Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Guy
    • By MSE Guy 14th Apr 11, 5:41 PM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: BBC launches huge scientific test into money management
    • #1
    • 14th Apr 11, 5:41 PM
    MSE News: BBC launches huge scientific test into money management 14th Apr 11 at 5:41 PM
    This is the discussion thread for the following MSE News Story:

    "In one of the largest-ever studies into the UK's ability to manage cash, BBC Watchdog launches the Big Money Test ..."

Page 1
    • michaels
    • By michaels 14th Apr 11, 10:36 PM
    • 23,028 Posts
    • 105,095 Thanks
    michaels
    • #2
    • 14th Apr 11, 10:36 PM
    • #2
    • 14th Apr 11, 10:36 PM
    Hmm - 10 basic money knowledge questions and the average score is less than 6.

    Now I have a question - is it immoral to take advantage of those too stupid or too lazy manage their money effectively?
    Cool heads and compromise
  • May2013
    • #3
    • 14th Apr 11, 10:57 PM
    • #3
    • 14th Apr 11, 10:57 PM
    Took the test and thought it was great to see how money savvy I've become in the last year...would have had a dreadful score a couple of years ago!
    • Pincher
    • By Pincher 15th Apr 11, 12:13 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #4
    • 15th Apr 11, 12:13 AM
    • #4
    • 15th Apr 11, 12:13 AM
    9 out of 10 for Money Knowledge.

    Got the EHIC one wrong. I thought it was free treatment, but no.

    At least I got the card free.
  • Stephen Leak
    • #5
    • 15th Apr 11, 12:18 AM
    • #5
    • 15th Apr 11, 12:18 AM
    Based on my experience of "Tickwoof" when I was at BT, my only question is what has the producer decided the outcome of the tests will be?
  • Barnabylovesicecream
    • #6
    • 15th Apr 11, 12:41 AM
    • #6
    • 15th Apr 11, 12:41 AM
    Don't do it on an iPad. Spent 15 mins doing it and then couldn't view the results.
    • poppy10
    • By poppy10 15th Apr 11, 1:45 AM
    • 6,224 Posts
    • 7,547 Thanks
    poppy10
    • #7
    • 15th Apr 11, 1:45 AM
    • #7
    • 15th Apr 11, 1:45 AM
    Don't do it on an iPad. Spent 15 mins doing it and then couldn't view the results.
    Originally posted by Barnabylovesicecream
    Time to get a proper computer. Spending 659 on a shiny non-functional toy is hardly moneysaving, you should have scored 0/10 for that alone.
    • liam8282
    • By liam8282 15th Apr 11, 7:46 AM
    • 2,737 Posts
    • 1,556 Thanks
    liam8282
    • #8
    • 15th Apr 11, 7:46 AM
    • #8
    • 15th Apr 11, 7:46 AM
    I'd rather not sign up with the BBC website to do a money survey.

    Then no doubt receive bucket loads of

    Why not just put the survey on this site?

    • bexster1975
    • By bexster1975 15th Apr 11, 7:58 AM
    • 1,459 Posts
    • 6,962 Thanks
    bexster1975
    • #9
    • 15th Apr 11, 7:58 AM
    • #9
    • 15th Apr 11, 7:58 AM
    I also thought it was a scandal that the average for the Money knowledge was less than 6 ( I also got 9, same answer for EHIC - didn't realise it wasn't free treatment!). It will be interesting to see the overall results. Overall, good to see my attitude to money has improved since joining MSE.

    bexster
    • cepheus
    • By cepheus 15th Apr 11, 8:46 AM
    • 19,211 Posts
    • 20,338 Thanks
    cepheus
    How can you conduct a scientific test with volunteers? Wouldn't the people who agree to participate be the sort of people who are interested in managing their money?

