Where do you stand financially? Get a score on this quiz — and our advice.

Recession, inflation, interest rates and gas prices: Answer these questions to help you understand how these economic forces will impact your life.

Economy Quiz
(Emily Wright/The Washington Post)

It’s okay if you’re wondering how bad things are.

The drumbeat of economic news has you on edge, and rightly so. Inflation is at a 40-year high, mortgage rates are inching up, credit card debt is getting more expensive, and the release of government data suggests the economy is slowing down. Meanwhile, unemployment is near historic lows. It all can be confusing.

So I’ve teamed up with my colleagues to build this quiz to help you figure out how current economic events could impact your finances. There’s no right or wrong answer. The questions are a way for you to gauge where you stand financially. Your score — and our financial advice — could help you prepare for what’s coming if the economy gets worse.

Question 1 of 10

Do you have enough money coming in to cover necessities?

The higher cost of necessities rent, gas and food prices — has led to an increase in homelessness and millions more fearing they’ll soon lose their homes.

Read more: Workers are picking up extra jobs just to pay for gas and food

How Gen Z teens accidentally blew up the myth of the lazy millennial

Question 2 of 10

Do you have monthly student loan debt that was difficult to pay before the pandemic?

The federal student loan pause is slated to end in August for millions of Americans. The Biden administration is still assessing options for student debt cancellation and updates to the federal student loan repayment system.

Read more: Biden to limit ways that interest can inflate student loan costs

Question 3 of 10

Do you have emergency savings?

Many American adults can’t cover a $400 emergency, such as a car repair or a modest medical bill, without borrowing from a friend or family member or using a credit card and paying it off over time.

Read more: Inflation is soaring. Time to rethink your emergency savings.

Question 4 of 10

Are you contributing to a retirement account?

Retirement accounts have significantly dropped as recession fears have spooked the stock market. But if you don’t have a retirement account, you are not alone. According to the Federal Reserve, only about half of American households have a retirement account.

Read more: Stock market tumble booted workers from the 401(k) millionaire’s club

Question 5 of 10

Do you have revolving credit card debt?

The average credit card balance is $5,221, according to bankrate.com. With the Fed set to raise rates again, the cost of credit will become even more expensive. The average credit card interest rate now tops 20 percent.

The share of credit card revolvers, or those who carry over a monthly balance, rose 0.6 percentage points to 40.1 percent nationally in the fourth quarter of 2021, the American Bankers Association reported in May.

Read more: 7 ways to lower your credit card debt after the Fed rate hike

Question 6 of 10

Do you have to pay for gas for the drive to work?

The national average for a gallon of gas is now $4.33. Although prices have been coming down on fears of a recession, one of the biggest drivers of inflation has been the escalating fuel cost.

Read more: Why Revive the Commute When Gas Prices Are So High?

Question 7 of 10

Are you looking to buy a home within six months to a year?

Mortgage rates are the highest in more than a decade. As of July 21, the 30-year fixed rate was 5.54 percent, according to Freddie Mac.

Interactive: Calculate how much more mortgages will cost as interest rates rise

Question 8 of 10

Do you have a fixed-rate mortgage?

Question 9 of 10

Has your rent increased significantly?

The median rent across the 50 largest metros jumped 14 percent year-over-year, according to Redfin. Rental housing demand is sky-high. Here’s why.

Interactive: Rents are rising everywhere. See how much prices are up in your area.

Question 10 of 10

Do you need to buy a new or used car soon?

You need to answer every question to see your result. You’re missing questions 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10.

About this story

Design and development by Reuben Fischer-Baum. Illustrations by Emily Wright. Editing by Suzanne Goldenberg and Karly Domb Sadof. Design editing by Virginia Singarayar. Copy editing by Sophie Yarborough and Jamie Zega.