A Quiz for a Rainy Day

Everyone likes the idea of saving money, and we all wish we could save more. February 24–29 is America Saves Week, so it's a good time to ask questions about saving and getting into the saving habit!

Source: Question 1; Question 2 (box 5, figure A); Question 3; Question 4; Question 5; Question 6; Question 7 (table 3); Question 8; Question 9; Question 10

Read more: The 2019 Federal Reserve Payments Study.

1. What was Americans' personal saving rate in December 2019?
1.6 percent
4.6 percent
7.6 percent
2. True or false: From 2013 to 2016, the share of families reporting they are saving has increased.
3. Since 1960, the U.S. personal saving rate hit its high point in May 1975. What was that rate?
7.3 percent
12.3 percent
17.3 percent
4. Which agency insures deposits made at banks and thrift institutions?
Office of the Comptroller of the Currency
Federal Deposit Insurance Corporation
Office of Thrift Supervision
All of the above
5. True or false: A savings account at a bank is considered a "transaction account."
6. If you put $500 into a savings account that paid a fixed interest rate of 2 percent compounded annually, how long would it take for your money to double in value?
15 years
36 years
50 years
7. In the Federal Reserve's 2016 Survey of Consumer Finances, the top reason consumers gave for saving money was to have liquid assets available. What was the second most popular reason given for saving?
Buying a home
8. In 2016, 40 percent of families surveyed for the Fed's Survey of Consumer Finances said they had savings sufficient to cover three months of recurring expenses. What share of families had savings that could cover nine months of recurring expenses?
13 percent
23 percent
33 percent
9. The Federal Reserve's Regulation D stipulates a maximum number of "convenient" transfers that can be made from a savings account each month. What is that limit?
10. In 2004, 72 percent of families reported that they had at least $400 in liquid savings. What share of families said they had at least $400 in liquid savings in 2016?
68 percent
72 percent
76 percent