The financial test thousands of Australians are failing – so would YOU pass?

The future of Australia’s financial wellbeing has been revealed in a national aptitude test – and it’s not looking good for some of the population.

A report by Deloitte Access Economics for comparethemarket.com.au has revealed many Australians face job insecurity and a poor financial future. 

Results from the Financial Consciousness Index (FCI) test showed the average Aussie scored 51 out of 100 when it comes to financial literacy, with a third failing to pass. 

The future of Australia’s financial wellbeing has been revealed in a national aptitude test – and it’s not looking good for some of the population (stock image) 

The dismal results revealed the national is facing a financial crisis, Compare the Market general manager of banking Rod Attrill told News.com.au.

‘We feel it demonstrates that the majority of Australians need greater education, empowerment and understanding to enable them to take tighter control of their everyday finances,’ he said. 

The study  – the first of its kind –  polled thousands of Australians to discover the average national score, and measured people’s ability to influence their financial outcomes. 

The study measured not only the extent to which a person is financially literate, but also whether they have the awareness of their ability to improve their situation. 

The questions focused on financial skills, such as whether or not someone can write and manage a budget and pay their bills on time.

The study revealed about a third of the population were at risk of a poor financial future, with 38 per cent of Aussies concerned about job security.

When it came to their financial future, 29 per cent of respondents also claimed they weren’t confident in their ability to comfortably retire at 65. 

The report also revealed just over a quarter of Australians met the basic threshold of ‘Financial Consciousness’ and scored between 45 and 55.

Australians in the Northern Territory rated the highest, with an average of 55, and South Australians and Tasmania residents rated the lowest at 49.9

Australians in the Northern Territory rated the highest, with an average of 55, and South Australians and Tasmania residents rated the lowest at 49.9

What’s more, only one in 10 Australians appeared to have complete control of their basic financial circumstance and scored more than 70 per cent.

Residents in the Northern Territory rated the highest, with an average of 55, and South Australians and Tasmanian residents rated the lowest at 49.9.   

‘They (people in the Northern Territory) are also reasonably capable when it comes to basic financial literacy. They are also pretty motivated and proactive with their finances,’ Mr Attrill said. 

The report said that when it comes to being financially sophisticated, the average Australian still falls short.

Questions in the quiz (pictured) focused on a range of financial skills, such as whether or not people can write and manage a budget and pay bills on time

Questions in the quiz (pictured) focused on a range of financial skills, such as whether or not people can write and manage a budget and pay bills on time

With a score of 54, South Australian woman Kylie Thompson rated higher than most Australians when it comes to her financial aptitude – despite being unemployed.

She told news.com.au despite being good reasonably good with her money as a result of her upbringing, she still struggles to make ends meet.

‘I find that I’m pretty financially savvy, I have a budget and I stick to it every fortnight, because on Centrelink payments, you just have to,’ Ms Thompson said.

Ms Thompson believes there needs to be more education about money and budgeting, saying it should be a compulsory subject at school. 

Mr Attrill said the results of the ‘Financial Consciousness’ test revealed the sad reality of the nation’s financial future.

‘If people do not feel empowered or able to improve their financial situation, then this has obvious effects on the economic health of the nation as a whole,’ he said. 

To complete the test and find out your own score, click here. 

The report revealed just over a quarter of Australians (27 per cent) met the basic threshold of 'Financial Consciousness' and scored between 45 and 55 (pictured)

The report revealed just over a quarter of Australians (27 per cent) met the basic threshold of ‘Financial Consciousness’ and scored between 45 and 55 (pictured)

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