Publication of the results of the 50 state test results

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DALLAS , April 26, 2022 /PRNewswire/ — The National Financial Literacy Council (NFEC) has released results indicating that more than 70,000 people took part in a recent quiz that assessed their financial capabilities. The 30-question test was created to measure the ability to earn, save, and grow personal finances in teens and young adults. A total of 73,171 people representing all 50 US states took the quiz, with an average score of 63.52%.

Among the entire sample of participants aged 15 to 18, 52.70% failed the test with a score below 70%. In the 50 states with at least 600 youth and young adults responding, Massachusetts recorded the highest average score (68.30%) and Georgia lowest average (59.44%).

Other notable status results for participants aged 15-18: New York – 2,483 participants on average 64.43%; California – 5,022 participants on average 62.12%; Texas – 2,789 participants on average 67.22%; Florida – 770 participants on average 64.51%; and Oregon – 1,057 participants on average 67.40%.

A list of all state results can be found at: https://www.financialeducatorscouncil.org/national-financial-literacy-test/

Take the test at: https://www.financialeducatorscouncil.org/financial-literacy-test/

The test questions assess knowledge on the 10 topics covered by the NFEC Financial Literacy Framework and Standards. Measures were designed to assess understanding in three key areas of financial well-being: motivation to learn, understanding of the topic, and ability to recognize the first action step toward improving one’s financial future.

Like Vince ShorbCEO of NFEC, comments: “These nationwide test results indicate that on average, many of our young people lack the basic knowledge to make informed financial decisions. Testing is only one indicator of knowledge of the content. But unlike other subjects taught in schools, financial literacy requires more than just understanding the content. It requires learners to be able to change their everyday financial behaviors and have enough knowledge to make decisions. confidently about money.

Earlier this month, the NFEC also released the results of 3 other tests:

Advanced Financial Literacy Test: This more advanced test asks higher-level questions focused solely on financial literacy. The average score among the 12,821 respondents was 58.14% and 57.56% failed (score less than 70%). See full results here: https://www.financialeducatorscouncil.org/advanced-financial-education-test-results/

Financial Basics Test: This brief 8-question test establishes whether respondents have the fundamental knowledge to make entry-level financial decisions; 30,847 people participated with an average score of 71.92%. Among the 5,373 young people aged 15 to 18 who took the test, the average score fell to 57.81%, with 67.05% failing (score below 70%). Full results available at: https://www.financialeducatorscouncil.org/financial-foundation-test-results/

Student Loan test: This test was designed specifically for young people attending college and current students, measuring their current ability to make responsible student loan decisions. Out of 8,904 respondents, the average score was 59.18% and 66.20% failed (score below 70%). Full results at this link: https://www.financialeducatorscouncil.org/student-loans-financial-education-test-results/

Individuals and organizations interested in assessing financial literacy can find over 30 free tests and surveys in NFEC’s Financial Literacy Testing & Survey Center. These online tools are automatically and immediately graded upon completion. Thus, they can be used both to assess individual financial health and to achieve the objectives of the financial education program. Visit the Financial Literacy Tests and Surveys Assessment page for more information.

The National Financial Educators Council is a social enterprise committed to improving the financial capabilities of the global community. A Certified B Corporation and IACET Accredited Provider, NFEC develops tools, resources, and training to help organizations and individuals share financial wellness messages at the community level. The Financial Literacy Test & Survey Center is a tool that the NFEC makes available to organizations to assess program effectiveness and collect baseline measures of personal finance literacy.

Media Contact:

Trevor Stoll

702-620-3059

[email protected]

SOURCE National Council of Financial Educators

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