Financial Literacy Quiz
The National Financial Educators Council financial literacy quiz measures three key areas of financial knowledge that define a person’s financial capability. This test is provided complimentary to those that seek to measure ones motivation to learn personal finance topics, knowledge of money management topics and the ability to identify the first steps to take toward reaching one’s financial goals.
The NFECs’ Financial Literacy Quiz was developed through years of research and conducting interviews with over twenty-thousand people nationwide. The test is designed for all ages (12 and older) and can be used as a pre- and post-test in conjunction with the NFECs’ financial literacy curriculum or as a way to measures one’s current financial capability. This can also be used as a learning tool. The correct answers are provided for those that take the financial literacy quiz to aid in the education process
Take the financial literacy quiz now.
The NFEC has determined there are three significant areas that measure one’s financial capability. Most financial literacy quizzes measure only one area – current financial knowledge. While this is important for measurement it lacks key areas that contribute to a person’s overall financial capability.
The NFEC measures ten personal financial education subject matters that align with financial education standards and each topic is measured on three key areas: motivation to learn, current knowledge and recognition of the first step.
Measuring a participants ‘motivation to learn’ personal finance topics guides organizations on how to teach financial literacy most effectively. The NFEC’s Certified Financial Education Instructors are taught to use the Stages of Change Model which provides clear guidance when measuring a participant’s willingness to learn. Once identified, the proper financial literacy lesson plans and education style can be chosen.
Knowledge of personal finance subject matter is also measured over the ten key topics contained within the financial literacy quiz. Measuring ones knowledge allows National Financial Educators Council to determine areas that the participants understand and those topics which they may need to cover again.
The ability to recognize the best first steps a person should take toward improving their finances is the third area measured during the NFECs’ financial literacy quiz. A goal of all NFEC material and training produced is to move participants to take positive action toward their financial goals. NFEC classroom studies have shown that often participants have the knowledge; however, they don’t know what to do first. The lack of being able to identify the ‘first step’ toward improving their finances often leads to confusion and inaction.
The NFEC provides the online financial literacy quiz free of charge and encourage people to share it with others. The NFEC is gathering data to raise awareness about the financial illiteracy epidemic and we commend you for your interest in improving the financial capability of your community.