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Measuring Financial LiteracyBill Field2024-04-02T11:41:03+00:00
Measuring Financial Literacy Takes Deep Design Considerations
Showing improvement in personal finances is very valuable for individual students and entire programs. Students can put the class on their resumes and educational applications. Proof of success increases a program’s chances of getting further funding and helps expand the efforts.
When it comes to measuring financial literacy, the NFEC designs their comprehensive testing systems with those important goals in mind. We know that testing, measurement, and tracking progress form the glue that holds a financial educational program together. The data also guide the program toward success.
This 30-question test measures knowledge of financial literacy and income generation (career & entrepreneurship). This test has broader questions that measure participants’ ability to earn money and manage their personal finances. Over 93,000 people – high school students through adults – have completed this test.
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Results
67%
Average Score of 67.34%
Participants to Date
How to Measure Financial Literacy – Key Aspects that are Often Ignored
Measuring financial literacy is not simply a matter of tracking financial knowledge. While that is necessary, it is only a piece of the puzzle, and not even the most powerful piece. Just because someone knows what to do, doesn’t mean they’re going to do the right thing. Changing behavior requires a lot more than just imparting logical knowledge. We all know that logic is no match for emotion. Emotion almost always wins. Deeper, more insidious, hidden forces are at work in a person’s financial sentiment, their ingrained, often unconscious attitudes toward money. If these critical issues are not addressed, a program’s chances of success drop dramatically. Not only should you consider these facts when gathering measurements, consider this also when you select the financial literacy lesson plans and when designing your financial literacy class.
Measuring Financial Literacy Levels
Want to know how to measure financial literacy levels? Take one of our financial literacy quizzes and find out, because that’s one of the things our testing systems do. We know it’s important for success to teach just beyond the student’s current level of understanding, along the well-defined process of learning. The NFEC’s financial literacy research paper points to the fact that learning occurs in stages, as outlined by Webb’s Depth of Knowledge scale. Students must be led to progress through each consecutive stage in the right order. When a step is skipped, students lose confidence and may disconnect from the material.
