Average Score of 67.74%
The learning process takes place in phases and our high school financial literacy test determines what phase the students are currently operating in. This way, we can tweak the curriculum to teach the students on their level. When we know where they are, we know how to encourage them along the natural order of learning. We use Webb’s and Bloom’s sequence of learning charts, which are slightly different but correspond nicely. When the material follows this structure of learning, engagement rate stays high and learning is most efficient.
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.