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Copyright © 2009 Learning Point Associates. All rights reserved.
The Stock Market GameThe Stock Market Game™™ StudyStudy
Trisha Hinojosa, Ph.D.Senior Research Associate
October 2009
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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.
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Overview
Study methodologyData collection instrumentsStudy sampleFindings
• Impact on mathematics achievement and investor knowledge
• Student experiences• Teacher implementation• Effect on teacher investment behavior
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The Stock Market Game
Teaches students about saving and investing
10 weeks, 15 weeks, or 1 yearImaginary portfolio of $100,000 Online trading and monitoring of
investmentsWidely used: 30 years; 50 states;
11.5 million students
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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
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Data Collection Instruments
Mathematics test (based on National Assessment of Educational Progress)
Investor knowledge testTeacher surveyStudent survey
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Study Sample
1,200 teachers signed up823 classrooms assigned568 classrooms confirmed
Investor knowledge: 522 classrooms Mathematics: 509 classrooms
Teacher surveys: 4,804Student surveys: 2,731
• 187 classrooms
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Analysis
Psychometric evaluation Hierarchical linear (mixed) models Intent-to-treat analysisTreatment-on-the-treated analysis
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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
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Student Achievement:Mathematics
517
508
490493
425
445
465
485
505
525
Math 4-6 Math 7-10
Sca
le S
core
Treatment Control
Effect Size: 0.25(0.11 – 0.40)
Effect Size: 0.17(0.02 – 0.32)
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Student Achievement:Investor Knowledge
538
519515
476 477 479
450
470
490
510
530
550
ELEM MS HS
Sca
le S
core
Treatment Control
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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Student Survey
Engagement with the gameInteraction with othersBeyond the classroomFinancial life skills
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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.
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Teacher Survey
Implementation• Teaching practices• Using lessons and materials created by
The Stock Market Game• Linking The Stock Market Game to outside
resourcesInvestment Practices
• Financial planning• Financial research• Investment products and services
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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.
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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.
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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.
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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.
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Trisha Hinojosa, Ph.D.P: 312-288-7622 > F: 312-288-7601E-Mail: [email protected]
20 North Wacker Drive, Suite 1231Chicago, IL 60606-2901General Information: 800-356-2735
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Student Achievement:Mathematics
517
508
490493
425
445
465
485
505
525
Math 4-6 Math 7-10
Sca
le S
core
Treatment Control
Effect Size: 0.25(0.11 – 0.40)
Effect Size: 0.17(0.02 – 0.32)
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Student Achievement:Investor Knowledge
538
519515
476 477 479
450
470
490
510
530
550
ELEM MS HS
Sca
le S
core
Treatment Control
Effect Size: 0.43 (0.24 – 0.61)
Effect Size: 0.45 (0.29 – 0.60)
Effect Size: 0.39 (0.16 – 0.62)