Personal Finance Daily: MarketWatch readers score top marks on money quiz

Personal Finance Daily OCTOBER 27, 2011 MarketWatch readers score top marks on money quiz By MarketWatch Don't miss these top stories: Our financial smarts erode quickly after age 60 Worker fraud costs small businesses big bucks Rates on 30-year mortgage slide to 4.1% The richest celebrity is in your mirror TARP housing programs still need fix: watchdog It's a well-known fact that most Americans don't know as much as they should about personal finance, and that fact was reinforced by a new financial-literacy study that asked survey respondents to answer questions about various money and investing products. Average scores on that test were dismal. But what's startling about the study is that it found people's financial acumen decreases quickly starting at about age 60. Read Robert Powell's column today to find out more. And check out his column to find out how your money smarts stack up against the people tested in that study. MarketWatch created a quiz comprising the 10 questions that those survey respondents found hardest to answer correctly. Judging from our quiz results so far, MarketWatch readers are far smarter than the average American when it comes to questions about money. Our readers are averaging 97%, while the people in the study averaged a measly 50% on those questions. Check out the quiz in Bob's column, plus don't miss our piece today on how worker fraud is hitting small businesses hard — and what small-business owners can do to prevent it. — Andrea Coombes , Personal Finance editor Our financial smarts erode quickly after age 60 We ask older Americans to make complicated financial decisions about Social Security, Medicare, retirement distributions and more — just when their ability to make those decisions is declining quickly, according to a new study. Read more: Our financial smarts erode quickly after age 60. The richest celebrity is in your mirror Financial success does not define who you are, nor should the pursuit of financial gain be all you're known for, writes Chuck Jaffe. Read more: The richest celebrity is in your mirror. Worker fraud costs small businesses big bucks Employee theft has become a common occurrence, but in tough times when revenues are already down, the impact, especially for small businesses, can pack a harder punch. Read more: Worker fraud costs small businesses big bucks. REAL ESTATE Rates on 30-year mortgage slide to 4.1% Mortgage rates hold their ground for the most part, this past week, as Freddie Mac's chief economist takes note of soft consumer confidence and flat housing prices, among other factors. Read more: Rates on 30-year mortgage slide to 4.1%. TARP housing programs still need fix: watchdog The housing support programs funded by the Troubled Asset Relief Program still are in need of improvements with just a year left for new mortgage modifications, a watchdog says. Read more: TARP housing programs still need fix: watchdog. ECONOMY & POLITICS U.S. economy grows 2.5%in third quarter Economic growth accelerates sharply over the summer as consumers and businesses ramp up spending, the government's first estimate of third-quarter gross domestic product shows. Read more: U.S. economy grows 2.5% in third quarter. The Pollyanna economy Big whoop: The nation's economy expanded at a pathetic 2.5% annual rate in the third quarter, but at least we didn't fall into a recession, writes Rex Nutting. Read more: The Pollyanna economy. Jobless claims fall slightly in latest week Initial jobless claims in the latest week fell 2,000 to 402,000, continuing a recent stable trend that has economists encouraged about the outlook. Read more: Jobless claims fall slightly in latest week. China may back safer assets in Europe aid fund European leaders are hoping China will provide backing for its rescue fund, with attention shifting to talks between leaders in Paris and Beijing expected to take place on Thursday. Read more: China may back safer assets in Europe aid fund. European Council chief's remarks on Greek deal Read the text of a statement by European Council President Herman Van Rompuy following Wednesday's euro-zone summit. Read more: European Council chief's remarks on Greek deal. INVESTING A banner day for the 1% as bank stocks soar As global markets soar on a European debt deal, the embattled elite enjoy a rare recent victory. They shouldn't get used to it, writes David Callaway. Read more: A banner day for the 1% as bank stocks soar. Did the Europeans get it right? For once: maybe The sweeping agreement reached by euro-zone leaders at least presents a plausible path forward for dealing with the region's debt crisis, writes Steve Goldstein. Read more: Did the Europeans get it right? For once: maybe. Groupon road show: good, bad and goofy Groupon executives will likely face their toughest critics when the daily deal pioneer's road show travels to New York, writes Therese Poletti. Read more: Groupon road show: good, bad and goofy. Bulls on the move but lacking targets There are still bears, but top-performing letters are looking for buys. Read more: Bulls on the move but lacking targets. Get the latest news on our mobile site: http://www.marketwatch.com/m MarketWatch has sent you this newsletter because you signed up to receive it. To ensure you receive this newsletter in the future, please add marketwatchmail.com to your list of approved senders. Sent to: kumaresan.selva.blogger@gmail.com Unsubscribe | Subscribe Copyright 2011 MarketWatch, Inc. 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