Students’ Financial Behavior Changes
As A Result Of Financial Literacy
Certification Program
Results of Financial Literacy Certification Test and Report Findings Announced at 2007 MoneyPOWER Conference
New York, NY, November 12, 2007 – At the 2007 MoneyPOWER Conference held on November 6, 2007 at the High School of Economics and Finance, w!se announced the results of the 2007 Financial Literacy Certification Test. For the past five years, w!se has invited high schools to teach personal finance through its Financial Literacy Certification Program and to administer its Financial Literacy Certification Test. During this time, the program has reached almost 40,000 students in several states. Not only did 2007 mark the 5th Anniversary of the program, it was also a year in which it enjoyed tremendous success. Nearly 16,000 students took the test in 2006-2007, a growth of 50% and 76% achieved a passing score, a 3% increase from last year.
This year’s results from the test and survey also demonstrated a significant change in Students’ Personal Financial Behavior as a consequence of participating in the Financial Literacy Certification Program:
Specifically, the number of students:
a. Who saved money on a regular basis by the end of the course increased 14%.
b. Who established financial goals by the end of the course increased 20%.
c. In New York City, who now have bank accounts increased 7% from the previous year.
d. Who reported using a spending plan/budget after the course increased 26%.
e. Who talked about money matters with their parents/guardians increased 11% to an impressive 75%.
A report is available on www.moneypower.org which details the results from this past year’s test and student survey.
The effectiveness of w!se’s Financial Literacy Certification Program was also independently evaluated by Dr. Mathew McCubbins from the University of California San Diego and the University of Southern California this year. This evaluation was performed to reaffirm that participation in the program affects students’ financial knowledge and to assess whether it improves any other educational outcome. This recently released report indicates that on the basis of the tests, this program does indeed, significantly improve financial literacy. Additionally, there is evidence that schools participating in the program show improvements in other educational indicators, namely in a higher percentage (5%) of Regents Diploma’s earned, and in the test scores among females on the Regents Math A exam. These findings will be further analyzed to validate how this one of a kind program may impact overall academic success.
“We are encouraged by the impressive 1500% growth in school participation since 2003 as well as the results of the McCubbins Report on the Financial Literacy Certification Program that underscore the importance of expanding to more schools nationwide” said Phyllis Frankfort, President and CEO of w!se.
One of the many highlights of the day was recognizing the 40 Blue Star schools for testing all the seniors and having 75% or more students’ passing the exam. Also honored at the conference were the “Gold Star” Teachers. Out of 333 teachers that participated in the program, 1/3 or 111 achieved “Gold Star” status, which means that 90% of one of the teacher’s individual classes received a passing score on the exam. These 111 teachers are now recognized as America’s Best Financial Educators. Presenting the awards to the schools and teachers listed in the attachments were senior representatives from the organizations that sponsor w!se’s program.
The Financial Literacy Certification Program is made possible by support from: The Allstate Foundation, Citi Foundation, The JPMorgan Chase Foundation, The McGraw-Hill Companies, New York State Banking Department, NYSE Foundation, Inc., The Muriel F. Siebert Foundation, The Foundation for Financial Literacy, Washington Mutual, Hudson River Bank and Trust Company Foundation, Monterey Federal Credit Union, Rabobank, and Bank of Smithtown. In-kind support is provided by American Banker, Federal Reserve Bank of New York, The Financial Planning Association of New York, The New York State Education Department, New York City Department of Education, The New York Credit Union Foundation, New York City’s Office of Financial Empowerment, and Jump$tart Coalition.
w!se - Working In Support of Education - is an educational 501(c)3 nonprofit dedicated to providing educational support services nationwide, building financial literacy, fostering business and social entrepreneurship, and preparing students for college and the global workplace.
