Play now! - Pension Awareness Day Quiz

Question 1 of 8

If you come into money you weren’t expecting? What should you do with it?

Put it away and save it

Go on a spending spree

Treat yourself but save some too

Tip: Spending a little as well as saving will make you feel good about your money.

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Question 2 of 8

How much in savings should you aim to have set aside for a rainy day?

3-6 months’ worth of expenses

1-2 months’ worth of expenses

6-12 months’ worth of expenses

Tip: You should aim to have a minimum of three to six months’ worth of expenses saved. If the worse happens and you lose your income, this will ensure you’ll have enough to cover your living costs in an emergency. Having something put aside is better than having nothing.

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Question 3 of 8

Why can paying with actual cash for purchases help you to save?

You appreciate that you’re spending real money

You get the item cheaper if you pay cash

Some shops will give you cash back if you use cash

Tip: By using cash it’s easier to keep track of what you are actually spending and you’re less likely to make impulse purchases.

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Question 4 of 8

If you want to build up savings, what’s the best goal to give yourself?

To save as much as you possibly can

To save when I can afford to

To save a reasonable amount on a regular basis

Tip: Getting into the savings habit and putting money away regularly – even if it’s just small amounts - is the best way to build up a pot of money.

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Question 5 of 8

If you have any debt, is it best to:

Use all extra income to pay off your debt as quickly as you can

Pay off any debt in priority order and put some money into savings

Ignore any debt and it will go away

Tip: It’s never sensible to ignore any debt. You should aim to target the debt with the highest interest rate first and make regular payments to clear this, but also try to have some money set aside in savings.

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Question 6 of 8

What is the typical interest on credit card debt in the UK?

21%

16%

Tip: According to data from the Bank of England, the average credit card interest rate in the UK was 20.77% at the end of 2019.

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Question 7 of 8

Saving into a workplace pension is the most effective way to save for the future?

True

False

Tip: If you pay into a workplace pension, your employer will contribute, and you’ll receive tax relief from the Government – there’s no other savings product that gives you these benefits, so maximise your workplace pension as much as possible.

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Question 8 of 8

8. When’s the best time to start saving for retirement?

As soon as you begin working

When you reach age 50

Whenever you can afford to

Tip: When it comes to saving for the future, it’s better to start saving as early as possible – as this will give your money more time to grow.

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Question 1 of 8

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Need help or support?

For more information about pensions, here are some useful links.

Pension Wise
The Pensions Advisory Service
The Money Advice Service