Independent Study Concludes that MoneyU® Leads to Significant Learning
MoneyU®, the award-winning, game-based online education course designed to build core financial skills and acumen in young adults, “works,” according to an independent 2008 study conducted by Dr. Jack Naglieri a professor at George Mason University and expert on assessments. His conclusion is based on an analysis of pre- and post-test scores of students who completed the MoneyU® course.
“The effect size demonstrates that these individuals learned within the game environment,” Dr. Naglieri said. His summary of research states: “Four studies show that MoneyU’s game-based instruction leads to significant learning, even for students who have had some prior financial training. The results were consistent across the four studies in high school and college classes, despite different teachers, curriculums and demographics. The data from these studies indicate that the differences in pretest and posttest scores were significant, and the effect sizes can be described as very large.”
MoneyU® was created to help address the crisis in teaching financial living skills to young adults. Teaching credit, debt and financial skills is significant for high school and college students since it captures them at a moment when they are faced with critical financial decisions and choices for the first time in their lives. Yet, most are unprepared. Fewer than one in four in a Young Money poll felt they know enough about personal finances, and Jump$tart, which tests the financial literacy of high school students recently recorded its lowest scores since it began testing a decade ago. Young adults just leaving school will experience independent living for the first time and will be confronted with such issues as credit cards, bills, starting salaries and savings. And they have little or no experience and training to deal with them.
Dr. Naglieri points out that young adults “are beginning to make independent financial decisions and mistakes, sometimes grave mistakes, with lasting consequences.” Many parents don’t know how to teach personal finance, and school systems generally do not have the time or staff to commit to non-core, non-academic subjects, he says. In addition, books on the subject are time-consuming, and lecture effectiveness varies with the skill and knowledge of the teacher. And although some financial institutions offer to educate, their materials are often perceived as biased.
Dr. Naglieri notes that the current young adult generation is all about the computer. However, excellent computer-based instruction on financial issues is expensive to create. That fact prohibits individual school systems or even individual states from undertaking development. He says MoneyU® is “a breakthrough solution that leverages the scalability, built-in assessment and cost-effectiveness of e-learning with the engagement and skills practice of games.”
Dr. Naglieri’s study used the results of MoneyU®’s built-in pretest and posttest scores from a sample of 187 high school and college students. The pretest is comprised of 50 questions, presented in random order, which address the critical knowledge and skills young adults need to be successful and map to the content of the course. Once the course is completed, the student is required to answer the same 50 questions in a posttest. Based on Dr. Naglieri’s analysis, the differences between the two scores for all in the group “were attributable to the MoneyU course. These results consistently show that the differences between the pretest and the posttest means were significant…and the differences were substantial…”
He concluded by finding: “The students made substantial improvements after participating in the course. Significant learning occurred with the money U course as evidenced by 98% of students passing the posttest after only 20% of them passing the pretest and the large effect sizes.” Effect sizes in the four groups were 1.2, 1.6, 2.7 and 1.7 whereas, in education, an effect size greater than 0.8 is considered large, he said.
In short, Dr. Naglieri said, “It works. MoneyU is not only a game that is designed to help people learn about financial literacy, but a game with a built in evaluation component. It’s clear that a vast majority are benefitting by effect sizes and pass rates.”
There is “compelling evidence of the effectiveness of the game-based learning environment of MoneyU,” he concluded.