The authors of this study investigate the effectiveness of literacy programs created by Next Gen Personal Finance (NGPF). Using a sample of 5,838 students from 354 schools in 42 states during the 2022–23 class year, they find that NGPF programs are highly effective in improving financial literacy across all measured categories for all participant groups. Female students experience greater improvements across all measures, except financial behavior, than their male peers. All ethnic groups benefit significantly from the programs offered, with no significant differences among subgroups. There are mixed results when comparing students in in-person training to those in an online/hybrid format. States mandating financial literacy programs experience smaller, significant improvements in most measures compared to students in states that do not mandate such programs.
Filbeck et al. (2026) studied this question.