Sobering financial literacy test data results released

More than 73,000 people participated in The National Financial Literacy Council’s quiz that evaluated their financial capabilities. The 30-question test was created to measure the ability to earn, save and grow personal finances among teens and young adults. All 50 U.S. states were represented in response to the quiz, with an average score of 63.52%.

52.70% of participants ages 15 to 18 failed the test by scoring below 70%. Texas had 2,789 participants who averaged a score of 67.22%. Massachusetts recorded the highest average score of 68.30% and Georgia averaged the lowest of 59.44%.

The test questions assess knowledge across the 10 subjects covered in the NFEC’s Financial Literacy Framework & Standards. Measures were designed to evaluate comprehension across three key areas of financial wellness: learning motivation, topic understanding and ability to recognize the first action step toward improving one's financial future.

As Vince Shorb, CEO of the NFEC, comments, “These nationwide test results indicate that, on average, many of our young people lack the basic knowledge to make qualified financial decisions. Testing is just an indicator of content knowledge. But unlike other subject matter taught in schools, financial literacy requires more than just understanding content. It requires learners to be able to modify their daily financial behaviors and have enough knowledge to make confident decisions about money.”