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Money Rookie All rookies have to start somewhere and the only way from here is up. You have taken a great first step by simply taking this test. Take the time to read through the explanations for the correct answers to build up your knowledge. Then read up on basic financial concepts as much as you can. We have included useful resources to get you started. Don’t forget to come back to do the test again when you feel ready – you’ll be able to see how much you have improved.Want to learn more? Scroll down and click on ‘Show me the answers’.
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Money Learner It looks like you’re a learner – you have a grasp of some money topics but there is potential for improvement in a number of others. Start by reading the answers to the questions you got wrong or didn’t know. This could potentially help improve your knowledge in a matter of minutes. Next, take some time to learn more about various money matters. Our useful resources are a great starting point. Come back and do the test again to see how you go next time.Want to learn more? Scroll down and click on ‘Show me the answers’.
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Money Star What a star – but there is always room for improvement. Take a look at what you got right and wrong to identify the key areas you might want to focus on to begin with. Check out our useful resources and do some research online to continue educating yourself about various money matters. Then come back and take another stab at testing your money IQ. Who knows you might end up with a perfect score next time.Want to learn more? Scroll down and click on ‘Show me the answers’.
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Money Whiz Gee whiz – you have to be pretty happy with this result. It looks like you have a pretty good understanding of the world of personal finance. Money never sleeps though and neither should you when it comes to learning about it. Read books, listen to podcasts and make the most of online resources to further expand your money know-how. You never know where this extra knowledge could take you.Want to learn more? Scroll down and click on ‘Show me the answers’.
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Money Genius What can we say? You’re a money genius. That doesn’t mean you should get complacent. Think about what other areas of personal finance you want to know more about and start reading. As the saying goes “If you’re not learning, you’re not growing.” Keep growing… Want to learn more? Scroll down and click on ‘Show me the answers’.Click here to enter competition now
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Question 1 of 21
1. Question
1 of 21: Redraw and offset are exactly the same thing.
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Question 2 of 21
2. Question
2 of 21: Jane’s mortgage repayment is $1,500 per month. Which of the below repayment strategies would give Jane the biggest savings?
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Question 3 of 21
3. Question
3 of 21: If a credit card offers an interest-free period of 55 days that generally means that you don’t pay interest on any purchases until 55 days after you buy the item.
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Question 4 of 21
4. Question
4 of 21: Chloe has an outstanding credit card debt of $3,000 charging 18%pa interest. Her minimum monthly repayments are set at 2% of the closing balance. If she only made the minimum repayments, would she…
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Question 5 of 21
5. Question
5 of 21: When working out the sum insured for your house, you should base it on…
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Question 6 of 21
6. Question
6 of 21: You may have to pay an excess if you have to make a claim on your car insurance policy. In which of the following instance(s) might an excess apply?
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Question 7 of 21
7. Question
7 of 21: Piper is borrowing money to buy a car. She has the option of taking out a car loan with a balloon payment. What does this mean?
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Question 8 of 21
8. Question
8 of 21: Buy now pay later services are often advertised as ‘interest-free’ but they may charge fees. Which of the following can apply?
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Question 9 of 21
9. Question
9 of 21: Finn was three weeks late in making a payment on his credit card. Can the credit card provider mark it as late on his credit report?
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Question 10 of 21
10. Question
10 of 21: Paige has her money in a savings account paying 3%pa interest and inflation is 6% a year. After one year, would the money in the account allow her to buy…
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Question 11 of 21
11. Question
11 of 21: Therese has $500 to invest in a company. Brokerage fees are $20 per trade. How much would her investment have to increase for her to break even after she sells?
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Question 12 of 21
12. Question
12 of 21: If an investment has returned 10% over the past 12 months, is that a guarantee that it will do well in the future?
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Question 13 of 21
13. Question
13 of 21: The super guarantee is the minimum percentage of earnings an employer needs to pay into an employee’s super fund. How much is that currently?
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Question 14 of 21
14. Question
14 of 21: The tax-free threshold in Australia is $18,200. What does that mean?
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Question 15 of 21
15. Question
15 of 21: Paul gets a call from his internet service provider saying that customer records were wiped due to a technical error and they need him to provide a few personal details. Should Paul…
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Question 16 of 21
16. Question
16 of 21: Karl is shopping around for a new energy plan and notices one provider is offering 22% off the reference/default price. That is the biggest discount he has seen advertised. Does this automatically make it the cheapest option?
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Question 17 of 21
17. Question
17 of 21: Isabelle only turns on the dishwasher in the middle of the night because she thinks it will save her money on electricity. Is that true?
