Financial Knowledge Questions

This tool consists of 25 questions that participants who complete a financial literacy program should be able to answer. The questions may need to be modified based on the particular curriculum being administered. Programs can use the questions to gauge the knowledge of participants before and after completion of the workshop.
 
For short programs that occur once for a full day or less, these questions will help assess the current state of financial literacy or general financial situations of participants. Short programs should consider asking participants to answer the questions in advance of participating in the workshop.

Longer programs that consist of multiple sessions over a period of time should ask participants to answer the questions before and after completing the program to assess changes in participant's financial knowledge and behaviors.

Tool

Population
Number of Questions
25
Creator(s) of Tool
Jacob, Katy. 2002. Evaluating Your Financial Literacy Program: A Practical Guide. Chicago, IL: Woodstock Institute
http://www.woodstockinst.org/sites/default/files/attachments/evaluationguide.pdf
Scoring / Benchmarking
Count the number of correct responses. A higher number of correct responses can indicate acquired financial knowledge or more positive attitudes toward financial management.

Since questions are open ended the following scoring rubric is suggested:
3=Respondent demonstrates a solid understanding of the concept or provides an insightful and accurate response.
2=Respondent demonstrates partial understanding of the concept or provides a partially complete response.
1=Respondent demonstrates minimal understanding of the concept or provides an inaccurate and vague response.
0=Respondent is completely inaccurate or does not provide a response.
Background / Quality
n/a
Is there a cost associated with this tool?
No
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