As most of us are aware, money management skills are important for children to develop at a young age.
The effectiveness of this curriculum should be an ongoing process of education, implementation and monitoring how much participants retain by offering a series of financial literacy tests and financial literacy quizzes.
Hands on testing of practical matters can provide a student the experiential learning experience of the material they studied and will directly impact their short and long-term goals. The written section of within a financial literacy test helps them to identify the areas where more study is required.
Effective administration of a financial literacy test it is important to conduct a pretest first. This will give you a base line of the student’s knowledge. If the delivery of the financial literacy curriculum and test is home be sure not to lead your student into answers during the pre and post test. Let them do the work on their own to get the most reliable data.
After the students have received some type of high school financial literacy curriculum the next step is to administer the post test. Ensure the post financial literacy test covers the material they learned and be sure not to skip portions of the financial literacy lesson plan
that may be on the financial education test.
Financial literacy tests can include a wide variety of topics like: how to pick a career, comparing the pay between job offers, how to pay your bills on time, budgeting for living expenses, how to start saving for short term goals, comparing credit card offers, and a variety of other subjects. Be careful to choose financial education tests that align with the subjects you are teaching.
National Financial Educator’s Council (the NFEC) Real Money Experience (RMX) is a prime example of the practical teaching method that works with kids and has excellent results on post financial literacy test. The students visit twelve different stations and make life decisions that will impact them when they move away from home.
The experiential learning experience the students receive when they enter the RMX event will provide them hands on experience so the information is retained; thereby improving the results of the post financial literacy test.
The Real Money Experience event has students choosing a career and making education choices that affect their income. They decide on clothing and transportation options that fit their career while the financial literacy test is if their choices will fit into their budget.
Participants of this financial education event quickly become aware of the ongoing expense of each decision. The expenses can be as simple as insurance, dry cleaning or utility costs, for example. The volunteers help participants set up a saving plan that matches their future lifestyle goals, create a budget, make credit and investment decisions and this interaction acts as a financial literacy quiz as students enter each booth.
The end of the financial education event is capped with a practical financial literacy test based on the lessons they learned.