This statewide study examines the effectiveness of standalone and embedded financial education course formats in Washington middle and high schools. Based on data from nearly 1,600 students and educators across the state, the report provides evidence-based insights into student learning outcomes, instructional practices, and policy considerations for expanding access to high-quality financial education.

Assessing the Effectiveness of Financial Education Course Formats in Washington State

Prepared by the Center for Economic and Financial Education (CEFE) at Western Washington University in partnership with the Washington Council for Economic and Financial Education (WACEFE), this report examines the effectiveness of standalone and embedded financial education course formats in Washington State middle and high schools.

Drawing on data from nearly 1,600 students and 39 educators across Washington, the study explores how instructional design, educator expertise, and dedicated instructional time influence student financial literacy, confidence, and engagement. Through a mixed-methods approach, the research provides a comprehensive analysis of the factors that contribute to successful financial education outcomes.

The findings reveal that students enrolled in standalone financial education courses generally demonstrate higher levels of financial knowledge, confidence, and interest. At the same time, the study highlights the critical role of educator preparation and sufficient instructional time in driving student success, particularly within embedded course models.

The report offers evidence-based recommendations for educators, school leaders, policymakers, and community partners seeking to expand access to high-quality financial education and strengthen financial literacy outcomes for students across Washington State.

Download the Full Research Report (PDF)

7/1/2025