Infographic Of The Day – Who Is “Financially Competent?”

Infographics are a fantastic way to learn for those that prefer a visual representation of subject matter.  Once a week, I will feature an infographic that details a basic financial concept with stunning clarity.  As a blog dedicated to financial education and the elimination of financial illiteracy, I figured I’d start with an inforgraphic that portrays the financially competent.

Today’s infographic is brought to you by eZonomics.

2012_financial_competence-6

While the 5 questions asked of the participants seem very simple for anyone in the financial industry, I can see how people might get tripped up on question 3 and question 5 if you don’t stop to think about it.  Still, it’s interesting to see what characteristics are common in those that answer at least 80% of the questions correctly.

I would think that the percentage of people that argue about money would be a RESULT of finanicial competency and not the other way around.  That’s like saying, “I’m financially competent because I pay my bills”.  I would argue that you pay your bills BECAUSE you’re financially responsible and you are aware of how not paying your bills would affect your credit worthiness.

Still, a good infographic and the first of many to come.

READERS:  Who likes the ingenious aspects of infographics and considers them a great tool for those that prefer to learn visually?

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Comments

  1. Not all infographics are created equal, but I do think this one was well put together. My favorite thus far is one that shows how big our solar system is. However, I’ve also seem many infographics I thought were just facts on a page.

    • I agree. I seen some great ones and some terrible ones. The infographics that are well put together do such a good job at explaining complex information in a simple and efficient manner.

  2. Spanky says:

    Number 5 was hard

    • I purchased a few hundred tickets to test it. I won an average of $10 in option 1 and $9 for option 2.

  3. Nathan Duke says:

    The section on “Percent who manage their money carefully” tells it all: the more you know about your finances, the more you care.
    It would be interesting to see some kind of net worth chart along with this study.

    • I would have liked more data also. I’ll look for an infographic that dives deeper into the data.

  4. I love taking the tests to see if I meet the grade. I took one the other day on recognizing skin diseases. Gross, but interesting nonetheless. I scored 50% on that one.

    • I love taking these general tests also James. That’s funny that you mention that – I just noticed a mole on my hand today. How can I get your assessment?

  5. It surprises me that the more financially competent people, with all of these good things going for them, aren’t happier with their lives. I would thing people who know more, fight less with their spouse, etc, would be happier!

  6. I loved the infographic. I’m a visual person so I like it along with a good read. I got 4! Should have put more effort into the last question. haha!

    • I figured question 5 was designed to make it look like the second choice was a better option. Some quick math confirmed it at $10 vs $9. Still, the two are very close together.

  7. ElizaP says:

    I know too many people in their mid 20’s who still have trouble keeping their checking account above 0. Although physically balancing a checkbook seems outdated, I will admit that I still do it. I’ve done it for years and it’s a great feeling to know exactly how much money I have down to the penny. Does anyone know if personal financial management basics are taught in school? If not, they certainly should be.

  8. Financial competency tends to aligned with age. The older you become, the more responsible and knowledgeable people become. However, it is still amazing how many people rely on their partner to handle the finances, leaving them in the dark about their financial status.

    • It’s advantageous for both parties to be aware of the finances and you said. I see too many spouses come into my office after the other passes. Many do not know how much money they have, what they own, etc.

  9. I would like to think that I’m financially competent, but I don’t hit all of these marks. For instance, I’m not over the age of 25 (just under). I do work full time though, and my partner and I rarely (if ever) argue about money.

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