Massachusetts Financial Capability Test Results

70.6%

Average Score of 70.6% to Date

64.83%

Percentage of Passing Scores to Date

+8.9%

Δ: All Results to Previous Data: +8.9%

0
Participants to Date

Note: The average score among participants age 15- to 18-years-old was 68.07%

Massachusetts Financial Capability Test – a 30 question test designed to measure participants’ ability to earn, save and grow their money – covers the ten subjects covered in the Financial Literacy Framework & Standards and were written to measure 3 key areas: motivation to learn, subject knowledge and recognition of the first step.

The test provides measurement tools for financial educators, self-testing for those interested in their personal finance capabilities and giving the media up-to-date information about the financial literacy rates of people across the state.

View the results below and visit the Financial Literacy Testing & Survey Center to access 4 complimentary measurement tools and to view results from past participants.

Average Score of 15 to 18 Year Olds by Year

2022

67%

Average Score of 66.84%

0
Participants

2021

66%

Average Score of 66.32%

0
Participants

2020

74%

Average Score of 73.95%

0
Participants

2019

70%

Average Score of 70.03%

0
Participants

2018

75%

Average Score of 74.97%

0
Participants

Average Score Segmented by All Participating Ages to Date

10 – 14
Years of Age

54%

Average Score of 54.14%

0
Participants

15 – 18
Years of Age

68%

Average Score of 68.07%

0
Participants

19 – 24
Years of Age

77%

Average Score of 76.74%

0
Participants

25 – 35
Years of Age

77%

Average Score of 76.72%

0
Participants

36 – 50
Years of Age

79%

Average Score of 78.63%

0
Participants

50+
Years of Age

80%

Average Score of 80.36%

0
Participants

Top 3 Most Missed Questions, 2016 to Date:

Question 1.

If I invest $100 per month starting at age 21, and that money earns a 7% annual return, how much will I have after 70 years?

Answered Correctly:

29.69%

48

“More than 1.5 million dollars”

Question 2.

How can I start setting personal goals now?

Answered Correctly:

30.44%

30

“Daydream, think about and/or research the type of lifestyle you want to live, and write down ideas.”

Question 3.

What is the safest initial step I can take to start building my credit?

Answered Correctly:

42.13%

42

“Create a credit plan that includes a budget, money set aside for emergencies, and the steps you’ll take to prove to the credit bureaus that you can repay money you borrow.”

“Nationwide testing demonstrates that the average person lacks the basic financial knowledge he or she needs to make qualified financial decisions. Testing is just an indicator of content knowledge. But unlike other subject matter taught in school, financial literacy requires more than just understanding content. It requires learners to be able to adjust their daily financial behaviors and have enough knowledge to make confident financial decisions.”

– Vince Shorb, CEO
National Financial Educators Council

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