LOS ANGELES, March 22, 2017 /PRNewswire/ -- The National Financial Educators Council (NFEC) designed the 30-question National Financial Literacy Test to measure teens' and young adults' ability to earn, save, and grow their finances. The average score of financial capability among this nationwide sample of was 63.17%.
For full results, visit the Financial Literacy Testing & Survey Center results page at: http://www.financialeducatorscouncil.org/national-financial-literacy-test/
17,206 people from all 50 states take part in the National Financial Educators Council's financial literacy test. The test was created for 15- to 18-year-olds; but people of all ages participated. Among the 15- to 18-year-olds who participated, 60.78% scored 70% or lower.
Young people from Oregon posted the highest average score (65.99%) among the 50 participating states from which at least 200 youth responded. Illinois (65.47%), Indiana (65.05%), Massachusetts (64.87%), Utah (63.71%), Texas (63.06%) and Kentucky (62.01%) had the highest scores. Respondents from Georgia (51.04 %), Maryland (54.87%), Florida (55.54%), New York (55.87%) and California (56.28%) scored lowest. Visit the testing center for all state results.
The test questions assess the 10 subjects covered in the NFEC's Financial Literacy Framework & Standards publication. The questions were designed to measure comprehension across three key areas of financial wellness: learning motivation, topic understanding, and ability to recognize the first step toward securing one's financial future.
Participate in the test by visiting https://www.financialeducatorscouncil.org/financial-literacy-test/
The NFEC's Financial Literacy Testing & Survey Center provides complimentary tests and surveys. Individuals, organizations and personal finance speakers may leverage these tools online; the measures are automatically graded for self-assessment and to help reach financial literacy programming goals.
Other test results released over this period by the NFEC include:
Advanced Financial Education Test: The average score on this personal finance test, which asks more advanced questions focused only on financial literacy, was 57.06%; 61.96% of respondents scored below 70%.
Financial Foundation Test: This 8-question test establishes whether participants possess knowledge to make entry-level financial decisions; among 1,586 respondents the average score was 60.11%, with 59.33% scoring below 70%.
Student Loan Test: This test for college-bound youth and current college attendees measures ability to make responsible student loan decisions; out of 1,306 respondents, the average score was 61.82% and 61.64% scored under 70%.
The National Financial Educators Council is a social enterprise organization committed to improving financial capabilities among the global community. The NFEC develops tools, resources, and training to help organizations and individuals share financial literacy messages at the community level. The NFEC's financial literacy quiz and tests represents one available tool for organizations to assess program effectiveness and gather baseline measures of personal finance knowledge.
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SOURCE National Financial Educators Council