National Financial Literacy Test Results

68%

Average Score of 67.94% to Date

59%

Percentage of Passing Scores to Date: 58.68%

-.20%

Δ: Change in Averages from 2018: -.20%

0
Participants to Date

Over 53,000 people including 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.

Take the Financial Literacy Test – Access Testing Center

Average Score of 15 to 18 Year Olds by Year

2019

65%

Average Score
of 64.94%

0
Participants

2018

66%

Average Score
of 66.33%

0
Participants

2017

62%

Average Score
of 62.01%

0
Participants

2016

60%

Average Score
of 59.50%

0
Participants

2015

61%

Average Score
of 61.10%

0
Participants

2014

60%

Average Score
of 60.21%

0
Participants

Average Score of 15 to 18 Year Olds by State

Average Score Segmented by All Participating Ages to Date

10 – 14
Years of Age

 

56%

Average Score of 56.41%

0
Participants

15 – 18
Years of Age

63%

Average Score of 62.99%

0
Participants

19 – 24
Years of Age

71%

Average Score of 71.15%

0
Participants

25 – 35
Years of Age

76%

Average Score of 76.27%

0
Participants

36 – 50
Years of Age

78%

Average Score of 77.54%

0
Participants

51+
Years of Age

78%

Average Score of 78.23%

0
Participants

Top 3 Most Missed Questions:

Question 1.

If I invest $100 per month starting at age 21, and that money earns a 7% annual return, how much will I have after 70 years?

Answered Correctly:

44.27%

44

“More than 1.5 million dollars”

Question 2.

How can I start setting personal goals now?

Answered Correctly:

46.33%

46

“Daydream, think about and/or research the type of lifestyle you want to live, and write down ideas.”

Question 3.

What is the safest initial step that I can take to start building my credit?

Answered Correctly:

45.89%

46

“Create a credit plan that includes a budget, money set aside for emergencies, and the steps you’ll take to prove to the credit bureaus that you can repay money you borrow. “

Back to Main Testing Center

Related Surveys

You may be also interested in these financial education tests & surveys:

Financial Future Survey

Parenting & Financial Education Survey

Case Studies: Financial Literacy Tests & Surveys

The NFEC’s commitment to financial literacy research helps the industry obtain empirical data and helps promote the overall financial literacy movement. Using results from financial literacy tests, demand- and supply-side surveys and, the NFEC gathers data to share with others in the financial literacy industry and with media outlets.

Visit the Financial Literacy Test Center for all results and additional testing resources.

Financial Literacy in School Survey
Click here to access

“What high school course would benefit you the most in the real world?” Click here to learn how many of the 2,400+ respondents voted for personal finance.

Women & Money
Survey

Click here to access

Women between the ages of 18 to 64* across 5 different age segments shared their feelings toward retirement. Click for results.

How Much Financial
Illiteracy Costs – Survey

Click here to access

Survey of over 3,000 people across the US (99% confidence / 4% margin of error) shared their estimates on how much a lack of financial knowledge cost them.

Hiring, Promotion – Personal Finance Survey
Click here to access

Over 4% of respondents were turned down for a job or promotion due to their financial background in NFEC an survey of 2,403 people across US.

The NFEC relies upon the generosity of our Patrons to fund data gathering and report results. In exchange, your organization is included in all promotions.

Surveys and test questions can be customized to your needs. The surveys produce statistically significant data with a minimum 95% confidence interval. Our surveys reach validated, representative respondents that yield results designed for media headlines and trade journal pick-up.

I Would Like to Sponsor a Survey or Test In My Community
Media Contact

*The NFEC uses inferred demographic and location information to employ stratified sampling methods for survey distribution. Age, gender, and parental status of anonymous respondents are used to match them to existing government statistical census data for the specific region. Survey results are weighted by inferred gender, age, and geography to make the sample as representative as possible of the internet population.

National Media Coverage of NFEC Testing & Surveys

Financial literacy gaps could be costing you more than you think. Asked to put a dollar figure on how much money they have lost in their lifetime due to personal finance missteps, nearly 25 percent of consumers estimated the cost at $30,000 or more, according to a new survey from the National Financial Educators Council. (The group polled 3,006 adults in mid-March.) More than a third put their losses at $999 or less.

25%

Respondents Losing $30,000 or more; Sample Size

0

Over the course of a little over three years, the National Financial Educator’s Council administered a national financial literacy test to 4,916 youth between the ages of 15 and 18, from more than 40 states in the United States. The average score was 60.08 percent. In any standard “classroom” 60.08 percent would be a failing grade.

