3 simple puzzles that half the world cannot solve

According to The Atlantic, most people in the world don't know how to manage their money. Evidence that they cannot answer the three simple financial questions correctly below.

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The three questions are as follows:

1. Suppose you have 100 USD in savings account, interest rate of 2% / year. After 5 years, how much money do you think you have in your account?

A) More than 102 USD; B) exactly 102 USD; C) less than 102 USD; D) don't know / refuse to answer

2. Imagine that your savings interest rate is 1% / year and the inflation rate is 2% / year. After 1 year, you can shop:

A) More, B) equivalent, C) less than today with the amount in the above account? D) don't know / refuse to answer.

3. Is your statement true or false? "Buying a stock of a single company is safer than buying shares of a mutual fund - a kind of professionally managed collective investment."

A) Right; B) wrong; C) don't know / refuse to answer.

What is your answer? Do you answer all three questions correctly? If so, you will belong to a minority group globally, according to findings published by economists Annamaria Lusardi and Olivia Mitchell.

In Russia, 96% of those surveyed cannot answer 3 questions correctly. Meanwhile, 70% of Americans cannot correctly answer these three questions. The Germans have the best puzzle results with 53% achieving absolute scores, this rate for the Swiss is 50%.

In countries with relatively strong economies, the rate is quite disastrous: 79% of Swedes, 75% of Italians, 73% of Japanese and 69% of French people cannot answer all three puzzles correctly.

This explains why the world continues to face many financial problems. We do not even understand the operating structure of the monetary system and how they are used. The world is in desperate need of better education on the subject of money, finance and economy. While it is not possible to completely solve our financial problems, information is really the power of money. Unfortunately, in schools we do not have basic financial training.

* Answers to the three questions above are: 1-A, 2-C and 3-B.