Is Financial Literacy Improved By Participating In A Stock Market Game?


  • Cynthia Harter
  • John F. R. Harter


This study investigates the effectiveness of the Stock Market Game (SMG) in improving student scores on a general multiple-choice test covering basic financial concepts.  Teachers in the test group used the Stock Market Game and a complementary curriculum in class while teachers in the control group did not.  Students in both groups completed the same online pre- and post-tests, demographic surveys, and math aptitude tests.  The results of ordinary least squares regression show that playing SMG along with teaching seven general lessons from the Learning from the Market curriculum improves student performance on the financial literacy assessment.