For Immediate Release
March 30, 2026
New York, NY – Working in Support of Education is pleased to announce the publication of a new groundbreaking study “Which Grade Should Students Take Personal Finance?” W!se collaborated with the authors from Montana State and Alabama Universities, on the study which examines the best grades for delivering personal finance instruction in high school.
The study, conducted by leading researchers in financial education, Dr. Carly Urban, Professor of Economics, Montana State University, and Dr. Madelaine L’Esperance, Assistant Professor, University of Alabama, provides new insights into how the grade level in which personal finance courses are delivered affects students’ long-term financial outcomes. Using W!se’s financial literacy testing data, the study finds that if the course is taken in eleventh grade, students achieve the highest knowledge gains. The course taught in 9th grade results in the fewest gains.
W!se has been administering the Financial Literacy Certification Test since 2003. The Test is designed to be paired with high school financial literacy instruction. Students become Certified Financially Literate ™ by passing this test.
Among the study’s key findings:
- Although there is a hierarchy based on grade, all grades still show meaningful knowledge gains
- The difference in gain largely comes from more complicated topics such as credit, investing, and insurance. They are substantially smaller on basic money management topics
- Lower baseline knowledge levels led to smaller knowledge gains based on pretest and posttest scores.
As more states adopt personal finance graduation requirements, understanding not just what to teach the course but when to teach it is increasingly important. W!se remains committed to ensuring students receive high-quality, impactful financial education that prepares them for real-world financial decisions.
“This research is an important step forward in strengthening the field of financial education,” said David Anderson, President and CEO, W!se. “By continuing to pair rigorous research with on-the-ground program data, we can ensure students are better prepared for their financial futures.”
Read the full study: https://papers.carlyurban.com/WhichGrade_Feb2026.pdf
Read the brief: https://papers.carlyurban.com/WhichGrade_brief.pdf
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About Working in Support of Education (W!se)
Working in Support of Education (W!se) is a leading educational nonprofit based in New York City with a mission to improve the lives of young people and at-risk adults through programs that develop financial literacy and readiness for college and the workforce. For more information, visit wise-ny.org. Follow W!se on Facebook, Instagram, and Twitter @wisenewyork.