2023-2024 Academic Year outcomes reflect continued financial education advancement as MassMutual Foundation’s FutureSmart^SM celebrates goal of reaching 6 million learners by 2025

Today, EVERFI® and the MassMutual Foundation announced findings from the third and final year of a three-year, longitudinal study of financial capability among adolescents. The release of this new data occurs as the MassMutual Foundation’s FutureSmart^SM financial literacy curriculum also celebrates the milestone of reaching six million learners.

EVERFI and the MassMutual Foundation’s first-of-its-kind study has tracked financial behaviors and literacy levels of participants throughout the course of the study as they completed up to six different EVERFI financial education courses, including FutureSmart. Since the program’s inception in 2015, FutureSmart has provided free educational resources to students across the 50 United States and Puerto Rico, helping them build a foundation for financial literacy and economic empowerment.

Third-year data was collected during the 2023-24 school year, providing further evidence that multiple financial education interventions are key to making sustainable, long-term improvements to financial knowledge, self-efficacy, and desirable behaviors. Key takeaways from this year’s results include:

• Financial Self-Efficacy: Students who took multiple courses became 21% more confident in their financial skills compared to those who took one or fewer courses. Sustainable and evident growth in these students also existed six months following the program’s completion.
• Financial Behaviors: Taking multiple courses prepared students to actively engage in healthy financial behaviors when the opportunity arose. The frequency of these desirable behaviors increased by 10% compared to students who took one or fewer courses during the six-month period following the conclusion of the program.
• Interest in Financial Learning: Forty-four percent of the students who completed coursework expressed interest in receiving more financial education.
• Student-Parent Conversations: After participating in multiple courses from the program, students increased the frequency of financial-focused conversations with their parents by 9%; topics that spurred these conversations included preventing financial fraud and the use of online banking applications.
• Impact on low-income families: Students in this category had a 12% larger improvement in their likelihood to engage in desirable financial behaviors compared to their peers in wealthier families.

"Throughout our strategic partnership with EVERFI, we have seen just how important sustained education is for creating a strong financial knowledge foundation and healthy financial habits for adolescents,” said Dennis Duquette, President of the MassMutual Foundation. “These recent findings further affirm that middle school students are not only able to retain critical financial knowledge but can show lasting success in the months following their education.”

This year’s findings build on conclusions from years one and two of the longitudinal study. Findings from year one noted that middle school students who participated in the FutureSmart curriculum significantly improved the frequency of desirable financial behaviors including saving money, tracking monthly expenses, spending within a budget, and investing for long-term financial goals. Year two research findings confirmed that students demonstrated these behaviors after completing two or more courses in year one. The FutureSmart curriculum significantly improved the frequency of desirable financial behaviors including saving money, tracking monthly expenses, spending within a budget, and investing for long-term financial goals. Year two research findings confirmed that students demonstrated these behaviors after completing two or more courses in year one.

"As these recent study results confirm, the influence of multiple financial education interventions cannot be understated,” said Ray Martinez, CEO, EVERFI. “Over the past three years, we have seen how these interventions improve not only financial literacy, but willingness amongst adolescents to plan for and talk about their financial futures. Our continued work with the MassMutual Foundation is a powerful demonstration of how to empower students and help them build a foundation for financial success for themselves, their families, and their loved ones.”

“In 2015, our teams set a goal to reach over six million students with our middle school curriculum by 2025. Reaching that goal only further affirms the impact of the MassMutual Foundation’s long-term strategic partnership with EVERFI,” Duquette added. “We look forward to continuing to help build financial competency for students, their families, and communities.”

To learn more about the MassMutual Foundation’s effort to support youth financial literacy, visit the FutureSmart website.

About EVERFI

EVERFI is an international technology company driving social impact through education to address key societal challenges like financial wellness, character education, STEM and careers, mental health, prescription drug safety, workplace conduct, and more. Founded in 2008, EVERFI has reached millions of K-12 and adult learners worldwide with its transformative digital educational content. Through a unique third-party payer model, EVERFI provides K-12 schools in the U.S. with access to essential educational resources at no cost, ensuring that students everywhere gain vital life skills. Recognized as one of the World’s Most Innovative Companies by Fast Company and featured on Fortune Magazine’s Impact 20 List and the GSC EdTech 150, EVERFI continues to shape the future of digital learning. To learn more about EVERFI, please visit everfi.com or follow us on Facebook, Instagram, LinkedIn, or X/Twitter @EVERFI.

About the MassMutual Foundation

The MassMutual Foundation, Inc. is a dedicated corporate foundation established by Massachusetts Mutual Life Insurance Company (MassMutual). The MassMutual Foundation fuels initiatives that increase financial resilience within communities served by the company and fosters a culture of community engagement for MassMutual’s employees as well as affiliated financial professionals. In support of this mission, the Foundation invests in programs that help people access resources needed to earn, protect, and help build their financial capability and thrive. The Foundation also supports community vitality efforts where MassMutual operates. To learn more about the MassMutual Foundation, please visit www.massmutual.com/foundation.

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