Financial Literacy Assessment questions Section 1 - Managing your Money/ Budgeting 1. At the end of a typical month, do you... Score Guide Result a) Have money left over for savings. 4 b) Just break even after paying alls and buying what you need. 3 c) Come up short and have to borrow from family or friends. 2 d) Add to your credit card, take out a payday loan or take on other debt to get by. 1 Subtotal: 0 2. Have you ever created a personal or family budget? Score Guide Results a) Yes, I keep my budget regularly. 4 b) Yes, I did a budget once but don't use it reguarly. 2 c) No, I have never created a budget 1 Subtotal: 0 3. Do any of the following apply to you? (Check all that apply) Answer Results a)Do you have any credit card debt? Yes:0, No:1 b)Do you use pay day loans? Yes:0, No:1 c) Do you have unpaid medical loans? Yes:0, No:1 d) Are you behind on your rent or mortgage? Yes:0, No:1 e) Are you behind on you card payment? Yes:0, No:1 f) Do you have other outstanding debts or collections? Yes:0, No:1 Subtotal: 0 Section 2 - Banking Services Score Guide Results a) Do you have a cheking account? Yes:1, No:0 b) Do you have a savings account? Yes:1, No:0 c) Do you balance your checkbook? Yes:1, No:0 d) Do you use an ATM machine? Yes:1, No:0 e) Do you know how to apply for a bank loan? Yes:1, No:0 Subtotal: 0 Section 3 - Credit 1. Do you know your credit score? Score Guide Results a) Yes, it is above 680 4 b) Yes, it is between 620 and 680 2 c) Yes, it is less than 620 1 d) No, I don't know it 0 Subtotal: 0 2. Do the following apply to you? Score Guide Results a) I am behind on my credit card payment Yes:0, No:1 b) Have you used credti cards to solve your financial problems? Yes:0, No:1 c) Are you getting calls from collection agencies? Yes:0, No:1 d) Have you ever filed for bankruptcy? Yes:0, No:1 e) Do you have any judgetment (IRS/Child support/court fees/ lien)? Yes:0, No:1 Subtotal: 0 Section 4 - Financial Goals 1. If you needed $2,000 for an emergency, where would you get it? Score Guide Results a) I have at least $2,000 in savings 3 b) I have other assets I could sell or cash out ( like a 401 (k) account) 2 c) I could borrow the money from family or friends 1 d) I would get a credit card advance, a payday loan or other new debt 0 e) I would not be able to get the money 0 Subtotal: 0 2. How many of the following are true for you (check all that apply)? Score Guide Results a) If a lost my job, I would be eligible for unemployment insurance 1 b) I have transferrable skills or education that would help me find a new job if I lost mine 1 c) My family has more than one source of income 1 d) I have 3-6 months expenses in savings 1 e) I have a life insurance policy that would provide for my children if anything happened to me 1 Subtotal: 0 3. Looking ahead one year, which of the following represents your greatest financial goal? Don't Score a) I will have my debt under control b) I will be able to pay my bills each month and still have some money left over c) I will have money saved for an emergency d) I will have saved enough money to by a large purchase e) I will have a back-up plan for my family if something happens to me f) I will feel less stressed about money overall Subtotals Managing your Money Budgeting 0 Banking Services 0 Credit 0 Financial Goals 0 Grand Total 0 Recommendations for Participants Section 1-Managing your money (budgeting) If you scored, 1-3 You could benefit from financial education resources for budgeting and money management. 4-6 You have made a good start but you could still benefit from taking budgeting classes 7-10 You are doing well but there is always room for improvement! You could work on more long term goals through investment options. Section 2-Banking Service If you scored, 0-4 You could benefit from taking banking classes 5 No need to refer to banking services. Section 3- Credit 0-8 You could benefit from taking credit education classes (learn how to avoid credit traps and understand credit scoring) 9 No need Section 4- Financial Goals If you scored, 1-3 You could benefit from taking financial educations classes to set short term, mid- term and long term goals. 4-6 You have made a great start but you could benefit from setting mid-term and long term goals, 7-10 You are doing well but there is always room for improvement. Set more long term goals and invest! Learn how through financial education class.
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