not that difficult to understand. I
This is the best summary I could come up with:
The best performers were the Netherlands (43%), Denmark (40%), Finland (40%) and Estonia (39%) where about four in 10 respondents display a high level of financial knowledge.
While the scores of France and Italy were slightly below the EU average, this figure was noticeably low in Spain at 19%.
Proportion answering this question correctly ("Less than you could buy today") was below 60% in Cyprus, Portugal, Greece, Romania, and Italy whereas Finland and Estonia had the highest share at 84%.
The proportion with a high score varied between from 11% in Portugal and Latvia to 27% in Denmark, Slovenia and Sweden, and 28% in the Netherlands.
To illustrate, when participants were asked whether they keep track and monitor their expenses, only 16% in Finland replied, "completely agree".
The EU is working to ensure that its citizens have the knowledge and skills they need to make good financial decisions.
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