since I’m too scared to read it I’m just going to answer ‘No fucking way.’
woah, 22 seconds into the video, we ear this gem:
‘people who aren’t financially literate especially women and the pooooor face barriers that keep them out of the financial system.’
yeah, riiight (we say in Québec: “bin oui”)
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Really? Which index is used? Or … don’t tell me … they didn’t specify that … or the index they did specify fell into “redundancy” … and, exceptions and exemptions to tax didn’t need to include the amendment (because they forgot to specify) … and national insurance doesn’t count … and … don’t pass any more legislation like that, chaps, alright?
Politicians - they’re crooks. One little change to “allowances”, and my family became at one stroke about 4,000 worse off per year.
4,000 quid. Fuck - I hate politicians.
Question: Suppose you have some money. Is it safer to put your money into one business or investment, or to put your money into multiple businesses or investments?
Does ‘paying off credit card bills’ count as an investment?
Question: Suppose over the next 10 years the prices of the things you buy double. If your income ALSO doubles
amused snort That’s a good one.
Question: Suppose you need to borrow $100. Which is the lower amount to pay back: $105 or $100 plus three percent?
The payday loan place is going to demand both amounts, and more, in fees.
Question: Suppose you put money in the bank for two years
HAHA! You’re funny!
Question: Suppose you had $100 in a savings account
HAHAHAHAHAHAHAHAgasp cough Man, I laughed so hard I couldn’t breathe.
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Yes it does.
(With the usual caveats of using cascading payments to kill those debts ahead of term, and to avoid acquiring new debt. Otherwise you’re just on a treadmill.)
Yup, and investment in the “not getting your legs broken by collections” fund.
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Thank you bishop.
1-4 are flat out leading questions.
It makes you wonder if there was an agenda there – could it be the rest of the test is actually mostly the serious do-compound-interest-in-your-head questions while the sample questions quoted in the press are mostly braindead “Will the bank add MORE money to your account the second year than it did the first year” to make the low pass rate look surprising?
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Doesn’t matter here. Just stop assuming things that aren’t there into the question.
I think there might be something to how much this question is crying out to be more complicated/realistic than it is (are these questions meant to look easy? Are they fishing for a headline like ‘67% of people fail test that asks if 105 is bigger than 103’?)
The Bank of the Mid 1980s
I felt very much that way with question 3 because if I’m putting money into a bank for two years and they agree to add 15% interest to it per year my very first assumption is that it’s a prorated simple interest rate, because it doesn’t include the word “compounding”.
It was only that the title of the question is “Interest Compounding” that made me think it was supposed to be testing if I knew what compounding interest was, rather than just whether I could be tricked into a lower effective interest rate through word weaseling.
Oh, so we’re somehow supposed to magically know to assume a spherical cow with a can opener operating in a frictionless vacuum? Outside of academia, that doesn’t work.
If that’s the case and they gave the test to people other than professional academics, then the test is fundamentally flawed. (And if they only gave it to professional academics then it’s fundamentally flawed in a different way.)
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I wonder—if the data was collected in 144 countries, was the survey translated into local languages? If so or if not, how might that have affected the results? (I didn’t see anything about that on the linked page, and don’t have time to dig deeper…it’s just a passing curiosity…)
After 20 year you would have 1,636.65. What’s interesting about that?
The fact is that if you have interest rates of 15% it would be because you have higher inflation than that and most likely the economy is going down the drain (most likely there has never been a country that had 20 consecutive years with such level of interest rates, such a rate would be transitory in the way to higher rates in a very unstable economy, or to lower rates in the way to stability).
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