Getting the Most from a Simple Money Test
Successful financial education programs know that strategic testing can reveal far more than just the students’ memory retention. Money management tests can reveal the depth of students’ knowledge and determine whether the course is on track to achieve the intended depth of understanding. Something as simple as a periodic money practice test can prove the success of a program. Each of the NFEC’s financial education programs comes with formalized testing designed to give you the data you need.
NFEC Money Tests Measure All Aspects of Personal Finance
Overall results are important to measure when teaching money skills, but final exams don’t tell the whole story. We measure overall results by looking at a person’s overall financial situation, before class and at intervals after class ends. It is also important to assess students’ personal attitudes toward money and how they personally behave with their finances. If attitudes and behaviors are out of line with success, it can undermine the rest of the training. It is important to gauge students’ progress throughout the program. Are students able to develop and follow their own personal financial systems? These data can be used to prove students’ growth and the success of the educational program.
Money Management Tests Reveal Critical Flaws Before it’s Too Late
Among other things, our periodic money tests determine participants’ depth of knowledge. Their knowledge depth needs to align with the money management class expectations throughout the course. If the students’ level of understanding lags behind the course intentions, there may be a missing element preventing adequate connection with the students. Whether you are a financial educator, money coach, or counselor, lack of student understanding needs to be discovered and addressed quickly to avoid alienating students and discouraging teachers.
