Would you pass this 2 point personal finance test?

Many South Africans are ignorant of the basics of personal finance, a trait that transcends income levels. Neil Roets, who heads Debt Rescue, a debt-counselling firm, says new clients are first asked for their household budget. Most do not have one.

The Economist: In South Africa, more people have loans than jobs

  1. Do you understand the basics of personal finance?
  2. Do you have a monthly household budget, and know when you’re over/under it, and why?

Ignorance of personal finance basics, and lack of a household budget – I’m sure a good proportion of people, across income levels, in India and the UK, would fail this test.

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