As part of Financial Planning Week, we will be presenting a quiz each day to help you better define your financial goals and build a sound financial plan. One lucky winner selected at random from the Editor's hat will win a hamper of tasty goodies--see below to find out how to enter.
Our first quiz for Day 1 of Financial Planning Week covers some key points to bear in mind when making plans for the future.
1. If inflation for the next 20 years registered at, say, 3% per
annum, what would £100,000 be worth in 2029?
a) Around £75,000
b) Around £65,000
c) Around £55,000
d) Around £45,000
2. Which expenditure area typically increases most as a proportion of
total income post-retirement?
a) Housing costs
b) Energy costs
c) Medical costs
d) Visiting night clubs
3. What is the UK's average life expectancy for men?
a) 73 years
b) 75 years
c) 77 years
d) 82 years
4.…and for women?
a) 75 years
b) 78 years
c) 81 years
d) 86 years
5. What is the State's definition of a "minimum income" for someone
over 60, which is used to calculate Pension Credits?
a) Single person: £130 per week; couple: £198 per week
b) Single person: £141 per week; couple: £205 per week
c) Single person: £165 per week; couple: £229 per week
d) Single person: £202 per week; couple: £265 per week
Submit your answers by clicking here, entering your name and e-mail address, and typing either a), b), c) or d) for each of the five questions in the message box. Good luck!
Having financial goals and understanding the choices available to you are central to making successful investment decisions. As such, all this week, Morningstar is partnering the Institute of Financial Planning in promoting Financial Planning Week. You can find out more about our efforts here.
