Financial Literacy Test Data: Results of All 50 State Test Scores Released

DALLAS , April 26, 2022 /PRNewswire/ — The National Financial Literacy Council (NFEC) has released results indicating that over 70,000 people participated in a recent quiz that evaluated their financial capabilities. The 30-question test was created to measure ability to earn, save, and grow one’s personal finances among teens and young adults. A total 73,171 representing all 50 U.S. states responded to the quiz, with an average score of 63.52%.

Among the entire sample of participants age 15 to 18, 52.70% failed the test by scoring below 70%. Across the 50 states from which at least 600 youth and young adults responded, Massachusetts recorded the highest average score (68.30%) and Georgia averaged the lowest (59.44%).

Other notable state results of participants between the ages of 15 to 18 years: New York – 2,483 participants averaged 64.43%; California – 5,022 participants averaged 62.12%; Texas – 2,789 participants averaged 67.22%; Florida – 770 participants averaged 64.51%; and Oregon – 1,057 participants averaged 67.40%.

A list of all state results is available at:

Take the test at:

The test questions assess knowledge across the 10 subjects covered in the NFEC’s Financial Literacy Framework & Standards. Measures were designed to evaluate comprehension across three key areas of financial wellness: learning motivation, topic understanding, and ability to recognize the first action step toward improving one’s financial future.

As Vince Shorb, CEO of the NFEC, comments, "These nationwide test results indicate that, on average, many of our young people lack the basic knowledge to make qualified financial decisions. Testing is just an indicator of content knowledge. But unlike other subject matter taught in schools, financial literacy requires more than just understanding content. It requires learners to be able to modify their daily financial behaviors and have enough knowledge to make confident decisions about money."

Earlier in the month the NFEC also posted results from 3 other tests:

Advanced Financial Education Test: This more advanced test asks higher-level questions focused only on financial literacy. The average score among the 12,821 respondents was 58.14%, and 57.56% failed (scored below 70%). See the full results here:

Financial Foundation Test: This brief, 8-question test establishes whether respondents possess fundamental knowledge to make entry-level financial decisions; 30,847 people participated with an average score of 71.92%. Among the 5,373 15- to 18-year-olds taking the test, the average score dropped to 57.81%, with 67.05% failing (scoring below 70%). Full results available at:

Student Loan Test: This test was designed specifically for college-bound youth and current college attendees, measuring current ability to make responsible student loan decisions. Out of 8,904 respondents, the average score was 59.18% and 66.20% failed (scored under 70%).  Full results at this link:

Individuals and organizations with an interest in financial literacy assessment can find more than 30 complimentary tests and surveys in the NFEC’s Financial Literacy Testing & Survey Center. These online tools are automatically and immediately graded upon completion. Thus, they can be leveraged both to assess individual financial health and to reach financial education program goals. Visit the Financial Literacy Testing & Survey assessment page to gain more information.

The National Financial Educators Council is a social enterprise organization committed to improving financial capabilities among the global community. A Certified B Corporation and Accredited IACET Provider, the NFEC develops tools, resources, and training to help organizations and individuals share financial wellness messaging at the community level. The Financial Literacy Test & Survey Center represents one tool the NFEC makes available for organizations to assess program effectiveness and gather baseline measures of personal finance knowledge.

Media Contact:

Trevor Stoll


SOURCE National Financial Educators Council