National Financial Literacy Test

Over 11,000 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

2015 – 61.24%

2014 – 60.21%

2013 – 60.56%

2012 – 58.17%

Most Missed Question Among 15 – 18 Year Olds:

Average Score of 15 to 18 Year Old Participants by State

Question from Test

Average Score Segmented by Ages

Although the national financial literacy test was specifically designed for 15 to 18 year olds, people of all ages have taken part in this assessment. See how they did below:

Segmented by Questions 15 to 18 Year Olds

The test questions cover the ten subjects covered in the Financial Literacy Framework & Standards and were written to learn more about three core areas:

1. Motivation to Learn. Do the participants understand how the subject of financial literacy impacts their daily life? Do they relate the handling of their personal finances to their dreams? This is important for financial educators using the Transtheoretical Model of Behavior Change in their classes as it directly impacts how instruction is delivered.
2. Subject Knowledge. Most financial education tests simply measure subject knowledge – example: What is APR? While this is important, it is only one area that impacts ones financial capability. The NFEC uses this measurement in combination with the other two mentioned to achieve a more complete evaluation of one’s financial capability.
3. Recognition of the First Step. The NFEC recognizes this as a critical component on moving participants to take positive action – do they understand the first step that leads them toward a better financial position? Knowing this can help them create positive momentum toward a sound financial future.

The NFEC recognizes the importance of measuring all these elements that go into developing a successful financial literacy campaign. With these three areas of measurement, a comprehensive financial education initiative can be designed which will maximize the results of the participants.

View the results of 15 to 18 year olds on these 3 core areas:

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.

Additional Testing & Surveys

You may also be interested in these additional testing and survey resources:

Parenting & Financial Education Survey

Financial Literacy Industry Survey

Advanced Financial Education Test