A College Financial Literacy Test Stimulates Awareness at the Right Time

A college financial literacy test can change a student’s entire life. College is the perfect time to learn basic financial literacy because that is the age when people take on the responsibility of their own money, often for the first time. On the other hand, it is early enough that they probably haven’t yet had a chance to get themselves into debt.

The NFEC understands the importance of a financial literacy test for college students. We design comprehensive testing systems that evaluate students and programs.

Capacity of College Financial Literacy Test Scenarios

Formation of College Financial Literacy Test Materials

Patterns for College Financial Literacy Test Assets

Take the National Financial Capability Test

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 100,000 people – high school students through adults – have completed this test.

Results

67%

Average Score of 67.38%

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Participants to Date

The NFEC’s Financial Literacy Test for College Students Covers Many Aspects of Personal Finance

We measure the depth of the financial content knowledge and push the students toward higher order thinking skills. We measure financial sentiment, which gives us data that we use in designing the curriculum. We assess the student’s financial behavior, which requires clear goals and constant focus for an extended length of time.

Behavioral change cannot be accurately assessed by surveys because of Participant Bias. After the course, students tend to overestimate their financial health. That’s why the NFEC tracks actual behavioral and situational changes regarding money.

Blueprints of College Financial Literacy Test Use Cases

NFEC’s College Financial Literacy Test Systems Discover Depth of Knowledge

Learning occurs through a known process during the delivery of financial literacy education to college students. The steps in the learning process have been mapped out in two corresponding diagrams: Bloom’s Taxonomy of Higher Order Thinking Skills and Webb’s Depth of Knowledge.

When we know the extent of students’ understanding, we can present new material just beyond their depth of knowledge. This process maximizes learning efficiency and increases retention of the subject matter.

A financial literacy test for college students can reveal a wealth of information and increase awareness before bad financial habits set in.

Mechanisms for College Financial Literacy Test Skill Set

The NFEC’s College Financial Literacy Test & Surveys are provided complimentary to be used online for pre-and post-testing, self-assessment, and to use as an instructional tool.* You will have access to your personal results immediately after completing the test or survey.

Example of a interactive financial literacy question for college students – ask them to sigh up for the NFEC’s fake credit card.  Why? A ‘shocking’ situation often gets people to immediately reconsider their actions. The Student Experience Card entices students to apply with ‘slick’ advertising that mentions a $100 bonus and instant approval. Students who apply must check off that they have read and agreed to the terms and conditions which clearly state an APR of 99.9% and a $297 annual fee which is due immediate upon acceptance. Upon reading the message students are prompted to follow a few steps to “get a refund”. This is where they learn this was a fake credit card application designed to teach personal finance lessons.

“I freaked out,” states April, 2015cob a student from the Orange County High School of the Arts. He continues, “The website made it sound like a great student credit card for me but when I found out I owed $197 dollars I didn’t know what to do. As I tried to get my refund, I found out it was fake and was very relieved. From now on I will always read everything that I am applying for.”

The NFECs’ Student Experience Card was designed to take students on an ‘emotional learning rollercoaster’ to facilitate long-term changes in behavior. Leveraging negative emotions like fear and regret can make a lasting impact on those that go through the application process. This unique method of teaching personal finance has been found by the NFEC to be effective in improving retention rates and improving peer-to-peer discussions of financial matters.