UQ launches credit card and interest rate quiz

The University of Queensland has launched a new quiz designed to test the nation’s financial literacy by asking questions about interest rates and credit cards.

Dr Darren Lee and Dr Karen Alpert, the experts responsible for the study, said that knowing what effect interest rates have on bond investments or how much it will cost to have a credit card replaced if it is pinched is vital in today’s economic climate.

“You really have to understand what is happening to your money and if you’re not managing it yourself you need to know if others are doing so in your best interests,” said Dr Lee.

He went on to say that putting cash into a savings account to pay for a holiday while only making minimum payments on credit cards is a classic example of financial literacy.

Those who want to test their knowledge of interest rates, credit cards, tax and a range of other financial fundamentals can take the test on the university’s website.

The Reserve Bank of Australia’ consecutive attacks on the interest rate may have had a significant effect on those who are looking to compare savings accounts or get into bonds.

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