Tests show that people are

The truth is that most of us do not have the most basic understanding of economics and the use of money.

You must have heard about the Financial Crisis in 2007. At that time, millions of people lost their jobs and their lives and their families became extremely difficult.

Economists have sought solutions to this economic crisis. In it, an important reason is that people in many countries around the world, including developed countries, still do not have basic understanding of money.

Two economists Annamaria Lusardi and Olivia Mitchell have created a study as follows. They raised three simple financial questions that an adult is supposed to know. After that, the two economists will show how many percent of the participants correctly answered all three sentences.

Take a look at the papers and try to answer the puzzles in the research of the two scientists below:

Question 1: Suppose you have 100 USD (about 2.1 million VND). You send a bank with a 5-year term and an interest rate of 2%. Ask after a year how much money will you have?

More than 102 USD (about 2,150 million VND).

That's equal to 102 USD.

Less than 102 USD.

Do not know.

Question 2: You send bank with interest rate of 1%. Meanwhile, inflation is 2% (ie the general price of goods increases by 2%). Ask after one year the amount of goods you can buy will:

More than before.

Still the same.

Lower than before.

Do not know.

Question 3: The following statement is true or false: 'Buy shares of a single company, you will receive safer money than investing money in mutual funds' . Mutual funds are a form of investment that is managed by a professionally managed company, and you can access many different investment options.

It's correct.

False.

Do not know.

After answering the questions yourself, try to confront the following answer.

The correct answers will be 1a, 2c and 3b.

If you answer all three questions correctly, you are one of the few people on Earth who understand the most basic knowledge of how to use money. In the US, only 30% of respondents correctly answered all 3 questions.

The Germans have the highest score in financial knowledge

The most financially 'smart' countries are Germany , with a true response rate of 53%, followed closely by Switzerland (50%). Countries with a moderate number of correct respondents include Japan (27%) and France (31%). Russia 'teamed up' in this study, at a rate of 4%.

So why are the knowledge of bank deposit or inflation index so important? Perhaps for us, those are the terms that are briefly mentioned in economics or news reports. But according to economists, if you understand these concepts, you will avoid the risk of bankruptcy as an adult.

Researcher Lusardi and Mitchell said that without financial knowledge, we could make mistakes in using money . For example, later when we graduate and have a job, we can 'swing our hands over our foreheads' , suffer huge credit card debts or lend money in a risky way, then 'lose all lead'. and fishing '.

Two researchers specifically stressed that the study of money use is more necessary in countries with a growing middle class, including Vietnam.

Those of you who are reading this article will most likely become one of our 30 million middle and wealthy people by 2020. You have economic independence as well as greater consumer capacity. parents, grandparents.

To achieve a full life as an adult, economists emphasize, every young person is constantly learning the knowledge of money from books, family or real life.

Maybe right now, we get used to saving shopping or making financial plans for individuals. So, thanks to that, you will never get 'pleurisy'.

* The article is based on the views of researcher Moisés Naomi posted on The Atlantic.