Copyright © 2009 Learning Point Associates. All rights reserved. The Impact of The Stock Market Game ™ on Financial Literacy and Mathematics Achievement: Results from a National Randomized Controlled Trail Trisha Hinojosa, Shazia Miller, Andrew Swanlund, Kelly Hallberg, Megan Brown, Brenna O’Brien March 2010

2 Learning Point Associates Our Vision We envision an education system that works for all learners. Our Mission We deliver knowledge, strategies, and results so educators will make research-based decisions that produce sustained improvements throughout the education system.

3 Overview  Introduction  Methods Design Timeline Instrumentation Analytic Approach  Study sample Recruitment and Response Rates Attrition  Analysis and Results

4 The Stock Market Game  Teaches saving and investing  10 weeks, 15 weeks, or 1 year  Imaginary portfolio of $100,000  Online trading and monitoring of investments  Widely used: 30 years; 50 states; 11.5 million students

5 Methods: Design  Randomized controlled trial Impact on student achievement  Investor knowledge  Mathematics  Nationwide survey of teachers Teacher investment behavior Game implementation

6 Methods: Timeline  Summer, 2007: Funding received by FINRA Investor Education Foundation  Fall, 2007: Instruments developed  Winter, 2008: Instruments tested  Spring, 2008: RCT recruitment  Fall, 2008: RCT conducted, nationwide survey administered  Winter, 2009: Data analyzed  Summer, 2009: Reports written

7 Methods: Instrumentation  Mathematics test (based on National Assessment of Educational Progress) Number properties and operations Data analysis and probability Algebra (Grades 7–10)  Investor Knowledge Test Economic concepts Investment strategies Investor research Calculations  Teacher survey  Student survey

8 Methods: Analytic Approach  Psychometric evaluation  Mixed modeling approach Intent to treat (ITT) analysis Treatment on the treated (ToT) analysis  Treatment assignment as an ‘instrumental variable’

9 Sample: Recruitment and Response GroupRecruited Participated Mathematics Investor Knowledge Treatment Control Total

10 Sample: Attrition  No differences between treatment and control Years of classroom teaching experience Years of experience teaching The Stock Market Game Grade level taught Number of classes in which teachers planned to teach The Stock Market Game during the fall of 2008, prior to assignment to treatment or control condition Locale (urban, suburban, or rural) Region of the country Percentage of minority students in the school Percentage of students who qualify for free and reduced-price lunch in the school

11 Impact Estimates for Investor Knowledge Learning Models Grades 4–5 n=2,616 Grades 6–8 n=4,275 Grades 9–10 n=1,703 ITTToTITTToTITTToT Treatment Indicator 55.23***52.93***57.74***51.43***34.37***29.47* Treatment Indicator + Pretest 55.77***61.51***41.07***42.75***31.69***36.12** *Significant a the p<.05 level. **Significant at the p<.01 level. ***Significant at the p<.001 level.

12 Impact Estimates for Mathematics Learning Models Grades 4–6 n=4,358 Grades 7–10 n=4,500 ITTToTITTToT Treatment Indicator41.61***37.21*** Treatment Indicator + Pretest 23.16***26.88***12.33*14.52* *Significant a the p<.05 level. **Significant at the p<.01 level. ***Significant at the p<.001 level.

13 ToT: Effect Sizes TestEffect Size Confidence Interval Mathematics, Grades 4– –0.40 Mathematics, Grades 7– –0.32 Investor Knowledge, Grades 4– –0.61 Investor Knowledge, Grades 6– –0.60 Investor Knowledge, Grades 9– –0.62

14 Summary  The Stock Market Game has been used in schools for 30 years Anecdotal and non-rigorous empirical support for program interest and effects  First RCT of The SMG, conducted nationwide  Evidence supports significant effects on academic learning of topics in investor knowledge  Evidence supports small but significant effects on academic learning in some areas of mathematics

15 Trisha Hinojosa, Ph.D. P: > F: North Wacker Drive, Suite 1231 Chicago, IL General Information: