Illinois Financial Capability Test Results

66.5%

Average Score of 66.56% to Date

54.7%

Percentage of Passing Scores to Date

-.88%

Δ: All Results to Previous Data: -.88%

0
Participants to Date

Note: The average score among participants age 15- to 18-years-old was 64.42%

Illinois 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

2023

63%

Average Score of 63.13%

0
Participants

2022

64%

Average Score of 63.55%

0
Participants

2021

61%

Average Score of 60.99%

0
Participants

2020

63%

Average Score of 62.82%

0
Participants

2019

66%

Average Score of 66.14%

0
Participants

Average Score Segmented by All Participating Ages to Date

10 – 14
Years of Age

56%

Average Score of 54.37%

0
Participants

15 – 18
Years of Age

64%

Average Score of 64.42%

0
Participants

19 – 24
Years of Age

71%

Average Score of 71.18%

0
Participants

25 – 35
Years of Age

77%

Average Score of 77.12%

0
Participants

36 – 50
Years of Age

76%

Average Score of 75.85%

0
Participants

50+
Years of Age

78%

Average Score of 78%

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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