NFEC Financial Literacy Test for High School Students is a Valuable Program Resource

The financial literacy test for high school students has multiple benefits for financial educators. Verification of positive results can be used to expand your financial education program’s reach and get additional funding. But not all financial literacy tests for high school students are created equal. Some don’t ask the right questions. Many misinterpret the results or miss opportunities for improvement.

The NFEC’s high school financial literacy test does not suffer from those issues. We know what the data mean and how to leverage the results to achieve actionable improvement.

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 93,000 people – high school students through adults – have completed this test.

Take the Test

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Results

67%

Average Score of 67.34%

Participants to Date

Average Score for respondents aged 15 to 18 years: 64.04%

A Financial Literacy Test for High School Students Should Dig Deep and Measure Accurately

We assess financial knowledge and work toward increasing learners’ cognitive processing abilities. We stress the importance of the First Step – the first action toward financial wellness – and make sure it is clear to students. We dig deeper to uncover financial sentiment, which is often unknown to participants. We reveal self-sabotaging behavior toward money. When delivering financial literacy to teens, molding behavior change takes time, patience, and constant focus. We measure success in program graduates by tracking the implementation of their self-designed financial plans and the resulting improvement in their financial situations.

The NFEC’s Financial Literacy Test for High School Students Measures

The learning process takes place in phases and our high school financial literacy test determines the phase in which students are currently operating. That way, we can scaffold the curriculum to teach students on their level. When we know where they are, we know how to encourage them toward engaging higher-order thinking skills. We use Webb’s and Bloom’s learning models, which are slightly different but complement each other. When the material follows this structure, engagement rate stays high and learning is most efficient.

Results of Financial Literacy Test for High School Students Indicate Room for Improvement

The National Financial Educators Council (NFEC) recently completed a study of money management knowledge among U.S. teens. Using a web-based high school financial literacy test, they collected measures designed to assess how much young people know about key personal finance topics. The research results were troubling: they found that less than a third of students were able to answer at least 70% of the questions correctly.

The NFEC relies upon rigorous empirical research methods to gather data regarding topic areas about which people would benefit from more education. These data also offer guidance as to the best practices for teaching financial literacy to high school students capability. For this survey the NFEC created financial literacy test questions for each of the core money management competencies defined by national standards. The results were used to design curriculum materials that would help young people gain a solid background in practical money management skills they can readily apply to real-life decision-making.

Helping youth become financially literate requires not only raising their levels of knowledge about money, but also motivating them to improve their own financial situations. The online financial literacy test conducted by the NFEC indicates that there is plenty of room for improvement in terms of building financial skill sets among high school and college-aged students. The results underscore the need for concerned citizens and financial experts to join the financial literacy movement, to provide our young people with much-needed money knowledge and motivation to secure their financial futures.

The financial capability study for youth was fielded in 2012 and 2013, collecting data from more than 1,300 students aged 15-18. The average score across the whole group was only 58%, a finding that shows the seriousness of the need for greater financial education among teenagers. Learning money skills will help adolescents gain confidence and the ability to succeed when they venture out into the real world. And this study is just one of the research efforts sponsored by the NFEC. The organization also has gathered information from adults using a second web-based measure, and from citizens around the world in face-to-face interviews. Such research is one way in which the NFEC works to make a true difference in people’s lives.