Financial Literacy Assessment Questions and Tools Will Guide You Toward Success
In order to get meaningful data about your financial education program, you need to ask the right financial literacy assessment questions and use the right tools in the right situation. Data interpretation is extremely important because it can guide your program away from unseen pitfalls and toward success.
The NFEC specializes in uncovering important data and using it to keep people and programs pointed in the right direction. If you want to improve your financial literacy, start with a financial literacy assessment test. Pick your area of focus, take the test and we’ll email your results, so you can review them right away.
We Use Financial Literacy Assessment Tools to Determine a Program’s Efficacy
Financial knowledge is just one of the five main areas of personal finance we use to gauge program effectiveness. We also track changes in students’ financial sentiment and behavior toward money. Changing these deep-rooted issues takes focus, time, and patience, but they must be addressed in order to guide learners toward greater financial wellness.
The ultimate measure of program success is not how many financial literacy PowerPoint presentation slides you can go through. It is the improvement in individual students’ knowledge, sentiment, behaviors, and ultimately their financial situations. Their financial situations change when financial behavior changes, and that usually happens as a result of an improved attitude toward money and increased financial literacy. The NFEC has developed methods to measure a person’s financial situation instead of relying on what the participant thinks. We measure the reality, not the fantasy.
Financial Literacy Assessment Tools and Questions Uncover Level of Understanding
The NFEC’s financial literacy assessment questions are specially designed to reveal how deeply the students understand the material. When measuring financial literacy, consider using Webb and Bloom’s higher-order thinking theories. They have created different yet corresponding scales which illustrate the different depths of knowledge attained through the learning process of learning. You may select the one that fits your goals best.
Keeping track of financial literacy assessment data allows the curriculum to teach at the level of the students’ understanding, or at their sweet spot for learning. When you strike this balance, they are neither overwhelmed nor bored. When the teaching is not aligned with the students’ level, they become frustrated or lose interest.
