Finders.com.au has issued the results of their Finder’s Money Savvy Challenge of last year. And the results aren’t pretty.

The challenge tested the financial literacy of Australians. It found we are hopelessly confused about life insurance, travel cards, and credit cards.

The results would go some way to answering the question surrounding the poor savings records of Australians.

It seemed we scored well on questions focused on personal loans and home loans, suggesting we are good at borrowing.

But when it comes to identifying good savings products we performed less well.

Of all the states Tasmania received the lowest score – averaging 66.2 per cent. New South Wales had the greatest number of outright failures. Western Australia received the highest score, averaging a healthy 67.4 per cent.

Only 1.16 per cent of the respondents were able to score 100 per cent on the test.

“The results from this quiz show that many Australians don’t know the basics about banking,” said Michelle Hutchison to new.com.au. “It’s very concerning to see so many people get these simple questions wrong, and so many failing the quiz.

“Financial literacy is an important issue in Australia as too many Australians don’t know enough about money and banking. This can lead to wasting money on banking products that don’t suit you, staying with the same products for too long, missing out on better deals and relying on bankers and institutions to give you advice that may not necessarily be in your best interest.

“That’s why we’ve launched the finder.com.au Money Savvy Challenge for the second year: to help raise awareness about financial literacy.”

Finders.com.au is also prepared to donate $10,000 to 35 Australian charities chosen by Australians who take the quiz.

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