One of the challenges of teaching financial literacy is developing an assessment of where individual students and the entire class is at in regards to their knowledge and habits. The following self-assessment tool is a non-scientific method to perform this evaluation.
To request a copy of the self-assessment too, please leave a comment below.
On a Scale of 0 to 4…
The tool was Adapted from the CPA Canada Financial Fitness Self-Assessment [1] It has 25-questions in which each family member (at an age-appropriate level) rates themselves.
Ratings range from 0 (low) to 4 (high) with intermediate and median points. The assessment is used at the start of the program, at a mid-point and then finally at the end. Changes in the assessment are analyzed for areas where improvements have been made and areas where additional work is required. A score of 90+ indicates good financial literacy (see the following table). Lower scores, including those <70 returns progressively more emphatic remarks on the importance of understanding financial literacy.
| Score | Comment |
| 90+ | You have good financial literacy, keep reading and learning to stay financially fit and knowledgeable. |
| 80+ | There are some areas of financial knowledge where you may want to make improvements. |
| 70+ | Consider take some financial literacy courses to improve your financial fitness. |
| <70 | Your financial well-being may be at risk, take some financial literacy courses. |
Everyone Wins (Even When they Score Low)
In delivering the self-assessment, the following instructions are used:
- This self-assessment is used to determine your level of financial knowledge.
- It is not a test but it is a way to better understand yourself and your attitudes and knowledge about money.
- You will not be asked to disclose your results although they may be collected in an anonymous manner from the entire class.
- Very few people ever score over 95. This is not a reflection of their ability but does indicate their priorities. For example, a person good with money may carry a budget around in their head (a score of 2 for the first question). If this works for them, great. For those with less experience or ability with money, they may need to have a written budget.
- If in doubt about your abilities, always select the lower score.
- In some cases, the answer may be ‘na’ for not applicable, for example if the question pertains to your children and you don’t have them (or a child yourself). The na should be used as a last resort however.
Assessing the Self-Assessment Themes
The questions are divided into nine themes. Two themes have one question each (Fraud and Insurance) while one has six questions (Spending). This weighting reflects the activities that influence financial well being the most (e.g. controlling spending first and foremost followed by other concepts).
| Budget | 2 |
| Debt Management | 3 |
| Fraud | 1 |
| Goal Setting | 2 |
| Insurance | 1 |
| Investments | 2 |
| Knowledge | 3 |
| Savings | 5 |
| Spending | 6 |
| 25 |
More Questions
There are numerous financial literacy-esque exams out there. This one is included as it has a stronger focus on attitude rather than knowledge. I have purposely kept the questions to 25 for brevity. Nevertheless, other themes I would add to a more comprehensive assessment would include:
- Estate Planning: Wills and instructions in case of death at all stages of life.
- Direct Financial Literacy Knowledge: Having taken a course, read an article, etc. from an unbiased source.
Notes and Further Reading
- See: www.cpacanada.ca/en/the-cpa-profession/financial-literacy/financial-literacy-resources/money-management-worksheets. The work sheet itself was Inspired by Financial Attitudes Exercise in Client-Centered Life Planning by Michael R. Curtis, 2005.
Organizational Biology 
Hello, yes, this is interesting to have awareness, perspective, perception and priorities.
Could you send self assessment file to me please?
I imagine this can be expanded upon in greater detail concerning enterprise and entities, capital structure and organizational endeavours. I look forward to your reply and discussing mutual interests in increase financial competence and literacy.
Thank you for writing about this important topic. On another note, what is the real cost of that? Coffee, a vehicle etc., the actual money that is required to be made or acquired to buy something. This can vary from the enterprise write off point of view, versus the employee & after tax income point of view…
This can even be more comprehensive with multiple entities in an organizational structure or enterprise operation, lease, lease buy, captive leasing, transfer pricing, jurisdiction, type of entities and accounts.
Diligence and discipline and pro-active management is essential in financial competence, as this is proven easily regardless of revenue or financial resources, doing with what you have, various types of wealth, trade and value from transactions that create more benefit as opposed to being a waste of time and money…quality if always cheaper in the long run, Made in Canada is better also, with all the benefits in creating and sustaining jobs and careers, industry and enterprise, families and individuals, communities everywhere…something that does not enter the equation now, except for “why do business with the enemy?” Made in Canada makes it a lot better and simpler, and greater prosperity as a result, with better quality decisions for an increased quality of life.
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Hello Mike, please no offense but let’s chat offline. I need to confirm whether your are spam or not (the offense bit). Look me up on Linkedin and let’s message that way. All the best… errr… assuming you are not spam… what the heck, all the best even if you ARE spam, lol.
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Thank you for the email and enjoy the assessment tool. Don’t forget the high price I charge: suggests as to how can I make it better for others. Good chatting with you and kudos to you for supporting civil society.
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Hello
This is exactly what I have been looking. I am psychology postgrad, doing a study on the financial literacy levels of college students and its effects on their psychological well being. Kindly send me a copy of this self assessment tool so I can use it to complete my research paper.
Thanking You,
Vandhana Raj
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Hello Vandhana, I have sent you an email to connect. Be sure to respond to it and I will shoot you the file. I would also be interested in the context of the study and any thoughts you have to improvement tool.
Kind regards.
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HI, I am implementing a financial literacy program where I live and would love to have access to the assessment as that is our first step. thank you
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Hello Patricia, look for an email shortly!
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I would love to get access to your financial assessment tool.
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Hello Viria, look for an email from a gmail account, it will have a link. Let me know what you think.
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I would appreciate getting a copy of the assessment tool.
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Hello Dave, I sent you an email from a GMail account. Please confirm receipt and it will be on its way!
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I would appreciate getting a copy of the assessment tool. Thank you.
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Hello Claire, mailing you a copy. I am hoping to convert this to a G-Sheet as part of a re-write of the program. In the meantime, let me know if you get it and let me know of any changes you make to it so I can incorporate.
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