A Preliminary Assessment of Financial Practices: The Financial Fitness Quiz

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Authors

Published 2003, "A Preliminary Assessment of Financial Practices: The Financial Fitness Quiz", Journal of Personal Finance, 2003- Volume 2

Abstract

  • This article describes a simple financial assessment tool that financial practitioners can use to quickly analyze the strengths and weaknesses of a person’s financial situation. The Financial Fitness Quiz is available both in print and online and includes the following topics: financial management practices, saving and investing, insurance and estate planning, credit, and shopping. A preliminary study of 173 online quiz respondents conducted during the first half of 2001 is also described. Four basic practices that financial advisors routinely advise (preparing a will, preparing a written budget or spending plan, calculating net worth, and writing specific financial goals) had the lowest average scores, indicating that they were performed infrequently.
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