Independent Study Finds Playing The Stock Market Game(TM) Yields Substantial Gains...

Independent Study Finds Playing The Stock Market Game(TM) Yields Substantial
Gains for Student Achievement in Mathematics and Financial Literacy

Students who played The Stock Market Game simulation in schools scored higher
in mathematics and showed greater investment knowledge

CHICAGO, Aug. 27 /PRNewswire-USNewswire/ -- Learning Point Associates
announced today that a rigorous randomized controlled trial of the Securities
Industry and Financial Markets Association (SIFMA) Foundation's 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.

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 students
who did not play the game scored on average above the 46th percentile.

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 on
average above the 68th percentile, 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 peers scored above the 42nd and 40th percentiles respectively.

Student achievement increased regardless of how teachers implemented The Stock
Market Game.
Analyses from the study revealed that most teachers used familiar, basic
teaching practices when implementing The Stock Market Game, suggesting that
the game is easy to implement using standard teaching approaches. Some
teachers reported supplementing basic practices with activities that required
additional time and expertise, such as projects and field trips. Students of
these teachers reported especially high levels of engagement and interest in
the game. In some cases, advanced teaching practices led to even greater
student benefits. The study found that the more advanced teaching practices
that teachers engaged in, such as playing the game along with students, the
better students in the upper grades performed on the mathematics test.

Regardless of the classroom techniques--basic or more advanced--an analysis of
students' test results found that students playing The Stock Market Game
showed better performance on the mathematics and financial literacy tests than
their nonplaying peers.

Students are not the only ones to benefit from exposure to The Stock Market
Game. Teachers of The Stock Market Game reported that the program influenced
their financial practices. 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.

The study was funded by a grant from the Financial Industry Regulatory
Authority (FINRA) Investor Education Foundation. The FINRA Foundation wanted
to provide reliable information to teachers, parents, and students on the
effectiveness of widely used financial literacy programs.

"The results showing significant gains in mathematics achievement and
investing knowledge are very encouraging," said FINRA Foundation President
John M. Gannon. "This was a study of uncommon rigor, and we are hopeful that
independent evaluation analysis of this type will lead to a better
understanding of the effectiveness of financial education."

About the Study
Learning Point Associates conducted a randomized controlled trial with nearly
600 classrooms nationwide. Approximately half of those classrooms played The
Stock Market Game and half did not. Learning Point Associates surveyed
students who participated in the study to measure their engagement with the
game, their development of financial literacy skills, and their application
outside of the classroom of the skills taught in the game. More than 2,700
students were surveyed. Learning Point also conducted a nationwide survey of
teachers of The Stock Market Game. More than 4,800 teachers who had taught the
game within the previous year, including those participating in the study,
completed the survey.

The Stock Market Game is an educational program of the SIFMA Foundation. Since
1977, nearly 12 million students have participated in The Stock Market Game.

SOURCE Learning Point Associates

Paula Corrigan-Halpern of Learning Point Associates, +1-312-288-7618,
paula.corrigan-halpern@learningpt.org