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The Stock Market Game ™ Study

The Stock Market Game ™ Study. Trisha Hinojosa, Ph.D. Senior Research Associate October 2009. Learning Point Associates. A 501(c)3 nonprofit, education organization Administers more than 60 distinct contracts and grants from a diverse set of funding sources

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The Stock Market Game ™ Study

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  1. The Stock Market Game™ Study Trisha Hinojosa, Ph.D. Senior Research Associate October 2009

  2. Learning Point Associates • A 501(c)3 nonprofit, education organization • Administers more than 60 distinct contracts and grants from a diverse set of funding sources • Manages annual revenues of approximately $30 million 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 • Study methodology • Data collection instruments • Study sample • Findings • Impact on mathematics achievement and investor knowledge • Student experiences • Teacher implementation • Effect on teacher investment behavior

  4. The Stock Market Game • Teaches students about 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. Study Methodology • Funded by FINRA Investor Education Foundation • Randomized controlled trial • Impact on student achievement • Mathematics • Investor knowledge • Nationwide survey of teachers • Teacher investment behavior • Game implementation

  6. Data Collection Instruments • Mathematics test (based on National Assessment of Educational Progress) • Investor knowledge test • Teacher survey • Student survey

  7. Study Sample • 1,200 teachers signed up • 823 classrooms assigned • 568 classrooms confirmed • Investor knowledge: 522 classrooms • Mathematics: 509 classrooms • Teacher surveys: 4,804 • Student surveys: 2,731 • 187 classrooms

  8. Analysis • Psychometric evaluation • Hierarchical linear (mixed) models • Intent-to-treat analysis • Treatment-on-the-treated analysis

  9. Tests • Mathematics Test • Number properties and operations • Data analysis and probability • Algebra (Grades 7–10) • Investor Knowledge Test • Economic concepts • Investment strategies • Investor research • Calculations

  10. Student Achievement:Mathematics Effect Size: 0.25 (0.11 – 0.40) Effect Size: 0.17 (0.02 – 0.32)

  11. Student Achievement:Investor Knowledge Effect Size: 0.43 (0.24 – 0.61) Effect Size: 0.45 (0.29 – 0.60) Effect Size: 0.39 (0.16 – 0.62)

  12. Student Survey • Engagement with the game • Interaction with others • Beyond the classroom • Financial life skills

  13. Student Experiences • Engagement with the game • Majority report enjoyment and learning while playing The Stock Market Game. • Interaction with others • Majority report positive and beneficial experience learning to work with others. • Beyond the classroom • Some even report application of learning outside the school. • Financial life skills • Most report that The Stock Market Game influenced thinking about financial planning.

  14. Teacher Survey • Implementation • Teaching practices • Using lessons and materials created by The Stock Market Game • Linking The Stock Market Game to outside resources • Investment Practices • Financial planning • Financial research • Investment products and services

  15. Teacher Implementation • Teaching practices • Majority employed basic practices. • Using lessons and materials created by The Stock Market Game • Majority used basic materials. • Majority found them helpful. • Linking The Stock Market Game to outside resources • Majority connected basic ideas to outside world.

  16. Teacher Investment Practices • Financial planning • Most engage in financial planning. • 36% to 48% report that teaching The Stock Market Game was a moderate to major influence. • Financial research • Majority conduct financial research. • 31% to 62% report that teaching The Stock Market Game was a moderate to major influence. • Investment products and services • Majority use investment products and services. • 28% to 39% report that teaching The Stock Market Game was a moderate to major influence.

  17. Summary • Mathematics achievement • There was a positive and substantial impact on mathematics achievement. • Investor knowledge • There was a positive and substantial impact on investor knowledge.

  18. Summary • Student experience • Positive and beneficial • Increases thinking about financial planning • Implementation • Easily adaptable to common teaching practices • The Stock Market Game-created materials are helpful. • Teacher investment practices • 38% to 62% report that teaching The Stock Market Game influenced investment practices.

  19. Trisha Hinojosa, Ph.D. P: 312-288-7622 > F: 312-288-7601 E-Mail: trisha.hinojosa@learningpt.org 20 North Wacker Drive, Suite 1231 Chicago, IL 60606-2901 General Information:800-356-2735

  20. Student Achievement:Mathematics Effect Size: 0.25 (0.11 – 0.40) Effect Size: 0.17 (0.02 – 0.32)

  21. Student Achievement:Investor Knowledge Effect Size: 0.43 (0.24 – 0.61) Effect Size: 0.45 (0.29 – 0.60) Effect Size: 0.39 (0.16 – 0.62)

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