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Can you manage your money? A personal finance quiz.

Jessica Rinaldi/Reuters/File
A customer counts her money while waiting in line to check out at a Target store in Torrington, Conn., in 2011.

Although three-quarters of Americans think their financial knowledge is good to great, their actual financial literacy is declining, according to a report by the investor education arm of the Financial Industry Regulatory Authority. Are you financially literate enough to manage your own money? Take the Monitor's personal finance quiz to find out if you're a beginner, a financial whiz, or somewhere in-between: 

  • By David Clark Scott Staff

1. Given the choice between saving for your retirement or saving for your child鈥檚 college, most financial planners say you should:

Richard Drew/AP/File
Specialist Peter Giacchi, left, works on the floor of the New York Stock Exchange in May.

Save for college; your children will have more income with a college degree

Save for retirement; your children will have more options for paying for college than you will have for retirement income

Do a 50/50 split between the two: It鈥檚 better to balance the two goals than pick one

Discourage your child from attending college. In most cases, it鈥檚 not a good investment.

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