Three in four Australians failing finance quiz

Could your financial literacy be holding you back from making money?

That's what finance expert Effie Zahos fears, so she is putting Australians' investment knowledge to the test with a 15-question "Test Your Invest Smarts" online quiz.

Zahos says they are questions all Aussies should know the answers to, yet 74 per cent have failed the quiz, chalking up an average score of five out of 15.

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"When you look at the ones that people got incorrect the most, they're areas we should know," Zahos said.

"Things like super, things like capital gains tax, those were very difficult."

Zahos believes the cost-of-living crisis is forcing people to focus on day-to-day expenses instead of wealth creation.

"We know that property prices seem to be out of reach for most Aussies," she said.

"It's still achievable, but the way our parents probably created wealth through property is going to be a lot harder for the younger generation.

"It's really important that we do understand other asset classes and other ways you can build wealth."

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More than 1000 Australians have already taken the test, with results showing baby boomers are outperforming younger generations.

Households with an annual income of $150,000 also scored better. 

"We're in a cost-of-living crisis right now, I get it, people don't have money to even think about investing," Zahos said.

"But there are asset classes that are building up right now while we're sleeping.

"Super is one: where is it, is it in the right asset class, how much are you paying in fees?

"You don't have to put extra money in to boost it, you've just gotta be engaged."

You can take the quiz at testyourinvestsmarts.com.au