We’ve all been reading about the bank stress tests the government performed on some of the largest banks in the country.

Do you think you’d be able to pass a Consumer Financial Stress Test?

The National Foundation for Credit Counseling created a Consumer Financial Stress Test based on it’s 2009 Consumer Financial Literacy Survey.

See how you’d do…

Q: On a scale of A to F, what grade would you give yourself in terms of your knowledge about personal finance?

Results: It appears that many of us would not be moving to the front of the class, as 41 percent of U.S. adults, or more than 92 million people, gave themselves a grade of C, D or F on their knowledge of personal finance.

Q: Which best describes how you manage your money?

Results: Less than half, 42 percent, keep close track of their spending, with 7 percent, or nearly 16 million, admitting they don’t know how much they spend on food, housing, and entertainment, and do not monitor their overall spending.

Q: What best describes your financial situation?

Results: 26 percent, or more than 58 million adults, admit to not paying all of their bills on time, with 13 million admitting to having debts in collection, or are seriously considering filing for bankruptcy, or have done so in the last three years.

Q: In which ways did the terms of your mortgage turn out to be different than what you initially expected?

Results: 42 percent, or more than 94 million people currently have a mortgage. Of those, 28 percent say that the terms of their mortgage somehow turned out to be different, including either the payment amount or terms of the loan, the interest rate or its duration, or they had no knowledge of the required Private Mortgage Insurance.

Q: Do you have any savings excluding retirement?

Results: One-third of adults, close to 72 million people, report that they have no savings. Of those with no savings, more than one in four report that, if faced with an emergency, they would charge that expense to a credit card or take out a loan, thus adding to their debt load.

Q: What percentage of your household income do you save toward retirement?

Results: More than 74 million people do not put any part of their annual household income toward retirement. This number is up from 28 percent in 2008 to 33 percent in 2009.

Q: Compared to one year ago, how has the current economic climate affected your spending, and if you are spending less now, if your financial situation were to improve, would you be likely to spend more?

Results: Although 57 percent of adults report spending less than they were a year ago, 45 percent of those now spending less admit that if their financial situation were to improve, they would resume their previous spending habits.

Q: Have you ordered a copy of your credit report, and do you know your credit score?

Results: In spite of it being free, nearly two-thirds, or 144 million people, have not ordered a copy of their credit report in the past year. Additionally, more than one-third admit that the do not know their credit score.

Did you pass the Stress Test?

The good news is that all these items can all be fixed – starting with small, practical steps that will really make a difference in your finances and in your life. Begin by reading other articles at the Mend Your Money.com site or call me for help at 541-387-2995.

The 2009 Financial Literacy Survey was conducted by telephone within the United States by Harris Interactive on behalf of the NFCC on March 13-16, 2009 among 1,000 adults ages 18. For more information about the NFCC, go to www.nfcc.org.