About the Assessment

Authors: The Editors at JIST
© 2018

The Financial Literacy Inventory (FLI) measures a person's basic knowledge of money management. This 60-item assessment feeds into five scales:

• Income and Careers
• Banking and Budgeting
• Credit and Debt
• Saving and Investing
• Rights and Risks

The FLI helps individuals determine how much they know about effectively managing their money, giving them both individualized scores on each of the scales as well as an overall assessment of their financial literacy.

The FLI then offers guidance on how to improve an individual's financial literacy and manage money better through specific suggestions and online resources. Finally, the FLI provides a personal finance checklist and goal-setting worksheet for individuals to better plan their financial futures.

Key Features and Benefits

• Based on the national standards created by the JumpStart Coalition for Personal Financial Literacy, the Institute for Adult Financial Literacy, the FDIC's Money Smart program, and the Indiana Financial Literacy Education standards for high school seniors.
• Gives individuals a benchmark to motivate themselves to revise their spending habits and learn more about their financial options.
• Provides counselors, coaches, and other professionals with information that equips them to step in and alleviate key financial hurdles that will stand in the way of a client's success.
• Self-scoring and self-interpreting, the FLI takes approximately 20 minutes to complete.
• Works well with the Quick Financial Literacy Guide.
• Can be given to groups or individuals.
• Available in print or online.
• Includes free Instructor Resources.

Efficacy

In a survey of 151 individuals who completed this assessment online:

• 89% said they felt more informed about their level of financial literacy and the areas they need to learn more about after completing the assessment.
• 85% said they had more knowledge and resources to help them make sound financial decisions after completing the assessment.
• 82% said the assessment was easy to complete.

Administer the Assessment in Print or Online

Select the format that works best for your clients' or students' needs. The print version is ideal for in-person meetings and workshops and can be a helpful reference tool during one-on-one discussions.

The online version offers automated scoring and allows individuals to complete the assessment at home at their convenience. Results are immediately saved and provided to administrators. This option is ideal for serving or advising individuals who are unable to meet face-to-face.