New Study Finds MoneySKILL Leads to 60% Increase in Financial Knowledge
New research released today by the American Financial Services Association Education Foundation (AFSA Education Foundation) reveals that MoneySKILL — a free financial education program primarily for middle school through college students — is improving money management behaviors in youths. Educators across the country will use the program throughout April to recognize Financial Literacy Month and share success stories on social media using the hashtag #MoneySKILLMatters.
According to the new study, students using the MoneySKILL program increased their financial knowledge by 60% on average and improved their short-term and long-term financial behaviors. In schools that have increased their use of MoneySKILL:
- Middle school students were more likely to start a checking or savings account by the time they were 16 years old.
- More high school students took advantage of lower-cost college financing options by completing the FAFSA® (Free Application for Federal Student Aid).
The study measured changes in the financial behavior and knowledge of middle school, high school, and college students who used MoneySKILL from 2014 to 2020.
“Financial Literacy Month is our chance every year to highlight the importance of having responsible money management skills,” said Rhonda Ashburn, executive director of the AFSA Education Foundation. “By teaching our youth some of these basic principles at a young age, we are setting them up for long-term financial success outside of the classroom.”
For more information on MoneySKILL or to sign up for this free program, visit the foundation’s website at afsaef.org.
April 5th, 2021 by Dan Bucherer