Financial Literacy Case Study
Money Experience Efficacy Report
At A Glance:
Financial Literacy Case Study
Money Experience Efficacy Report
At A Glance:
Money Experience set out to create engaging, effective financial literacy programs that connect with participants on an individual level. The company created the Essentials program, which includes a life simulator and graphic novel, and a bespoke method of measuring and reporting outcomes. Using data from 800 anonymized participants, this case study confirms that the Essentials program is successful in carrying out the Money Experience mission.
The results from the pre and post assessment, built into the Money Experience simulator and displayed in the “Pre and Post Survey Responses’ chart, showed a marked improvement in the participants’ self-reported understanding of big financial concepts after the program was complete. As shown in the additional data available in the Survey Response Data Detail, 77% of the participants said they were likely or very likely to have serious conversations about finances with friends, family, or an advisor, indicating a high level of engagement in the topic. In addition, 100% of participants said they now think that the decisions made in early adulthood affect long term financial wellbeing and many participants included positive written reviews of the program, some of which are included at the end of this section.
Selected Examples of Participant Feedback:
I like that it offered current and relevant information. I also liked that it was in text (chat) mode to effectively catch younger individuals attention. It was very interactive.
That life choices and priorities were interlinked in a clear visual way with lots of options.
I think it is geared towards younger people and has options for changing scenarios which makes it well suited for college students. Many young people do not listen to this type of conversation so the course keeps them engaged.
I liked the interaction and the ease/simplicity of it. It was a lot of fun and got to learn a lot of information.
I loved the little story time of different characters I was able to follow along with throughout the simulator.
I liked how much I was informed on different topics while making decisions.
I liked how you could really customize your experience and create a very realistic simulator. It was very informative and worthwhile, and I learned lots of valuable info.
I enjoyed playing a game that is so similar to real life.
I liked how you got to see how your spending habits affected your budget and even the quality of life. It’s hard to imagine all of the costs that come with living on your own and being an adult and this simulation helped open my eyes to what it entails.
I learned about myself and how I’m going to save money in the future.
I liked learning new terms and having a real experience of how finances could work in my life.
I liked the number of options you had to choose from in terms of the different aspects of one’s life.