While the first step of evaluation provides information on the need for financial education in the community, the second step establishes baseline information on how the program is being implemented and who it will impact.
Financial education is implemented in various ways. For example, it might be included within a civics course or offered as an elective. This makes assessing the implementation of financial education in schools challenging. However, with clear and consistent procedures for collecting this information, a solid baseline can be established.
Use your state’s management information system to collect general information on course offerings.
Review school websites and contact administrators to determine graduation requirements and course offerings that may include personal finance.
Contact school administrations for enrollment rates in courses related to personal finance.
Identify financial education stakeholders, including parents, and get their perceptions and opinions of course offerings.
Supplement data collection through surveys, testimonies, and interviews of stakeholders to gain a stronger understanding of how financial education is being delivered. The National Foundation for Credit Counseling conducted a consumer financial literacy survey in 2018. If you want to create your own survey, check out our sample.
Consider using pre-assessments to determine baseline levels with the National Endowment for Financial Education’s Evaluation Toolkit. The toolkit includes a question bank to measure financial literacy and capability.
The National Endowment for Financial Education (NEFE) provides a toolkit for users to design, build, and use evaluations. The toolkit includes a bank of questions to create your own evaluation and a manual that walks you through the different stages of planning and conducting an evaluation.
Is financial illiteracy a problem in my community or state?
The first stage of an evaluation justifies the need for financial education, which drives the development of the mission, objectives, and characteristics of the resulting financial education program.
How can we do a better job raising financial literacy among students?
Once the need for financial education has been established and information on program implementation has been collected, the third step is to analyze the information and develop recommendations for improvement.