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The Stock Market Game Study
A Learning Point Associates Study Finds Playing The Stock Market Game Yields Substantial Gains for Student Achievement in Mathematics and Financial Literacy
A rigorous, randomized controlled trial of The Stock Market Game found that students who played the game scored significantly higher on mathematics tests than their peers who did not play the game. Students playing The Stock Market Game, a financial literacy program taught in elementary, middle, and high schools, also scored significantly higher than their peers on tests measuring their financial literacy.
Student Improvements in Mathematics. Learning Point’s year-long study found that elementary school students in Grades 4-6 who played The Stock Market Game scored on average above the 55th percentile on the mathematics tests, while students who did not play the game scored on average above the 43rd percentile. Students in Grades 7–10 who played the game scored on average above the 54th percentile, while nonplaying students scored on average above the 46th percentile.
Student Improvements in Financial Literacy. Students who played The Stock Market Game also significantly outperformed their peers in their knowledge of financial concepts. In tests to measure investor knowledge, elementary school students who played the game scored above the 68th percentile on average, compared to an average score above the 42nd percentile for students who did not play the game. Students playing the game in both middle and high school scored on average above the 58th percentile, while their nonplaying peers scored above the 42nd and 40th percentiles respectively.
The study also found that The Stock Market Game influences the financial practices of teachers participating in the program. In a nationwide survey conducted as part of the study, many teachers reported that they were influenced to set financial goals, analyze their risk tolerance, read the business section of the newspaper, and watch financial programs as a result of teaching the game.
Our summary has additional information about the improvements in student performance and the changes in teacher financial practices.
Download the brief report of The Stock Market Game .