The 'MoneySaving IQ Test' discussion area

ukjack

Did quite well with 19/25 but take issue with q17 as it does not factor in inflation.


Rate of inflation will make a huge difference to real cost of the loan. If 6% inflation then actually saving money at 5% interest while still costing at 10%.

soba

17/25, 165

welchandginger

on the iq test it asks the worst deal on cereal.i believe the worst deal is the one requiring you to buy more.40% free 1 purchase,33% off 1 purchase, buy 2 get one free requires 2 purchases and is worst deal.

OnceTwiceThreeLotsOfSB

My IQ is 56.


It seems I'm the eskimo that's buying snow in bulk.

masonic

Considering the link for this quiz has just been tweeted by MSE, it might have been useful for them to have updated it because several more of the answers are now incorrect. For example:

Q4) Basic rate taxpayers now have a personal savings allowance of £1000, so they could earn 2% on up to £50,000 tax free. In most cases, the taxable rate needed to match 2% in an ISA is therefore 2%.

Q6) FSCS compensation limit is now £75,000, not £85,000, so 5 accounts would no longer completely cover savings of £380,000 (assuming temporary high balance cover does not apply).

Q24) Does not take into account that the £1,000 flexibly withdrawn from an ISA can be replaced before the end of the tax year.

Former_MSE_Jessica

Hi masonic

Thank you for the feedback!

We will try to update it as soon as possible.