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Here's the second edition of Nova Money's Friday Challenge Series! 😎

Personal Finance Trivia 101 - 2

If you're in your 20s or 30s, thinking of retirement can seem quite far away.   
However, starting your pension as early as possible could ensure you have a bigger pot invested in the markets and will hopefully ensure a happy and wealthy retirement!   
Get started today.

False!

25 is too young to start saving into a pension

You are correct. There are all sorts of platforms out there that allow you to start investing from as low as £1.

Yes!

I don't need to be rich to start investing

A lower credit score may indicate a person is less likely to pay back a loan, and this increases a consumer's APR.  
Remember, a higher APR makes carrying a balance more expensive over time.

Yeapp!

My credit score will have an impact on the APR I am offered for a personal loan  
  


Not to worry, a poor credit score can be fixed!   
Here's an article on [how to fix your credit score.](https://novamoney.com/blog/how-to-fix-your-credit-score/)

This is untrue!

If I have a bad credit score, I'll have it for life  
  


An emergency fund is essentially money set aside for raindy days! Usually, people aim to have 3-6 months of expenses saved up.  
Why do you need one? Firstly, in case of an unexpected job loss - it’s crazy to think how many people lost their jobs unexpectedly.

Wrong!

An emergency fund is the same as a savings pot.

You may have slipped this time, but that's okay! Now's the time to start building your financial literacy and improve for a better future.  
Don't forget to [share your results](https://community.novamoney.com/t/friday-challenge/196/4) with our community and stand a chance to win our exclusive monthly prize! Be sure to check out your position on our Leaderboard too.  
Remember Nova aims to teach the necessary financial skills that we don’t learn at school, such as how to set financial goals, how to prioritise them, and which habits to change to progress faster

Good effort!

You're on the right track to building your financial literacy and attaining financial freedom.  
Remember to [share your results](https://community.novamoney.com/t/friday-challenge/196/4) with our community and stand a chance to win our exclusive monthly prize! Be sure to check out your position on our Leaderboard too.
In the meantime, keep saving and we will see you next week!

Fantastic!

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Personal Finance Trivia 101 - 2

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