Only 27% Of U.S. Adults Can Pass This Basic Money Quiz. How Do You Score?

America’s financial literacy report card is in, and the results aren’t good.

Only 27% of U.S. adults passed a seven-question quiz about basic financial concepts, according to results from the FINRA Foundation’s latest National Financial Capability Study. The multiple-choice quiz tests general knowledge of inflation, interest rates and probabilities without the need for complicated math.

“Knowledge of everyday financial concepts remains a challenge for many Americans,” said Gerri Walsh, president of the FINRA Foundation, in a statement.

The foundation, which is the education arm of FINRA, the financial industry's self-regulatory body, has conducted the wide-ranging study every three years since 2009.

This year, the average score on the quiz was just 3.3 out of 7. In school terms, that’s about 47%, or an F. Only in 2009 did the average score equate to a passing grade. Then, the average number of correct answers was 3 out of 5, for a grade of 60% — barely a D.

The preliminary survey results released this month include only the scores for the financial literacy quiz. The remaining study, which includes a questionnaire on Americans’ financial situation and preferences from more than 25,000 adults, is slated for release in July.

The smartest states in the U.S. for financial literacy

FINRA Foundation’s sprawling survey includes at least 500 responses from each state. A breakdown of answers by state shows stark differences — with Minnesota barely edging out Wisconsin for the No.1 spot. In both states, more than 1 in 3 residents passed FINRA’s quiz.

On the other hand, Mississippi and Louisiana have the lowest share of residents who passed — both below 20%.

Here’s a look at how every state performed.

Think you can do better? Take the quiz yourself.

One bright spot is that, compared to previous quizzes, respondents this time showed “significant improvement” on the question related to inflation, FINRA said.

The question reads: “Imagine that the interest rate on your savings account is 1% a year and inflation is 2% a year. After one year, would the money in the account buy more than it does today, exactly the same or less than today?” The multiple choice answers are: more, less, same, or I don’t know.

This year, a high of 58% answered correctly, “likely reflecting the impact of lived experience as well as increased focus on the topic,” Walsh said.

According to FINRA’s past studies, respondents who do well on the quiz typically manage their finances better than those who don’t score as highly — particularly when it comes to habits related to saving, spending and managing debt.

America’s struggle with basic financial literacy has fueled a call for more personal finance education in the classroom. According to the Council for Economic Education, 35 states now require students to take a course in personal finance to graduate.

Proponents of personal finance education in schools hope the classes will translate into financially informed adults. However, recent studies suggest the newly acquired financial knowledge doesn’t always translate into better financial habits.

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