Financial Literacy Test & Survey Center

The NFEC’s Financial Literacy Test Center provides complimentary tests and testing results. Organizations and individuals are welcome to use this online evaluation material for pre-and post-testing, self-assessment, and/or to gain a better understanding about various financial literacy topics. The Center was developed with three objectives: providing resources for financial educators, offering tools for people interested in improving their financial knowledge, and giving the media up-to-date information about the current state of financial education. The data gathered using these resources will be used to help adapt NFEC programs to accommodate different learner needs.

The NFEC’s financial literacy test results have been featured in Huffington Post, The Hill, Yahoo Finance, Business Insider, MarketWatch, Forbes, CNBC and many major media outlets. More than 50,000 people from all 50 states participated in our financial literacy test and surveys.

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Educators & Course Facilitators:

Each student will receive results to them after they complete the test. To receive student results have them forward you their email.

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*Tests and surveys provided may be used only on the NFEC website. Printing the tests or surveys is prohibited. Commercial use, sale, or any other use that violates the terms and conditions and copyright is prohibited. Read complete terms and conditions of use.

Average Score Segmented by Ages to Date

Over 17,000 people from all 50 states have completed the National Financial Literacy Test – a 30 question test designed to measures participants’ ability to earn, save and grow their money. The test questions cover the ten subjects covered in the Financial Literacy Framework & Standards and were written to measure 3 key areas: motivation to learn, subject knowledge and recognition of the first step. Although the national financial literacy test was specifically designed for 15 to 18 year olds, people of all ages have taken part in this assessment. See how they did below:

10 – 14
Years of Age

 

54%

Average Score of 53.58%

0
Participants
26.38% Passing

15 – 18
Years of Age

60%

Average Score of 60.10%

0
Participants
39.22% Passing

19 – 24
Years of Age

68%

Average Score of 68.42%

0
Participants
61.21% Passing

25 – 35
Years of Age

72%

Average Score of 72.53%

0
Participants
73.32% Passing

36 – 50
Years of Age

73%

Average Score of 73.29%

0
Participants
75.39% Passing

50+
Years of Age

76%

Average Score of 76.15%

0
Participants
81.23% Passing

Featured Testing Report:

Segmentation by Questions – 15 to 18 Year Olds

The NFECs financial education test measures each of the ten areas covered within the financial literacy standards These topics include: Financial Psychology, Credit & Debt, Accounts & Budgeting, Skill Growth, Income, Business Relations, Long-Term Planning, Risk Management, Investments and Social Enterprise.

The NFECs National Financial Literacy Test measures each of the aforementioned subjects and breaks the test down into three distinct areas that impact ones financial capability.

Motivation to Learn Results
(10 Questions)

Average Score

61.34%

Sample Question & Results:

How can understanding risk management topics help me in everyday life?

Percent Answered Correctly: 59%

Subject Knowledge Results
(10 Questions)

Average Score

61.48%

Sample Question & Results:

From the following list, choose the two best suggestions for building and maintaining a good credit rating.

Percent Answered Correctly: 71%

Recognition of First Step Results
(10 Questions)

Average Score

57.42%

Sample Question & Results:

How do I begin the process of creating a long-term financial plan?

Percent Answered Correctly: 64%

The NFEC recognizes the importance of measuring all these elements that go into developing a successful financial literacy campaign. With these three areas of measurement, a comprehensive financial education initiative can be designed which will maximize the results of the participants.

Conducting financial literacy tests can help your organization evaluate your financial education program, the instructors and can directly impact you’re funding. Administering testing before and after your financial literacy program is an important part in developing a sustainable campaign.

The NFEC includes quizzes and test with their entire financial literacy curriculum (free lesson plans) and events. In addition, the NFEC offers customized financial literacy testing, measurement and long-term studies that measure the change in behavior.

With comprehensive pre and post testing your organization stands a better chance of receiving financial literacy funding. This may help your organization sustain your programs and reach more people with the training.

Gathering quantitative data can measure the students understanding and the overall effectiveness of your financial education program. Learn more about the National Financial Educator Councils’ tests that are included in our curriculum and financial literacy programs.

To learn more about the National Financial Educators Councils’ financial literacy tests complete the form located on the contact us or the solution center page to learn more.

Financial Literacy Test Tips

Erin Mitchel, National Financial Educators Council Contributing Writer

As most of us are aware, money management skills are important for children to develop at a young age.

The effectiveness of this curriculum should be an ongoing process of education, implementation and monitoring how much participants retain by offering a series of financial literacy tests and financial literacy quizzes.

Hands on testing of practical matters can provide a student the experiential learning experience of the material they studied and will directly impact their short and long-term goals. The written section of within a financial literacy test helps them to identify the areas where more study is required.

Professional finance speakers understand effective administration of a financial literacy test it is important to conduct a pretest first. This will give you a base line of the student’s knowledge. If the delivery of the financial literacy curriculum and test is home be sure not to lead your student into answers during the pre and post test. Let them do the work on their own to get the most reliable data.

After the students have received some type of high school financial literacy curriculum the next step is to administer the post test. Ensure the post financial literacy test covers the material they learned and be sure not to skip portions of the financial literacy lesson plan that may be on the financial education test.

Financial literacy tests can include a wide variety of topics like: how to pick a career, comparing the pay between job offers, how to pay your bills on time, budgeting for living expenses, how to start saving for short term goals, comparing credit card offers, and a variety of other subjects. Be careful to choose financial education tests that align with the subjects you are teaching.

National Financial Educator’s Council (the NFEC) Real Money Experience (RMX) is a prime example of the practical teaching method that works with kids and has excellent results on post financial literacy test. The students visit twelve different stations, meet with financial literacy speakers and make life decisions that will impact them when they move away from home.

The experiential learning experience the students receive when they enter the RMX event will provide them hands on experience so the information is retained; thereby improving the results of the post financial literacy test.

The Real Money Experience event has students choosing a career and making education choices that affect their income. They decide on clothing and transportation options that fit their career while the financial literacy test is if their choices will fit into their budget.

Participants of this financial education event quickly become aware of the ongoing expense of each decision. The expenses can be as simple as insurance, dry cleaning or utility costs, for example. The volunteers help participants set up a saving plan that matches their future lifestyle goals, create a budget, make credit and investment decisions and this interaction acts as a financial literacy quiz as students enter each booth.

The end of the financial literacy events is capped with a practical financial literacy test based on the lessons they learned.

 

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