National Financial Literacy Test Results
Average Score of 64.26% to Date
Percentage of Passing Scores to Date: 49.72%
Δ: Change in Averages from 2016-2017: 1.09%
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
2017
Average Score
of 62.01%
2016
Average Score
of 59.50%
2015
Average Score
of 61.10%
2014
Average Score
of 60.21%
2013
Average Score
of 60.56%
2012
Average Score
of 58.14%
Average Score of 15 to 18 Year Olds by State
Average Score Segmented by All Participating Ages to Date
10 – 14
Years of Age
Average Score of 55.19%
15 – 18
Years of Age
Average Score of 61.11%
19 – 24
Years of Age
Average Score of 69.43%
25 – 35
Years of Age
Average Score of 74.08%
36 – 50
Years of Age
Average Score of 75.79%
51+
Years of Age
Average Score of 76.95%
Top 3 Most Missed Questions, As of March 2018:
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:
31.81%
“More than 1.5 million dollars”
Question 2.
How can I start setting personal goals now?
Answered Correctly:
37.12%
“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:
45.27%
“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. “
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.
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