NFEC Publishes Financial Education Survey Results

The National Financial Educators Council (NFEC) offers statistics produced by analyzing data from a financial education survey and other research efforts, including polls and think tank whitepapers. Their ongoing series of studies examines financial wellness levels, attitudes toward money, and money management behaviors. The primary goal of these financial literacy survey courses of study is to generate accurate data that can be shared with the financial education industry, mainstream media, and the public.

See Results of 2017 Financial Education Survey

Among 5,123 young adult Americans across the US who completed a financial education survey, nearly 50% answered “money management” in response to the question, “What high school-level course would benefit your life the most?” This money management research survey was performed between July 15 and 17, 2017, with young people aged 18 to 24 participating.

Then the NFEC asked respondents, “During the past year, about how much money do you think you lost because you lacked knowledge about personal finances?” The answers averaged out at $1,171 over the past year – with 6.8% of participants saying they’d lost over ten thousand dollars from lacking money skills. Therefore gaining money knowledge could be worth a lot.

People and Instructors can Benefit from Financial Education Survey

Both individuals and financial educators can use the NFEC’s financial education survey and/or its results. An educator might conduct a financial literacy pop quiz to gain clarification regarding where students currently stand in terms of their financial lives in order to measure change after the coursework is complete. The instructor might ask questions about students’ income, savings, debt loads, credit scores, and investments, for example.

Conduct Financial Education Survey as Part of Initiative Planning

Curriculum, materials, and instructor training all form important pieces of a successful financial literacy endeavor. But prior to delivering any instruction program—regardless of its high quality—there are key planning steps that should come first. The NFEC recommends three levels of measurement to ensure success: an assessment of participant needs, a financial education survey, and interpersonal consultation with audience members.

Participant Needs Assessment: In order to reach your audience, you need to find out who they are. Ask participants to tell you what they’re interested in learning and the current financial challenges they already face.
Pre- and post-test survey: The NFEC’s recent youth financial literacy statistics indicate that as many as 1 in 3 American teens and young adults are unable to score 70% or more on a financial literacy test. Have participants complete an exam before and after the training, to find out how much they learn.
Consultation: One-on-one consultation provides a chance for participants to self-design their own class. Tailor the materials to the demographics and motivations of the audience.

To effectively promote financial literacy, research should form the cornerstone of the curriculum materials and instructional techniques you choose. For example, the NFEC draws upon James Prochaska’s Transtheoretical Model of Behavior Change to help understand where an audience falls in terms of their readiness to take positive action.

Finding out how well your program raises awareness and knowledge is where the money management survey comes in. The NFEC has designed an empirically-tested pre- and post-test measure that will help you accurately gauge program effect.

Finally, the consultation piece can aid you not only to reach your target audience, but to tailor financial education programs in the future. Gather qualitative information from individual participants to lend important insight for how the program could be improved.

Financial Education Survey

Thank you for taking a brief moment to complete this financial education survey. Your opinions will be put to good use. The results will be included in a comprehensive report that will be used to raise awareness for the financial literacy movement.

The survey was designed by the NFEC in collaboration with Edward Halteman, PhD. Dr. Halteman is credited with revolutionizing the use of data for decision-making by introducing the use of web-based surveys. He was an instrumental part of an NFEC team that conducted an international demand- and supply-side study involving more than a thousand face-to-face interviews. The results of this financial education GAP assessment report have already served over 45,000 individuals; the study is projected to empower more than half a million people with financial knowledge.

Please take a moment to complete the financial education survey below. We value and appreciate your opinions.