Are you really financially fit?

Nearly half of us have resolved to diet or detox in the New Year, and one in four are planning to go to the gym in a desperate attempt to fight festive flab. But are we as keen to get our finances into shape? Try our quiz and find out how you rate in the health and stamina stakes.

Our quiz is in three parts. The first tells you how strong your financial immune system is to the knocks that most people get during their lives - or, in other words, how well-equipped you are to stave off disaster. The second section tells you whether you have the muscle to be a success with your money. And the third part tests you on your knowledge and agility in the ring.

Part 1: Can you survive the knocks?


1 When it comes to working out percentages are you:

a) useless b) uncertain c) confident?

2 Do you miss regular monthly (or other) payments:

a) often b) sometimes c) never?

3 Do your bills and statements:

a) stay on the doormat indefinitely b) get opened after a week or so c) get checked straight away?

4 Have you made an up-to-date will?

a) no b) I have one, but I can't remember where it is or what it contains c) yes.

5 Do you buy things on impulse:

a) regularly b) sometimes c) never?

6 Do you pay over a fifth of your income each month in interest on debt repayments (excluding any mortgage you may have):

a) regularly b) sometimes c) never.

7 Do you buy financial products without fully understanding them:

a) often b) sometimes c) never.

Score your answers as follows:

a) scores 1; b) scores 4; c) scores 8.

10 or fewer: The good news is that you are obviously a brave person - to have done this quiz at all - and that you are honest. The bad news is that financially you are a total weakling. In fitness terms you have much in common with David Brent. But with regular workouts, you could get yourself into much better shape, protect yourself from being ripped off and stop yourself from squandering your money.

10-20: OK - you're more of a Hugh Grant physique than David Brent, but you could still do a little better. You've occasionally taken your finances for a jog, but not often enough. Time to work on those weaker areas.

21-49: Definitely a Brad Pitt. You can be quite impressive, but you still have some areas of vulnerability which could cause problems if luck does not go your way.

50+: Watch out Jonny Wilkinson. You have achieved a high level of discipline and your finances are in fine form. You have covered most of the bases in trying to ward off the possibility of financial disaster. Try the next part of the quiz to see if - as well as playing defensively - you have the flair to make money too.

Part 2: Are you making the most of your money?

Answer yes or no to the following questions:

1 Do you plan your finances for the long term?

a) usually b) sometimes c) what's long term?

2 Are you paying any debts you have at the lowest rates possible?

a) yes - all of them b) some of them c) I have no idea.

3 Do you have views on the likely future direction of interest rates?

a) of course b) sort of c) haven't got a clue.

4 Do you question advice you receive from professionals?

a) always b)sometimes c) what advice?

5 If you have a savings and investment portfolio, do you review it regularly and keep it diversified?

a) yes b) I try to sometimes c) no.

6 Do you regularly read the personal finance and economics pages?

a) yes, at least once a week b) if there's time after the sports and fashion sections c) only by mistake.

7 Do you use a calculator when planning your finances?

a) yes b) I do rough calculations in my head c) no.

Score your answers as follows:

a) scores 8; b) scores 4; c) scores 1.

10 or fewer: It is surprising that you are doing this quiz, as you clearly do not regard money as your bag.

You could strengthen your finances just by thinking about some of the issues raised above.

10-20: Maybe you find money issues boring and too time-consuming. If you can find a way of making yourself more interested, you could reap the benefits in years to come.

21-49: If you work on the area(s) to which you gave a 'no' answer, you will be doing yourself a big favour and could become top rate at managing your money.

50+: If you end up poor, you will be very unlucky as you have an extremely healthy approach to your money.

Part Three: How clued-up are you?

Spot the odd one out:

1 a) 31 January b) 5 April c) 4 July.

2 a) 40 per cent b) 22 per cent c) 17.5 per cent.

3 a) £139,405 b) £200,000 c) £1.4 million.

4 a) £77.45 b) £102.10 c) £100.

5 a) Halifax b) Nationwide c) Abbey,

6 a) Isa b) VCT c) APR.

7 a) 3.75 per cent b) 1.3 per cent c) 2.5 per cent.

Answers

1 c) Independence Day does not figure as a notable date in the Inland Revenue's calendar.

2 c) While VAT is charged at 17.5 per cent, the higher and basic rates of tax are 40 per cent and 22 per cent.

3 a) The average house price of £139,405 in December 2003, according to the Halifax, has nothing to do with the proposed pension rules for 2005 which envisage a lifetime limit of £1.4m and an annual input limit of £200,000.

4 c) Most pensioners will know that the £100 figure (the Inland Revenue's penalty figure for late filing of tax return) has no relationship with the weekly level of the £77.45 maximum basic state pension for a single person and the weekly Pension Credit Guarantee (formerly known as Minimum Income Guarantee) of £102.10.

5 b) The Nationwide is still a mutual but the others converted to banks.

6 c) The APR is the odd one out - as Individual Savings Accounts and Venture Capital Trusts are investment vehicles that allow tax breaks.

7 a) The base rate set by the Bank of England's Monetary Policy Committee is the odd one out. The other two rates are the old (2.5 per cent) and new (1.3 per cent) rates of inflation (November 2003 figures) used by the Government.

Your results

7: You're either very impressive or just a bit sad or you work in financial services.

6: Well done.

5: Pretty good.

3, 4: Not too bad.

1, 2: Back to the drawing board. Even if you answered at random, you could be doing as well as this.