University of Massachusetts Donahue Institute study holds promise that financial literacy education can help students nationwide build important financial foundations
Newly released findings from a two-year study of the efficacy of financial literacy on middle school students affirm significant knowledge gain in the subject matter, and advocates more such learning be provided to students in this age group. Conducted by the University of Massachusetts Donahue Institute (UMDI), the largest study of financial education efficacy on middle school students focused on FutureSmart, a digital financial literacy course for grades 6-8, developed by the social impact education innovator, EVERFI, and available nationwide at no cost through a grant from the MassMutual Foundation.
The complete study and its findings were published today in the Journal of Financial Counseling and Planning. Through a comparison of pre- and post-course assessment data, researchers found significant and consistent gains in financial knowledge for all students regardless of personal or school characteristics and regardless of how the program is implemented with students. In particular, the study focused on the impact of the curriculum on four key student outcomes: financial knowledge, feelings of confidence with the subject, communication with parents on fiscal topics, and current and future engagement with financial systems. …Read More