Findings from year two of the three-year study show increases in financial knowledge, self-efficacy, behaviors, and communication among students.
EVERFI from Blackbaud and the
The second-year data, collected during the 2022-23 school year, provided solid empirical evidence that multiple interventions are more effective than a standalone course in increasing knowledge, self-efficacy, and intended behaviors.
Key findings from Year 2 include:
The financial self-efficacy and behavior improvement made by students who took two courses in Year 1 still existed months later, even when no reinforcement courses were taken. Conversely, the improvement of students who took only one course in Year 1 diminished.
After taking Money Moves: Modern Banking & Identity Protection, a course focusing on digital banking and peer-to-peer payment apps, students' communications with their parents on financial topics significantly increased.
After taking Marketplaces, a course on investing basics, students' financial knowledge test score increased.
Students who took both Money Moves and Marketplaces maintained their increased financial self-efficacy and planned behavior.
'By the time adolescents reach middle school, they have already developed the capacity to understand complex economic concepts, yet most financial education classes don't start until high school,' said
The Year 2 findings build on findings from Year 1 which found that both the middle-school level FutureSmart and high-school level EVERFI financial courses significantly improved students' financial knowledge and financial self-efficacy. FutureSmart, in particular, significantly increased the frequency of desirable financial behaviors including saving money, tracking monthly expenses, spending within a budget, and investing for a long-term financial goal. Additionally, EVERFI further improved students' financial self-efficacy after completing FutureSmart and helped maintain the positive effects of FutureSmart on students' financial behaviors.
'We teach mathematics on a continuum starting at a young age; we should be teaching financial education the same way, by helping students build upon important financial concepts each year,' said
The three-year study began in fall 2021 when students completed an initial survey to gauge baseline financial knowledge, attitudes, and behaviors. This baseline survey revealed that students in general had low levels of financial knowledge, lacked confidence in their financial skills and did not frequently engage in healthy financial behaviors. Students then completed EVERFI's financial education courses every 2-3 months and were surveyed within two weeks of completing each course. Year 3 of the study is currently underway and will conclude in fall 2024.
About EVERFI from Blackbaud
EVERFI from Blackbaud (NASDAQ: BLKB) is an international technology company driving social impact through education to address the most challenging issues affecting society ranging from financial wellness to mental health to workplace conduct and other critical topics. Founded in 2008, EVERFI's Impact-as-a-Service solution and digital educational content have reached more than 45 million learners globally. In 2020, the company was recognized as one of the World's Most Innovative Companies by
About the
(C) 2024 Electronic News Publishing, source