How good are you with money?

Test your own financial literacy and financial wellness against these Financial Services Board (FSB) measures.They are divided into four domains: 1. FINANCIAL CONTROL If you have “high financial control” you will tend to be involved in daily financial decision-making processes, exhibit a careful approach to personal finances, prefer to save rather than spend money; and live in a household that budgets and is able to make ends meet. 2. FINANCIAL PLANNING You score well in this domain if you tend to set financial goals and work hard to meet them, preferring to save for the long term; worry about tomorrow rather than yesterday; have an emergency fund in place; and have managed to save recently (either through a formal savings product or by informal means). Wonga.com should take note of this domain, particularly the emergency fund, which should equal at least three times, but preferably six times, your monthly income. 3. FINANCIAL PRODUCT CHOICE You receive a high score if you:

Have a broad awareness of different types of banking, credit/loan, savings and investment (including retirement fund membership), and insurance products;

Have at least one of each of the four product types mentioned above;

Believe you have a clear understanding of which financial products you need and undertake detailed research before choosing a product; and

Have no regrets about recent financial product decisions (last year) and have not used an unsuitable product in the past five years. 4. FINANCIAL KNOWLEDGE AND UNDERSTANDING In this domain you must be familiar with most or all of the following basic concepts: basic mathematical division, effects of inflation, interest paid on loans, interest earned on deposits, compound interest, risks of high-return investments, effects of inflation on the cost of living and risk diversification.

If you do not have most of these attributes, you need to do something about it.