Nearly 25,000 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.
The NFEC’s National Financial Literacy Test results have been featured in Yahoo Finance, The Hill, Business Insider, CNBC and more. The test provides measurement tools for financial educators, self-testing for those interested in their personal finance capabilities and giving the media up-to-date information about the financial literacy rates of people across the country.
View the results below and visit the Financial Literacy Testing & Survey Center to access 4 complimentary measurement tools, surveys, tests and to view results from past participants. NFEC clients can access the full Testing & Survey Center which includes over 50 online measurement tools.
Average Score of 15 to 18 Year Olds by Year
Average Score of 15 to 18 Year Olds by State
Average Score Segmented by All Participating Ages to Date
Top 3 Most Missed Questions, As of March 2018:
Industry Experts Guide Development of National Financial Literacy Test
The National Financial Educators Council has become widely recognized over the past ten years as a leader in the financial literacy education space. They have a full range of curriculum, resources, services, and products aimed at improving the lives of a global audience by giving people crucial money management skills. One such resource is the NFEC’s national financial literacy test—a measure that helps assure that participants achieve lifelong benefits from learning about money.
All the NFEC resources and materials are guided by its Curriculum Advisory Board. This board is comprised of top-notch expert members such as financial advisors, bank auditors, award-winning educators, realtors and mortgage professionals, university professors, attorneys, and debt experts. Several Advisory Board members have published books in the field of personal finance education. The financial literacy assessment tools this board has developed arm organizations with empirically based evaluative capabilities guaranteed to accurately measure impact on participants’ lives.
Why does the NFEC consult an expert board to develop the National Financial Literacy Test and other materials? Such collaboration helps make sure that participants can address their financial issues proactively. The advisory board members have first-hand knowledge of the common money pitfalls into which so many Americans fall. They are experts in debt consolidation, dealing with foreclosure, and retirement planning. Thus the money management quiz they helped write addresses people’s practical capabilities to deal with real-world personal finance situations.
The NFEC believes deeply in collaboration, and consultation with an expert team like the Curriculum Advisory Board illustrates that belief. The board works with the NFEC to create materials that truly help people to deal with money problems proactively, even before they occur. These key strategies for developing top-of-the-line materials for teaching financial literacy demonstrates the organization’s commitment to building positive partnerships and strategic relations to improve people’s lives over the long-term.