The results of a national financial quiz show that Americans have a lot of work to do in understanding how to manage money, according to Limra.

To mark financial literacy month in April, Limra asked 2,000 Americans 10 multiple-choice questions about finances. Only 27 percent answered eight to 10 questions correctly, while 52 percent ranked in the medium range with five to seven correct answers and 21 percent got fewer than half correct, according to the results, which were released today. Limra is an association of insurance and financial services companies.

Many people have a lower view of their financial knowledge than their actual knowledge reflects. When asked to judge their own knowledge, one in four said they are not at all knowledgeable. In reality, 60 percent of those people answered five to seven questions correctly, according to Limra.

Men are more likely to have a high level of literacy than women, with 31 percent scoring in the top tier compared to 23 percent for women. Older Americans scored higher than younger ones with nearly 40 percent of those 55 years of age and older having a high score compared to 21 percent of those under 55.

Overall, one in eight answered at least nine questions correctly.

The questions were about such things as calculating interest rates, IRA and 401(k) plans and the advantages of mutual funds.

To raise the scores, Limra suggests more education in schools. Twenty-four states have some form of financial literacy requirement for kindergarten through 12th grade. That education should carry on to the workplace, Limra says.

Differences between men and woman in the confidence levels, and in their actual knowledge, should be taken into consideration in education programs, Limra added.