Findings from year two of the three-year study
show increases in financial knowledge, self-efficacy, behaviors,
and communication among students
CHARLESTON, S.C. and
SPRINGFIELD, Mass., April 1, 2024 /PRNewswire/ -- EVERFI®
from Blackbaud® and the MassMutual Foundation, have
announced the Year 2 findings of a three-year, longitudinal
study of financial capability among adolescents. The
first-of-its-kind study is tracking the financial knowledge,
intended financial behaviors, and self-efficacy in fundamental
financial skills of participants as they complete up to six
different EVERFI financial education courses, including
FutureSmart, a financial education program sponsored by the
MassMutual Foundation.
The second-year data, collected during the 2022-23 school year,
provided solid empirical evidence that multiple interventions are
more effective than a standalone course in increasing knowledge,
self-efficacy, and intended behaviors.
Key findings from Year 2 include:
- The financial self-efficacy and behavior improvement made by
students who took two courses in Year 1 still existed months later,
even when no reinforcement courses were taken. Conversely, the
improvement of students who took only one course in Year 1
diminished.
- After taking Money Moves: Modern Banking & Identity
Protection®, a course focusing on digital banking and
peer-to-peer payment apps, students' communications with their
parents on financial topics significantly increased.
- After taking Marketplaces, a course on investing basics,
students' financial knowledge test score increased.
- Students who took both Money Moves and
Marketplaces maintained their increased financial
self-efficacy and planned behavior.
"By the time adolescents reach middle school, they have already
developed the capacity to understand complex economic concepts, yet
most financial education classes don't start until high school,"
said Dennis Duquette, president,
MassMutual Foundation. "This research shows that early intervention
is critical for ensuring students are receiving the education at
the right time in their development, and that delivering an
engaging learning experience over a consistent period of time has a
significant impact on knowledge, behaviors, and communication. We
are inspired by the results we've seen so far and are eagerly
awaiting Year 3 results."
The Year 2 findings build on findings from Year 1 which found
that both the middle-school level FutureSmart and
high-school level EVERFI financial courses significantly
improved students' financial knowledge and financial self-efficacy.
FutureSmart, in particular, significantly increased the
frequency of desirable financial behaviors including saving money,
tracking monthly expenses, spending within a budget, and investing
for a long-term financial goal. Additionally, EVERFI further
improved students' financial self-efficacy after completing
FutureSmart and helped maintain the positive effects of
FutureSmart on students' financial behaviors.
"We teach mathematics on a continuum starting at a young age; we
should be teaching financial education the same way, by helping
students build upon important financial concepts each year," said
Ray Martinez, co-founder and
president, EVERFI from Blackbaud. "While it is encouraging to see
that more states are starting to mandate financial education, a
one-off course isn't enough to have a long-lasting impact. This
ground-breaking study takes a longitudinal view, and so far, it's
telling us that we need to rethink how we are approaching personal
financial education and create scaffolded learning experiences that
reinforce and strengthen students' financial capability to achieve
true financial wellness."
The three-year study began in fall 2021 when students completed
an initial survey to gauge baseline financial knowledge, attitudes,
and behaviors. This baseline survey revealed that students in
general had low levels of financial knowledge, lacked confidence in
their financial skills and did not frequently engage in healthy
financial behaviors. Students then completed EVERFI's financial
education courses every 2-3 months and were surveyed within two
weeks of completing each course. Year 3 of the study is currently
underway and will conclude in fall 2024.
About EVERFI from Blackbaud
EVERFI® from Blackbaud® (NASDAQ: BLKB) is an
international technology company driving social impact through
education to address the most challenging issues affecting society
ranging from financial wellness to mental health to workplace
conduct and other critical topics. Founded in 2008, EVERFI's
Impact-as-a-Service™ solution and digital educational content have
reached more than 45 million learners globally. In 2020, the
company was recognized as one of the World's Most Innovative
Companies by Fast Company and was featured on Fortune Magazine's
Impact 20 List. The company was also named to the 2021 GSV EdTech
150, a list of the most transformative growth companies in digital
learning. Blackbaud acquired EVERFI in December 2021. To learn more about EVERFI, please
visit everfi.com or follow us on Facebook, Instagram,
LinkedIn, or X/Twitter @EVERFI.
About the MassMutual Foundation
The MassMutual Foundation, Inc. is a dedicated corporate foundation
established by Massachusetts Mutual Life Insurance Company
(MassMutual). The MassMutual Foundation fuels initiatives that
increase financial resilience within communities served by the
company and fosters a culture of community engagement for
MassMutual's employees as well as affiliated financial
professionals. In support of this mission, the Foundation
invests in programs that help people access resources needed to
earn, protect, and help build their financial capability and
thrive. The Foundation also supports community vitality efforts
where MassMutual operates. To learn more about the MassMutual
Foundation, please visit www.massmutual.com/foundation.
Media Inquiries
Jennifer Edgerly
EVERFI from Blackbaud
jedgerly@everfi.com
Laura Crisco
MassMutual
lcrisco@massmutual.com
Blackbaud Forward-looking Statements
Except for
historical information, all of the statements, expectations, and
assumptions contained in this news release are forward-looking
statements that involve a number of risks and uncertainties,
including statements regarding expected benefits of products and
product features. Although Blackbaud attempts to be accurate in
making these forward-looking statements, it is possible that future
circumstances might differ from the assumptions on which such
statements are based. In addition, other important factors that
could cause results to differ materially include the following:
general economic risks; uncertainty regarding increased business
and renewals from existing customers; continued success in sales
growth; management of integration of acquired companies and other
risks associated with acquisitions; risks associated with
successful implementation of multiple integrated software products;
the ability to attract and retain key personnel; risks associated
with management of growth; lengthy sales and implementation cycles,
particularly in larger organization; technological changes that
make our products and services less competitive; and the other risk
factors set forth from time to time in the SEC filings for
Blackbaud, copies of which are available free of charge at the
SEC's website at www.sec.gov or upon request from Blackbaud's
investor relations department. All Blackbaud product names
appearing herein are trademarks or registered trademarks of
Blackbaud, Inc.
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SOURCE EVERFI