Navigating Financial Literacy and Decision-Making

What can be a consequence of not considering future interest rate increases when taking out a mortgage?

• Decreased debt

• Loss of home

• Increased savings

• Improved credit score

What does financial literacy help adults to assess correctly?

• Their health

• Their financial situation

• Their educational needs

• Their social status

What is one of the three components of financial literacy?

• Physical fitness

• Knowledge of finances

• Artistic skills

• Scientific understanding

What skill do financially literate people possess?

• Ability to calculate interest rates

• Ability to paint

• Ability to perform surgeries

• Ability to write novels

Which group generally has a lower level of financial literacy?

• Women

• Children

• Teenagers

• Elderly men

How does upbringing affect financial literacy?

• Decreases literacy

• No impact

• Only affects physical health

• Increases literacy

What effect do incentives have on acquiring financial knowledge?

• Decrease interest

• No effect

• Irrelevant to learning

• Increase acquisition

What was a unique approach in South Africa to improve financial literacy?

• Dance competitions

• Sports events

• Cooking classes

• Financial topics in soap operas

What is a key goal of financial education programs?

• To entertain

• To improve financial literacy

• To increase spending

• To reduce income

What is the ultimate goal of financial literacy research?

• To promote global travel

• To enable better financial decisions

• To increase wealth

• To create more jobs