Women and money quiz

Women and money iconTake this quiz to see if you've got the flair with money. Test your knowledge.

There are ten questions. Select an answer to receive feedback. Your score is calculated at the end. 

Clock Estimated time: 5 mins

wallet pinkSu-Ming wants to buy a dress but she doesn't get paid until next week. Which option below is the cheapest?

  • Paying for the dress with her credit card
  • Paying for the dress using lay-by
  • Paying for a dress using an overdraft on her transaction account

That's right! If Su-Ming uses lay by to purchase her dress she won't be charged interest.

For more information see credit cards and overdrafts.

Also see different ways to pay.

That's not right. Using a credit card or going into overdraft can be very expensive. Su-Ming may have to pay interest and fees on her purchase. Su-Ming could instead use lay-by to purchase her dress so she won't be charged any interest.

For more information see  credit cards and  overdrafts.

Also see  different ways to pay.

nest eggOn average, Australian women have:

  • $150,000 less super than men at retirement
  • $50,000 less super than men at retirement
  • The same amount of super as men when they retire

That's right! On average, women will retire with $150,000 less in super than men.

For more information visit superannuation & women.

That's not quite right. On average, women will retire with at least $150,000 less in super than men.

For more information visit superannuation & women.

shopping trolleyChey wants to buy a house in 2 years and is thinking about investing some of her savings in shares to help build up her deposit. Is this appropriate for her timeframe?

  • Yes, shares are a short-term investment
  • No, shares are a long-term investment

That's correct. Shares generally suit people who are looking to invest for a longer time e.g. more than 5 years.

For shorter time periods Chey should deposit her money into a high interest savings account.

If you are thinking about investing, read investing basics.

Incorrect. Shares generally suit people who are looking to invest for a longer time e.g. more than 5 years.

For shorter time periods Chey should deposit her money into a high interest savings account.

If you are thinking about investing, read investing basics.

piggybank on coinsRosa earns $25,000 per year. Her employer makes the necessary 9.5% super guarantee payments into her chosen super fund. Is there any benefit in Rosa making additional contributions to her fund from her after-tax salary?

  • Yes, there is a benefit in making additional contributions
  • No, there is not any benefit in making additional contributions

That's right. As well as boosting her super savings, Rosa is eligible to receive the government super co-contribution.

For more information see contributing extra to super.

Incorrect. If Rosa contributes extra money to her super, she is likely to receive the government super co-contribution as well. This would give her super savings a real boost.

For more information see contributing extra to super.

Russian dollsWho are children more likely to model their behaviour on when it comes to financial matters?

  • Their parent(s)
  • Their friends

That's right. Parents have a significant influence on the development of their children's financial habits. It's not how much money you have, but how you manage it that counts.

See teaching your kids about money for more information. 

Incorrect. Parents have a significant influence on the development of their children's financial habits. It's not how much money you have, but how you manage it that counts.

See teaching your kids about money for more information. 

Alarm clockPat has just turned 55. She is self-employed and hopes to retire within the next 5 years. How many years of retirement should Pat be planning for?

  • Around 30-35 years
  • Around 35-45 years
  • Around 45-50 years

Yes, that is the most prudent approach. Life expectancy figures are estimates. Pat is expected to live for another 30 to 35 years so she needs to make sure her retirement plan takes this into account.

For more information see is your super on target.

Not necessarily. Life expectancy figures are estimates. Pat is expected to live for another 30 to 35 years so her retirement plan needs to take this into account.

For more information see is your super on target.

jigsaw heartsAshleigh and Brian have been together for 10 years and have a joint account. Their salaries go into the account, which they use to pay the rent and bills. Their relationship ends and Brian moves out of their apartment. A few weeks later, Ashleigh receives a call from her landlord saying that he did not receive the rent for that month.

Ashleigh can't believe it - she was paid last week and the money should be there. She calls her bank and finds out Brian has withdrawn all the money from the account. Can she make the bank give her money back?

  • Yes, Ashleigh can make the bank give her money back
  • No, Ashleigh cannot make the bank give her money back

Not necessarily.  Because they have a joint account, Brian can withdraw money at any time from the account. Ashleigh should immediately close the joint account and get legal advice about whether she could make Brian pay back her money.

A joint account can be a big risk so think very carefully before opening one.

For more information see joint accounts and relationships and money.

That's right. Because they have a joint account, Brian can withdraw money at any time from the account. Ashleigh should immediately close the joint account and get legal advice about whether she could make Brian pay back her money.

A joint account can be a big risk so think very carefully before opening one.

For more information see joint accounts and relationships and money.

golden eggTrue or False. Research shows that women are more likely to rely on the age pension to fund their retirement than men.

  • True
  • False

That's right. Research has found that 30% of women aged 45 and over expect to rely on the age pension to fund their retirement, compared to 25% of men.

For more information see getting ready for retirement.

That's not quite right. Research has found that around 30% of women aged 45 and over expect to rely on the age pension to fund their retirement, compared to 25% of men.

For more information see getting ready for retirement.

house made of rocks Camille and Dave are getting married. Camille already owns property in her name. Should they sign a pre-nuptial agreement?

  • Yes, they should sign a pre-nuptual agreement
  • No, they should not sign a pre-nuptual agreement

That's right! Camille's property will be better protected with a pre-nuptial agreement. Also known as a binding financial agreement, it can help if you're worried about who should get what if a relationship ends.

For more information see relationships and money.

That's not necessarily right. Camille's property will be better protected with a pre-nuptial agreement. Also known as a binding financial agreement, it can help if you're worried about who should get what if a relationship ends.

For more information see relationships and money.

house on calculatorJess and her friend Anita move into an apartment together. Jess organises the electricity and gas for the apartment and puts the accounts in her name. Six months later they have a fight and Anita moves out and refuses to pay any of the bills. Can Jess make her pay them?

  • Yes, Jess can make Anita pay the bills
  • No, Jess cannot make Anita pay the bills

That's right. If the bills are only in Jess' name then she is solely responsible for paying them. She would need to take legal action to recover the money from Anita.

For more information see leaving home.

That's not necessarily right. If the bills are only in Jess' name then she is solely responsible for paying them. She would need to take legal action to recover the money from Anita.

For more information see leaving home.


Last updated: 28 Jul 2016