Is your financial health score is better than the real estate and construction average?
Comparethemarket.com.au has released the Financial Consciousness Quiz, a ten-question test based on its recent Financial Consciousness Index (FCI) which tests around 3,000 Australians on aspects that make them financially ‘conscious’.
Test takers can now see how they fare against the average worker in the construction industry when it comes to budgeting, money products and understanding of financial concepts.
It asks questions about an individual’s ability to meet their money commitments, the extent to which they have control over their finances, their approach to finances and their knowledge about interest rates vs inflation on savings among others.
This year’s FCI found that the average score for workers in the real estate, hiring and construction industry is 59 out of 100. This places them in the ‘rising up the ranks’ category, which means they are financially aware, have a strong understanding of financial concepts, are actively involved in financial decision making, and are willing to broaden their financial knowledge.
Individuals who fail and receive a score of less than 45 have a basic understanding but find it hard to apply financial knowledge to their day-to-day decisions and planning.
“Our results reveal that workers in the real estate and construction industry performed eight points higher than the Australian average. This means that these industry workers typically have a strong understanding of personal finances and are great at sticking to their budgeting goals,” comparethemarket.com.au general manager of digital banking David Ruddiman says.
“Regardless of how you score, it is a good idea to continuing updating your knowledge of financial products and money strategies to continue improving your financial situation. Now, more than ever, being financially well and improving one’s finances could be the difference between getting ahead or falling behind fellow Aussies during the recession.”
The quiz can be found here.