Test your money smarts - CBS 3 Springfield - WSHM

Test your money smarts

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Personal finances are top of mind for many people. No matter how often you may think of your pocketbook, however, a financial literacy quiz developed by the U.S. Department of Treasury and other federal agencies found that many Americans lack important money-management skills.

Approximately 61 percent of Americans got two out of five basic questions wrong on the finance quiz, developed in 2012. This may explain why nearly 20 percent of consumers spend more than they earn.

Additionally, only 40 percent have funds set aside for emergencies. Think you are savvier about your money? Take the quiz in the slideshow above to find out.

Written by Andrew Housser. Andrew is a co-founder and CEO of Bills.com, a free one-stop online portal where consumers can educate themselves about personal finance issues and compare financial products and services. He also is co-CEO of Freedom Financial Network, LLC providing comprehensive consumer credit advocacy and debt relief services. Housser holds a Master of Business Administration degree from Stanford University and Bachelor of Arts degree from Dartmouth College.

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