Approach to Financial Literacy Assessment

There are two widely accepted approaches to assessing financial literacy in the United States. One is the Big Five written by Professor Annamaria Lusardi and Professor Olivia Mitchell. It covers interest rates, inflation, bonds, mortgages, and risk diversification. There are five total questions and you can take it here. The second is the Test of Financial Literacy written by the Council for Economic Education. It covers earning income, buying goods and services, saving, using credit, financial investing, and protecting and insuring. These standards provide a framework for teaching personal finance in Kindergarten through 12th grade.

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