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Study Underscores Importance of Financial Education

By Contributor
Banking and Financial Services

Youthful Interventions

On Aug. 18. EVERFI and the MassMutual Foundation announced findings from the third and final year of a three-year, longitudinal study of financial capability among adolescents. The release of this new data occurs as the MassMutual Foundation’s FutureSmart financial literacy curriculum also celebrates the milestone of reaching 6 million learners.

EVERFI is an international technology company driving social impact through education to address key societal challenges like financial wellness, character education, STEM and careers, mental health, prescription drug safety, workplace conduct, and more.

The study by EVERFI and the MassMutual Foundation, the first of its kind, has tracked financial behaviors and literacy levels of participants throughout the course of the study as they completed up to six different EVERFI financial education courses, including FutureSmart. Since the program’s inception in 2015, FutureSmart has provided free educational resources to students across the 50 U.S. states and Puerto Rico, helping them build a foundation for financial literacy and economic empowerment.

Third-year data was collected during the 2023-24 school year, providing further evidence that multiple financial education interventions among young people are key to making sustainable, long-term improvements to financial knowledge, self-efficacy, and desirable behaviors.

Dennis Duquette

Dennis Duquette

“These recent findings further affirm that middle school students are not only able to retain critical financial knowledge, but can show lasting success in the months following their education.”

Key takeaways from this year’s results include:

• Financial self-efficacy. Students who took multiple courses became 21% more confident in their financial skills compared to those who took one or fewer courses. Sustainable and evident growth in these students also existed six months following the program’s completion.

• Desirable financial behaviors. Taking multiple courses prepared students to actively engage in healthy financial behaviors when the opportunity arose. The frequency of these desirable behaviors increased by 10% compared to students who took one or fewer courses during the six-month period following the conclusion of the program.

• Interest in financial learning. Forty-four percent of the students who completed coursework expressed interest in receiving more financial education.

• Student-parent conversations. After participating in multiple courses from the program, students increased the frequency of financial-focused conversations with their parents by 9%. The topics that spurred these conversations included preventing financial fraud and the use of online banking applications.

• Impact on low-income families. Students in this category had a 12% larger improvement in their likelihood to engage in desirable financial behaviors compared to their peers in wealthier families.

“Throughout our strategic partnership with EVERFI, we have seen just how important sustained education is for creating a strong financial knowledge foundation and healthy financial habits for adolescents,” said Dennis Duquette, president of the MassMutual Foundation. “These recent findings further affirm that middle school students are not only able to retain critical financial knowledge, but can show lasting success in the months following their education.”

 

Continued Progress

This year’s findings build on conclusions from years one and two of the longitudinal study. Findings from year one noted that middle school students who participated in the FutureSmart curriculum significantly improved the frequency of desirable financial behaviors, including saving money, tracking monthly expenses, spending within a budget, and investing for long-term financial goals. Year two research findings confirmed that students demonstrated these behaviors after completing two or more courses in year one.

The FutureSmart curriculum significantly improved the frequency of desirable financial behaviors, including saving money, tracking monthly expenses, spending within a budget, and investing for long-term financial goals. Year two research findings confirmed that students demonstrated these behaviors after completing two or more courses in year one.

“As these recent study results confirm, the influence of multiple financial education interventions cannot be understated,” said Ray Martinez, CEO of EVERFI. “Over the past three years, we have seen how these interventions improve not only financial literacy, but willingness amongst adolescents to plan for and talk about their financial futures. Our continued work with the MassMutual Foundation is a powerful demonstration of how to empower students and help them build a foundation for financial success for themselves, their families, and their loved ones.”

The MassMutual Foundation’s stated goal is to invest in programs that help people access resources needed to earn, protect, and help build their financial capability and thrive, and its participation in this study reflects that priority.

“In 2015, our teams set a goal to reach over 6 million students with our middle school curriculum by 2025. Reaching that goal only further affirms the impact of the MassMutual Foundation’s long-term strategic partnership with EVERFI,” Duquette said. “We look forward to continuing to help build financial competency for students, their families, and communities.”

STCC Offers Summer Programs for Youth 

By
Daily News


SPRINGFIELD – Springfield Technical Community College will be offering a variety of summer programs for people ages 11-16 to provide learning opportunities in STEM fields. 

The following programs will be offered this July and August: 

  • Theater, July 11-15 (ages 11-14): This class is designed to help build self-awareness, cultivate self-confidence, and help students explore their inner creativity. Students will learn teamwork through theatre games, acting exercises, and improvisation;
  • It’s Your Turn to Take the Mic, July 18-22 (ages 11-14): A workshop in public speaking that seeks to empower girls to develop the poise and communication skills needed to engage in effective public speaking;
  • Basketball and Physics, July 18-22 (ages 11-14): This class will teach the skills needed to be a better player on the court by giving small group instruction on fundamentals and skill development. This session will also include 3.5 hours of instructions relative to the physics of basketball and exercise;
  • JUS10H University, July 25-29 (ages 13-16): Students will learn the basic fundamentals of sewing, modeling and styling, as well as how to build a career in the fashion industry;
  • “Who done it?” Extreme Science Kid (Forensic Science), August 1-5 (ages 11-14): Children will actively engage in data collection, observation, analysis, and problem-solving while performing an interactive group-style investigation.
  • Say It Loud!! Extreme Science Kid (Great Debaters), August 8-12 (ages 13-16): Children will learn critical thinking skills, respectful dialog, research techniques, and fact-checking tips through debating topics of interest.

All programs cost $189 to enroll and run from 9:30 a.m. to 3:30 p.m. Parents are responsible for providing lunch. Participants must be vaccinated for COVID-19 and are required to provide documentation of vaccination.