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The Stock Market Game ™ Study

The Stock Market Game ™ Study. Shazia R. Miller, Ph.D. Director of Evaluation March 2009. Learning Point Associates. Our Vision We envision an education system that works for all learners. Our Mission

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The Stock Market Game ™ Study

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  1. The Stock Market Game™ Study Shazia R. Miller, Ph.D. Director of Evaluation March 2009

  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. Stock Market Game • The Stock Market Game • Supported by the Securities Industry and Financial Markets Association (SIFMA) Foundation for Investor Education • Designed to teach saving and investing • Students manage online portfolios of stocks and compete with other teams • Supplemented by teacher-directed lessons • Used for more than 30 years

  4. FINRA Study • Contracted with the Financial Industry Regulatory Authority (FINRA) to do a nationwide study of impact • Wanted strongest possible evidence as to whether or not the program has an impact

  5. Goals of the Research • The study measures: • Impact on student investor knowledge • Impact on student mathematics achievement • Student interest in playing The Stock Market Game • Teachers’ implementation • Teachers’ reported investment practices

  6. Components of the Study • The study has two components: • A randomized controlled trial study • A nationwide teacher survey

  7. Steps in the Study • Develop instruments to measure outcomes • Pilot instruments • Run full study

  8. Instrument Design • Designed • Student mathematics tests (Grades 4–6, 7–10) • Student investor knowledge test (elementary school, middle school, and high school) • Student survey (Grades 4–6, 7–10) • Teacher survey

  9. Pilot Study • Tested the instruments on a group of volunteers • Had help from SIFMA in recruiting • Conducted psychometric analysis

  10. Full Study • Randomized controlled trial • Recruited teachers across the country • Used The Stock Market Game sign-up page • Offered modest incentives • Worked closely with SIFMA on recruiting • About 500 classrooms participated • Additional national survey of teachers • Approximately 4,000 teachers participated

  11. Resulting Evidence • Strong evidence as to whether The Stock Market Game: • Improves students’ financial literacy • Improves students’ mathematics understanding • Improves teachers’ financial literacy

  12. Resulting Evidence • Informative findings on: • How teachers use the game • Students’ views of the game

  13. Shazia R. Miller, Ph.D. Director of Evaluation P: 312-288-7616 >F: 312-288-7601 E-Mail: shazia.miller@learningpt.org 20 North Wacker Drive, Suite 1231 Chicago, IL 60606 General Information: 800-356-2735

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