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Question 18 of 21
18. Question
18 of 21: Susan and her partner are shopping around for an NBN plan. They notice the plans are called NBN 25, NBN 50, NBN 100 etc. What do these numbers mean?
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Question 19 of 21
19. Question
19 of 21: Jarrod wants to upgrade to a new smartphone but isn’t sure if he should buy it outright and choose a SIM separately or get the phone on a plan with a major telco. Generally, is he likely to have to pay more for the phone if he opts to combine it with a plan?
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Question 20 of 21
20. Question
20 of 21: Donna is looking for a new SIM-only mobile plan offering about 20GB of data a month but she occasionally uses more than that in a month. Which of the below hypothetical plans would give her the best value but help her avoid bill shock?
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Question 21 of 21
21. Question
21 of 21: When shopping for groceries what’s the most effective way to make sure you are getting the best price?
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Why is MoneyIQ necessary?
Let’s face it – money can be a tricky topic to master, especially in the midst of a cost-of-living crisis when the stakes are higher. Unfortunately, financial literacy isn’t something that’s widely taught, and many Aussies find themselves struggling to navigate the complexities of personal finance.
That’s why the team at Canstar created the TestMyMoneyIQ quiz, to make learning about finances more fun and accessible.
Backed by Australia’s biggest financial comparison site^, TestMyMoneyIQ lets Aussies assess their knowledge of basic financial concepts and get a better understanding of how to manage their money.
At Canstar, we truly believe that financial literacy is an important life skill that can help you make smart financial decisions and positively impact your life in the long run.
Level up your MoneyIQ
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Worried about soaring energy bills?
Check if you can save money on your power bills using our new Bill Drop tool. Simply drop your latest bill and find out if there are cheaper plans available for you. Like what you see? We’ll help you switch in just a few simple clicks.
Try our money calculators
Need some help crunching numbers? Our calculators can help with a range of money matters. Whether you want to get an idea of how much you could potentially borrow or how you’re super is tracking for retirement, we have you covered.
When it comes to building your financial knowledge, it’s not just a case of knowing how to add or subtract. Most household budgets fall apart as many people simply don’t know how to apply the fundamentals of financial literacy to their everyday lives. This quiz delves into practical money situations that we all have to deal with. I encourage everyone to take the quiz to see how they measure up.
EFFIE ZAHOS EDITOR-AT-LARGE, CANSTAR
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The competition has ended.
*Terms and conditions apply.
FAQs
Entering the competition is easy.
Simply complete the TestMyMoneyIQ quiz and fill out the form at the end with your name and email address, and agree to the T&C’s. You should receive an email confirming your entry into the competition. Please be sure to also check your spam/junk folder. If you don’t receive this email or experience any difficulties please contact our team at enquiries@canstar.com.au.
SCHEDULE TO CANSTAR PROMOTION GENERAL TERMS AND CONDITIONS
Promotion name: “Canstar’s TestMyMoneyIQ Quiz: your chance to win $2,500.” Competition
This Promotion Schedule is incorporated into and forms part of Canstar’s “General Terms and Conditions of Promotions”, available at http://www.canstar.com.au/terms-of-use/. The General Terms and Conditions apply to the Promotion subject of this Promotion Schedule. To the extent of any conflict between this Promotion Schedule and the General Terms and Conditions, this Promotion Schedule will prevail.
