Financial Literacy Research & Best Practice Data
The NFEC’s commitment to conducting financial literacy research to gain a deeper understanding of personal finance topics helps the industry obtain empirical data and professional opinions about this important subject matter. Using demand- and supply-side surveys, research, and think tanks, the NFEC gathers data and illuminates best practices to share with others in the financial literacy industry.
The objective of the NFEC in gathering these data is to share best practices with the financial education industry, keep media outlets informed of the latest information, and help individuals improve their financial capabilities. Below you will find the NFEC’s financial literacy research and best practices data.
The NFEC’s financial literacy research is focused on 3 core areas: 1) Development of standards and best practices for teaching personal finance, 2) Establishing educational outcomes and clear educational barometers for learners, 3) Identify and open source overall strategies that guide financial literacy initiatives.
Financial Education Student Standards
Financial Literacy Learner Standards
The NFEC made the Framework and Standards available to the public to provide educators and learners with guidelines for improving financial capabilities. Many national financial literacy tests demonstrate financial literacy levels are low. The overall purpose of the Framework is to improve the quality and enhance the impact of financial literacy instruction. We plan to issue annual updates as testing results and feedback are assessed.
During the course of developing over 400 hours of curriculum, the NFEC’s development team noticed a major problem with existing financial education standards: existing industry guidelines did not align with students’ cognitive abilities to evaluate key concepts. Therefore NFEC created new industry standards that align with the cognitive abilities of individual students, learning preferences at various ages, and real-world practicability. A qualified team of more than 30 financial professionals was consulted to ensure this alignment.
In the Financial Literacy Framework and Standards below you will find big ideas, supporting standards, and essential questions. The big ideas provide the context of what students should learn and demonstrate relationships between critical components. The standards describe what is necessary to achieve the big ideas. These pieces work together to help educators and administration plan clear learning outcomes for participants.