40%

Participants from 40 States & Sample Size

0

A financial literacy test given by the National Financial Educator’s Council found that test-takers from 15-18 years old scored an average of only 59.6%. No matter what they’re learning in school, most young Americans are lost when it comes to managing their money.

60%

National Financial Literacy Test Average Score & Sample Size

0

Despite their efficacy, a small portion of employers have been using pre-employment screenings. Only a quarter of job applicants said an employer checked their financial background and 5% were rejected from a job due to their financial profile, according to a survey of 1,165 U.S. workers by the National Financial Educators Council, a financial education company. [Employee Financial Wellness]

5%

Survey Response & Sample Size

0

According to the results of a 2014 National Financial Educator’s Council’s survey, only 58 percent of America’s high school students passed a basic financial literacy test. The same study found that 96 percent of respondents would have made different decisions pertaining to their higher education if they were more aware of the repayment process.

96%

Survey Accompanying the National Financial Literacy Test Score

29 Money Lessons Every High School Graduate Should Know. A financial literacy test given by the National Financial Educator’s Council found that test-takers from 15-18 years old scored an average of only 59.6%.

60%

National Financial Literacy Test Average Score & Sample Size

0

You know your teens can be illogical, unreasonable, and occasionally malodorous, but isn’t it at least reasonable to assume they know the basics about money? Apparently not. Surveys [National Financial Educators Council] show that teens are failing at financial literacy. And while financial institutions like PricewaterhouseCoopers are investing significant resources in changing that, the problem is persisting.

The National Financial Educators Council (NFEC) released their report from the National Financial Literacy Test and the results were depressing. The NFEC surveyed 11,000 people from all 50 states and the average score from 15- to 18-year-olds was 60.35%.

60%

National Financial Literacy Test Average Score & Sample Size

0

Trade Industry Coverage of NFEC Testing & Surveys

More than 51 percent of young adults across the United States say that a high school money management class would have benefitted their lives, according to a study from the National Financial Educators Council.

Data through February 2014 from the National Financial Educators Council’s (NFEC) National Financial Literacy Test, which tests youth between 15 and 18 on the areas covered within national financial literacy standards, reveals that: 115 (4.7%) participants achieved a score at or above 90%. 271 (11%) achieved a score at or above 80%. 539 (21.9%) achieved a score at or above 70%. 1,534 (62.4%) participants scored at or under 69.9%.

96% of adults agree that kids under 21 years old should be required to take a personal finance course. The National Financial Educators Council’s Financial Literacy Test – the average score was 60%.(/p>

While you may think this is an unlikely scenario, a recent survey by the National Financial Educators Council shows this is sadly a trend. It found that more than five percent of job hunters have been turned down from a position because of their financial situation.

The National Financial Educators Council found 19-24 year olds have low financial literacy. Fifty-one percent believe a personal finance class in high school would have helped them prepare for life. Whether there is a formal class or not, parents can help children understand that bills, budgets and payments recur every month—and the money has to come from somewhere.

“…the National Financial Educators Council (NFEC) have used surveys to collect information related to the level of understanding on financial topics. Surveys provide for anonymity as well as consistency as each respondent receives the same questions. Surveys allow for the acquisition of specific measurable data and comparison of that data across target populations. The results of a well-designed survey clearly answer a specific question. Surveys that answer the same question over a period of time also create opportunity to measure effectiveness of education.

Local News Coverage of NFEC Financial Literacy Tests & Surveys

AL.Com

A recent survey asked 1,100 young men and women ages 18 to 24 what high school courses would have benefited their lives most. Just over half – 51.4 percent – answered they think learning more about how to manage money would be more valuable to them than any of the other choices. The survey was co-sponsored by the National Financial Educators Council (NFEC), DreamCatcher Wealth Management, and The Minerva Foundation.

Fox 13

Surveys conducted by the National Financial Educators Council fond teaching money management in school has a big impact on students’ attitudes towards money and their budgeting behaviors later in life. And a new Bank of America USA Today survey shows just 30-percent of respondents thought their high school education did a good job teaching good financial habits.

Washington’s Top News

The National Financial Educators Council recently surveyed adults 35 to 54 years old about their experience in the hiring process. Among the 1,200 people who responded to the nationwide poll, 5.2 percent said they had been turned down for a job because of their financial profile. When asked if their employer ever conducted a credit of financial background check as a condition of being hired or getting a promotion, 26.3 percent said yes.

Financial Literacy Tests