| 1 | Promoter | Canstar Pty Limited ABN 21 054 646 165, Level 21, 143 Turbot Street, Brisbane 4000 QLD, Australia. Tel: 1300 882 343 |
| 2 | Promotion Period | This Promotion commences at 10:00am AEST on Monday 29th May 2023 and closes at 11:59pm AEST on Saturday 30thth September 2023. This promotion will be advertised during this period across: – BAU EDM lists – Press release – Landing page hosted on Canstar’s website – Assets shared across Canstar socials |
| 3 | How to enter | Entry is only open to Australian residents who are 18 years and over. To enter the Promotion, Entrants must: – Complete the Financial Literacy Quiz through the promotion’s landing page https://testmymoneyiq.canstar.com.au/ or through the PPC landing page https://testmymoneyiq.canstar.com.au/quiz/ – Subscribe to the Budgeting and Savings newsletter through the Promotion’s landing page |
| 4 | Inclusions or exclusions | As per the General Terms and Conditions. |
| 5 | Details of Prize and value | The draw will be in relation to 1 prize, $2,500. The prize will be delivered to the winner via transfer to their validly nominated Australian bank account. The winning Entrant will be required to notify Canstar within fourteen (14) days, via reply email, of their: – acceptance of the prize, – full name, – contact phone number, – postal address, – year of birth, – Australian bank account details, – approval for Canstar to announce their name as the Prize winner on the website www.canstar.com.au, Facebook competition post and on relevant publications. |
| 6 | Draw date, time and location | The Prize winner will be randomly selected from a list of eligible entrants. The draw will take place at 12:00PM AEST on Tuesday 3rd October 2023 at Level 22, 143 Turbot Street, Brisbane, QLD, 4000. The Prize Winner will be notified by publication on the Canstar website and also by email to the winner no later than 5pm on Tuesday 3rd October 2023. The Prize Winner must claim their Prize within fourteen (14) days of being notified by the Promoter. Should the Prize Winner not claim their Prize within fourteen (14) days of being notified, the Promoter may, at its discretion, re-determine a new Winner by a random computerized draw, or discontinue the Promotion. If a re-draw occurs, the draw will take place at 12:00PM AEST on Thursday 19th October 2023 at Level 22, 143 Turbot Street, Brisbane, QLD, 4000. The Prize Winner of the re-draw will be notified by publication on the Canstar website and by email to the winner no later than 5pm on Thursday 19th October 2023. |
| 7 | Permit details | Electronic Drawing System Approval Number 1473 in South Australia. |
| 9 | Additional Conditions | – Clause 31 of the General Terms and Conditions will be replaced by the following clause: The Prize Winner will be notified by publication on the Canstar website and also email and/or Facebook private message by no later than 5pm on Tuesday 3rd October 2023. – Clause 32 of the General Terms and Conditions will be replaced by the following clause: “Results of this Promotion will be published on the Promoter’s website at https://www.canstar.com.au/ within 1 business day of Canstar receiving confirmation of the Prize Winner accepting the Prize. – The Promoter is not liable for any tax implications arising from prize winnings. Independent financial advice should be sought, as tax implications may arise as a result of accepting a prize. – The Promoter and its associated companies may use entrants’ names and submission contents for any commercial purpose, including future promotional, marketing and publicity purposes, for an unlimited period without remuneration. – By entering the Promotion, each entrant agrees to be bound by the General Terms and Conditions, read in conjunction with this Schedule, and agrees to the terms of Canstar’s Privacy Policy. – Nothing in this Schedule or the General Terms and Conditions limits, excludes or modifies or purports to limit, exclude or modify the statutory consumer guarantees as provided under the Australian Consumer Law, as well as any other implied warranties under the ASIC Act or similar consumer protection laws in the States and Territories of Australia. (“Non-Excludable Guarantees”). Except for any liability that cannot by law be excluded, including the Non-Excludable Guarantees, Canstar (including its officers, employees and agents) excludes all liability (including negligence), for any personal injury; or any loss or damage (including loss of opportunity); whether direct, indirect, special or consequential, arising in any way out of the Promotion. |
Please see here for the T&C’s of the “1 of 5 chances to win $1,500” competition, drawn 16 May, 2023.
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Important Disclosure
For those that love the detail
This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid.
Canstar is a comparison website, not a product issuer, so it’s important to check any product information directly with the provider. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider. For more information, read the credit provider’s key facts sheet and other applicable loan documentation for that product. Read the Comparison Rate Warning.
Before you elect to terminate or modify existing lending arrangements, it is recommended that you consider all associated fees and application costs, as well as the timing and impact these changes could have on your wider financial arrangements and personal circumstances.
The examples provided in the article are not based on actual products or real consumer circumstances. The information in this article is of a general nature only, and does not take into consideration your objectives, financial situation or needs. It is not personal advice, and you should not rely on it, even if the example is similar to your own circumstances. You should make your own enquiries and calculations based on your own personal circumstances as well as finding out specific product costs, rates or features that may be relevant to you. You should consider seeking independent advice before making a purchase, credit, or investment decision.
If you decide to apply for an insurance product, you will deal directly with an insurance provider, and not with Canstar. The inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. Premiums, product information and inclusions should be confirmed with the relevant insurance provider. Please ensure that you read the product disclosure statement to determine all the current options and inclusions for the product you are considering.
The Company listed above may use or be used by another company to arrange, issue, distribute or sell its insurance policies to customers. For more information on the issuer of the policy, please read the product disclosure statement, fact sheets and any other information provided in relation to the product. A copy of the relevant product disclosure statement is available from the Company.
If you are seeking to replace an insurance policy, you should consider your personal circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed. Your current policy may have different features to products currently on the market. Please consider what features are right for you when comparing insurance products and refer to the provider for further details on a policy.