European Stars and Stripes (Newspaper) - October 15, 1990, Darmstadt, Hesse                                Huge gaps in consumer smarts Bob Dart Cox news service american men and women Are about equally inept As Consumers with both sexes a largely lacking the shopping skills needed in today a sophisticated marketplace a National Survey shows. The test found a huge gaps in the nations consumer knowledge Quot said Stephen Brobeck executive director of the consumer federation of America. The average shopper could correctly answer Only about half of the questions on the consumer knowledge test sponsored by the consumer federation an association of 240 non profit groups and conducted by the educational testing service the Princeton n.j., organization that also administers the College entry Scholastic aptitude test. The multiple Choice test developed by consumer experts was taken by 1,139 people at five shopping malls around the country. Quot the average score was Only 54 Pement even though one could answer about 25 percent correctly just by guessing a said the consumer federation report. The Survey showed a few areas of relative consumer competence. Nearly nine in ten 87 percent knew the significance of consigning a loan. Nearly eight in ten knew of the relationship Between Salt consumption and High blood pressure that inhaling Asbestos fibres May cause cancer and that use of antihistamines can cause drowsiness. Quot much of this information has been widely advertised Quot said Brobeck. Quot clearly advertisers could play an important role in closing gaps in consumer  the Survey found an Quot especially lows level of knowledge in some areas that most americans can expect to have dealings a Only one third knew that real estate agents usually legally represent the Sellers of residential Homes. A Only one fourth knew that the importance of life insurance usually lessens As one grows older. A Only 37 percent knew that the annual percentage rate apr is the Best Index of the Cost of a loan. A Only 18 percent knew the information that used car dealers Are required to disclose. A Only 30 percent knew the meaning of a Quot Point Quot on a mortgage loan. The Survey found that men were slightly better shoppers than women a scoring an average score of 55 percent to 54 percent for women. Middle aged Consumers a aged 30 to 59 a scored higher than both younger and older age groups. There were direct correlations Between shopping know How and educational level and income. The average score of people House Hunters do they really know what a mortgage loan is All about who did not graduate from High school was 43 percent while those who had attended graduate school averaged 65 percent. People earning less than $15,000 a year averaged 45 percent on the test while people with annual incomes Over $50,000 averaged 62 percent. In a racial and ethnic breakdown hispanic shoppers averaged getting 43 percent Correct Black shoppers 45 percent and White shoppers 58 percent. The Survey was billed As the first comprehensive examination of the nation s consumer knowledge. Questions covered six general areas of consumption banking insurance housing food product safety and durable goods educators government and businesses should work together to raise consumer literacy said Michael Van Buskirk of the try foundation who funded the project. Quot what sat stake is not Only the welfare of individual Consumers but also the efficiency and productivity of our  track of records i m sorry to Tell associated press the computer revolution was supposed to Cut Down on the paperwork but instead it seems to be burying us with More. Much of this paperwork involves keeping track of personal finances a tax returns life insurance policies medical receipts Etc. The impulse May be to simplify your life by throwing All these papers away. But experts say there Are some rules of thumb for deciding what to throw away when to throw it away and what to keep. The College for financial planning in Denver Colo., has developed the following quiz to see if you know How Long to save household financial records. Match the time recommended by experts for keeping the records listed below holding periods a indefinitely b six years c four years after the Date of expiration d four years after you sell the item e As Long As you own the property or item. Type of record 1. Family papers birth certificates marriage certificates passport diplomas Etc 2. Health records immunization hospitalizations 3. Estate documents wills trusts Etc 4. Tax records returns and All supporting documents Uwel 5. Property records mortgages deeds titles loan agreements 6. Home improvement records contracts receipts 7. Warranties contracts and proof of Purchase 8. Insurance policies 9. Investment records 10. Bank and savings account records cancelled checks registers statements 11. Credit card records list of cards records of payment answers 1. A 2. A 3. A 4. A 5. A 6. A 7. A 8. A 9. A 10. A 11. B. The College for financial planning is a non profit institution offering financial planning education to professionals throughout the financial services Industry you this but some of you will have to be Laid off for a while. Page 16 the stars and stripes monday october 15,1990 by Leonard Sloane new York times the new car wont Start the dishwasher leaks and the mail order sweater fell apart in a week. The car dealer can to or wont help the dishwasher manufacturer says its not the fault of the product and the mail order House refuses to respond. Where can the american consumer turn often a program established by Trade associations can give an aggrieved customer a Chance to talk with a third party and seek redress. These groups can also provide hearings before impartial panels of experts which often Lead to solutions. October is consumer information month a Good time to become informed about the various groups that resolve disputes. First the . Office of consumer affairs advises that in general most dealers producers and service companies want to resolve problems. Dissatisfied Consumers should turn to the companies first before seeking outside help. Quot these third party dispute Resolution mechanisms Are Good As an option for Consumers Quot said Andrew Poat acting director of the office of consumer affairs. Quot they tend to get that Resolution  Poats Agency publishes the consumer s resource handbook which lists dispute Resolution programs better business bureaus names of corporate consumer contacts and other useful information. Free copies Are available by writing handbook consumer information Center Pueblo Colo. 81009. In addition some private companies also publish booklets containing valuable consumer information. The directory of National helplines listing toll free numbers of non profit and government agencies is available from the Pierian press Box 1808, Ann Arbor Mich. 48106 for $6