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Scary Facts Quiz From Financial Capability at Work pathway

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Scary Facts Quiz From Financial Capability at Work pathway

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    1. Scary Facts Quiz (From Financial Capability at Work pathway)

    2. In 2008, personal debt increased by £1 million every 10 minutes True False

    3. Hard luck! It’s true! During 2008, Britain’s personal debt increased by £1 million every 10 minutes That’s £240 million per hour That’s £100,000 per minute

    4. Well done! During 2008 Britain’s personal debt increased by £1 million every 10 minutes That’s £240 million per hour That’s £100,000 per minute

    5. How many credit cards does the average UK citizen have? 1 2 3 4 5 6

    6. Sorry The answer is much higher

    7. Sorry – try again The answer is much higher

    8. Sorry – try again The answer is higher

    9. Sorry – try again The answer is a bit higher

    10. Yes – well done The average UK citizen has 5 credit cards

    11. Sorry – try again The answer is a bit less than this

    12. If creditors take you to court, you will have a criminal record True False

    13. Sorry The answer is False Being in debt is not a criminal offence

    14. Well done - you have chosen the correct answer Being in debt in the UK is not a criminal offence

    15. In 2009, the Citizens Advice Bureau dealt with large numbers of new debt problems each day Was the number of new debt problems per day: Around 3000? Around 5000? Around 7000? Around 9000? Around 11,000?

    16. No – it is much higher than this

    17. No – it is higher than this

    18. Sorry – close, though!

    19. Yes – well done The CAB dealt with 9,300 new debt problems each day in 2009 Debt problems shot up by 27% from April to June that year compared to the same period in 2008 CAB reported a 46% increase in the number of people struggling with debts owed to gas and electricity companies The average Brit is only £155 away from money meltdown

    20. Sorry – this is too high

    21. The average household debt (including mortgages) in 2009 was: Around £25,000 Around £40,000 Around £50,000 Around £80,000

    22. Too low!

    23. A bit low - sorry

    24. Yes – well done In 2009, average household debt (including mortgages) in the UK was £58,316 The average owed by every adult in the UK is £30,208 (including mortgages) This is 133% of average earnings

    25. £80,000 is too high

    26. Repossession of property Properties were repossessed at the following rate in the UK during 2009: 1 property per day 1 property per hour 1 property every ½ hour 1 property every 10 minutes 1 property every minute

    27. Not even close

    28. Sorry – there were several properties repossessed every hour

    29. Close but not right There were more than 2 properties repossessed every hour in the UK in 2009

    30. Yes – depressing, isn’t it? The actual figure was 1 property repossessed every 11.2 minutes That’s 5 per hour! 128 properties per day were repossessed during the 3 month period between July and September 2009 Mortgage lenders are predicting that this figure will continue to rise

    31. We’re pleased to say that it’s not quite as bad as this

    32. How many cash withdrawals are made on an average day in the UK ? 5 million 6 million 7 million 8 million 9 million 10 million

    33. Sorry – too low ?

    34. Sorry - too low ?

    35. Close! Good try

    36. Sorry – a bit high ?

    37. Sorry – too high ?

    38. Spot on! The actual number is just over 8 million - this is an average with seasonal variations Can you guess the total value of these daily cash withdrawals? Think of a figure and write it down on a scrap of paper

    39. Daily cash withdrawals 2009 The average daily value of cash withdrawals made in 2009 was: £530,000,000 How close was your answer?

    40. Running a car The average cost of running a car in the UK is: £5 £10 £15 £20 £25

    41. No, sorry – this is too low

    42. Too low - sorry

    43. Correct The average cost of running a car is £15.13 per day The average new family car costs £5,523 to keep on the road This equates to £106 per week This is an average of 46p per mile New car registrations continued to rise in 2009 to 168,942 units

    44. Too high Think about an average family car

    45. Definitely too high! What sort of car are you running?

    46. Information The information for this quiz has been taken from statistics gathered by Credit Action Credit Action is a national money education charity www.creditaction.org.uk

    47. On the brighter side: 63% of the population are more aware of their finances and are making an increased effort to look after their accounts Almost half of these people state that they know exactly what they have in the bank 81% of Britons say they never argue with their partners about money! The number of households without bank accounts has been cut in half since the 1990s

    48. FSA Research Recent research found that the increase in life satisfaction from increased financial capability is 12 times greater than the impact of earning an extra £1000 per year Suggests that moving from low to medium levels of financial capability increases psychological well-being by 5% and decreases anxiety and depression by 15%

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