Assessing the Effectiveness of Financial Education Course Formats in Washington State

More states are adopting personal finance graduation requirements, a win for financial literacy. But one big question remains: Should it be taught as a standalone course or should it be embedded into an existing subject?

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The Washington Council for Economic and Financial Education (WACEFE) and Western Washington University, supported by Artemis Connection, conducted the first statewide study comparing the two approaches.

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For Washington and for states nationwide considering how to implement new requirements, this research provides an evidence-based roadmap for maximizing impact while navigating classroom realities.

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Over six months, Artemis gathered data from 28 schools, 37 educators, and nearly 1,600 students, combining 40+ hours of interviews with large-scale assessments. The findings were clear and statistically significant:

• 5–10% higher knowledge scores in standalone courses (gap disappears when time and experience are equal)
• +21 points interest and +20 points confidence in standalone formats
• Embedded courses matched knowledge outcomes at 30 or more contact hours with experienced educators