How Are We Doing?

Results

2006 – 2007 Academic Year

Financial Literacy for Youth (FLY) Program

All students taking FLF’s courses in D.C. high schools were tested to ascertain the efficacy the program. FLF conducted pre- and post-testing to ascertain changes in students’ substantive knowledge of financial concepts. The average pre-test scores by class ranged from 6.5 to 11.04 answers correct (out of 26); however, post-test scores ranged from 15.42 to 24.05. Among the fifteen classes, increases in the percentage of correct answers on the Jump$tart survey ranged from 49.1% to 191.08%, with 11 classes improving by more than 100% or more than doubling the number of questions answered correctly. Significant increases are possible as students enter the class with negligible knowledge of financial concepts and substantially increase their knowledge through intensive course instruction.

As a result of pre- and post-testing regarding changes in attitudes and behaviors, 73.4% of students felt more confident in their understanding of banking, 25% of students surveyed opened new savings or checking accounts as a result of the course, and 87.6% reported “excellent” confidence in their understanding of credit, compared to only 12.2% before the class. 47.8% of students reported a substantial increase in confidence in acquiring a major asset (i.e., home, car) from “not at all” or “a little” to “very confident” as a result of the course. 38% of students who never maintained a budget prior to the course reported that they now maintain a budget “most of the time.” Students also expressed improvements in confidence levels regarding tax forms and understanding taxation. 67% of students increased confidence in understanding of the W-4 and its effect on federal taxes withheld from “not at all” or “a little” to “very confident.”