Financial Wellness Test
If your financial wellness program doesn’t include tests and quizzes, you’re missing critical information that can empower your program in many ways. The test results expose the program’s weaknesses. If weaknesses are not known, there is no way for a financial education program to improve over time. The NFEC finds financial wellness testing to be so critical, they offer complimentary testing on many aspects of financial wellness. They email the results for the test-taker to review while the test material is fresh in mind.
What Do Financial Wellness Tests and Quizzes Need to Measure?
While it is important for a financial wellness testing structure to assess the knowledge a student has gained from a financial literacy program, knowledge is just one aspect of what should be measured. More tests with results are available at the personal finance testing center.
Financial sentiment shows a student’s personal attitudes toward money. If someone unconsciously hates money, all the financial education in the world won’t fix their personal finances. What about financial behavior? How do people treat their money? Do they throw it away on meaningless crap? Do students create and employ personal financial systems in their lives? Don’t forget about the overall results, measured by an individual’s financial situation. Has it improved since day one of the financial wellness education?
Access financial literacy test questions.
Review financial literacy practice test.
A National Financial Capability Testing Program Should Measure Depth of Learning
A financial education program needs to define the level of knowledge it seeks to achieve in the students. Testing their financial capability needs to include an assessment to determine if that level of knowledge has been reached by the majority of students. If the intended level is not reached, the program needs to be re-engineered. If the goal is to change financial behavior but most students reach only the levels of recall and understanding on Bloom’s Taxonomy of Higher Order Thinking, the program will not reach its goal of causing behavioral change. Other financial wellness surveys should also be included to measure willingness to adopt financial behaviors, financial sentiments, and outcomes.
For standardized tests you can compare nationally, consider taking the national financial literacy test.