    To be unbiased you have to include a represemtative cross section of the population. This includes the sort of guy who can't be bothered to spend 10 seconds filling in a form for free cashback, or cancel his useless subscription, but is deep in debt and can't understand why he is poor.
    • poppy10
    • By poppy10 15th Apr 11, 9:10 AM
    • 6,224 Posts
    • 7,547 Thanks
    poppy10
    I'd rather not sign up with the BBC website to do a money survey.

    Then no doubt receive bucket loads of
    Originally posted by liam8282
    The BBC don't spam or pass on your details to any third party. Plus you don't have to give them your real info - just use a fake name and disposable email address, I did.
    • nzseries1
    • By nzseries1 15th Apr 11, 9:57 AM
    • 2,144 Posts
    • 1,851 Thanks
    nzseries1
    I've been signed up with them for quite a while and never received anything from them that I didn't ask for.

    I'm worried too that this sample isn't representative of the population, and the "actual" overall average score may be even less than it shows.

    Your Spender rating is 0 out of 6

    Gee, I knew I was miserly, but not THAT bad!! Martin Lewis, what have you done to me!!! It's your site wot did that!!!
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • spheric
    I scored well, but I was just too lazy to get the calculator out to work out the APR question.... I guestimated, and got it wrong.

    I'm very impressed with the idea of categorising respondants and cutting up video clips to give "personalised" advice... - The techies must have been feeling rather proud of themselves for coming up with that
  • ElmerFudd
    The test is a bit buggy. I actually got 8 out of 10, but it claimed I only got 7 correct...still average I suppose. . Also supposedly I am a miser...but I knew that already!!!
    Debt at worst: 33000 (Feb 2011). Present debt: 25610 (Apr 2012)
    Lloyds old (22.4%) = 560 (Dec 2012)
    • Lifes Grand Plan
    • By Lifes Grand Plan 15th Apr 11, 10:44 AM
    • 1,045 Posts
    • 992 Thanks
    Lifes Grand Plan
    Hi guys,

    On page 5/9 (the one with the bank statement), the second question is:

    "Still looking at the same bank statement, if a direct debit of 179 comes in on 28 February and there is an agreed overdraft limit of 100 on the account, would there be enough money, including the overdraft limit, to cover the direct debit?"

    Should that not be "if a direct debit of 179 comes OUT on 28 February"

    The account is already in credit so why would a DD coming in make a difference to the overdraft?
    • poppy10
    • By poppy10 15th Apr 11, 10:49 AM
    • 6,224 Posts
    • 7,547 Thanks
    poppy10
    The test is a bit buggy. I actually got 8 out of 10, but it claimed I only got 7 correct...
    Originally posted by ElmerFudd
    Same here, it said I got 7/10, but when the answers came up I had gotten 8/10 correct
    • nzseries1
    • By nzseries1 15th Apr 11, 11:05 AM
    • 2,144 Posts
    • 1,851 Thanks
    nzseries1
    Same here, it said I got 7/10, but when the answers came up I had gotten 8/10 correct
    Originally posted by poppy10
    Oh yes, I've heard THAT one before! A likely story!!!
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
    • cepheus
    • By cepheus 15th Apr 11, 12:50 PM
    • 19,211 Posts
    • 20,338 Thanks
    cepheus
    When did the answers come up? I must admit I didn't watch all the Videos.
    • Tigsteroonie
    • By Tigsteroonie 15th Apr 11, 12:53 PM
    • 23,429 Posts
    • 58,672 Thanks
    Tigsteroonie
    Same here, it said I got 7/10, but when the answers came up I had gotten 8/10 correct
    Originally posted by poppy10
    Me too! I did it last night while Watchdog was on air; got 8 correct (when I later viewed the answers) but it only scored me at 7.
    Mrs Marleyboy

    MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote

    Proud Parents to an Au-some son
    • jamesd
    • By jamesd 15th Apr 11, 1:49 PM
    • 23,514 Posts
    • 15,841 Thanks
    jamesd
    The answers are available by clicking on the text "Your money knowledge" at the upper right of the your results page.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

197Posts Today

2,066Users online

Martin's Twitter