FROM OUR LEADERSHIP
At a moment when the national climate feels unsettled and pressure is mounting across sectors, NEFE remains focused on our mission to champion effective financial education and advance financial well-being for all. The expectations for this field are not only higher, they are also more complex. This is not a headwind, but a mandate that we are meeting with intention and purpose. Expanding access, strengthening systems and advancing high-quality financial education is our work, not a side effect or option.
The progress in 2025 demonstrated how far the movement has come. Four additional states passed legislation requiring personal finance instruction for high school students. With these additions, 30 states now either require a full course or are implementing that requirement. Five years ago, just seven states had requirements in place. This movement reflects a powerful truth. Financial education is no longer emerging—it is advancing with urgency and purpose. This is not incremental change, but rather structural progress. Public demand is fueling this momentum. Our nationwide polling continues to confirm that Americans overwhelmingly believe this is vital, fundamental learning that must be taught in schools, as it is an essential preparation for life.
Last year also marked the conclusion of NEFE’s first formal strategic plan, where we celebrated meaningful results and measurable progress while reflecting on lessons learned. That retrospective is formative. Strategy is not a document—it is a discipline. Our Board of Trustees and staff are now collaboratively developing our next strategic plan, which will launch in 2026. This next chapter is about sharpening our focus, supporting partners and advocates more effectively, and strengthening the field's infrastructure. While advancing access, quality and impact, we will keep raising standards, challenging assumptions and driving forward with clarity and purpose.
Research remains critical to this work. In 2025, NEFE selected five research projects—a record number for a single grant cycle—awarding more than $600,000 in external research funding. Since 2006, we have invested over $7.6 million across more than 50 projects. Evidence matters. If we want durable progress, practice must be guided by rigorous inquiry.
We hope you find these highlights of our year informative and helpful to all you do each day. The work ahead is significant, and the expectations continue to rise, but so will the opportunity. Together with our partners, we are building a stronger, more durable field that expands impact and shapes the future of financial education.
STRATEGIC PLANNING
Throughout 2025, NEFE reflected on the impact of its completed 2019-2024 Strategic Plan: Impact for Financial Education by launching a website dedicated to key accomplishments, lessons learned and measurable progress across our strategic priorities. Those insights were further amplified through a coordinated social media campaign. Learn more about the impact in NEFE’s Strategic Plan Wrap-Up.
This reflection is helping NEFE intentionally plan its next phase of initiatives under its new strategic plan to advance access, quality and impact across equtable financial education systems.
SUPPORTING ADVOCATES
NEFE published “Financial Education: Possibilities and Progress,” a comprehensive overview of the field’s history, successes and challenges.
Additionally, Making the Case for Financial Education includes a collection of data, publications and resources to support stakeholders who are advocating within their communities.
EMPOWERING THE FIELD
NEFE is “meeting the moment” to address the development and implementation of diversity, equity and inclusion initiatives across the field by engaging partners in necessary discussions on approaches and organizational leadership strategies poised to withstand current and future challenges.
■ Quarterly roundtable discussions, co-hosted with the American Bankers Association (ABA) Foundation, for insight into the initial and sustained impacts and needs of partner organizations.
■ Weekly strategy sessions with partner organizations to identify practical solutions to continue advancing equitable outcomes for all.
■ A refresh of current data to better understand the story NEFE is telling—or needs to tell—about the impact of targeted initiatives to advance financial well-being among underrepresented and underserved communities.
■ Launch of the “Silence is Violence” podcast series with Chloe B. McKenzie that underscores the critical need for a continued and intentional focus on driving equitable outcomes.
■ Creation of an ad hoc committee on the NEFE Board of Trustees, designed to strategically position mission impact.
■ Increased sponsorship support for researchers and partner organizations that experienced reductions or the elimination of funding at the federal, state and/or local level.
STRATEGIC PARTNERSHIPS
NEFE’s partnership with the Appalachian College Association (ACA) focused on institutions that predominantly serve rural, first-generation college students. Seven colleges implemented tailored interventions from 2023-2025, including an embedded financial literacy curriculum for first-year students, the launch of peer mentoring programs and other co-curricular programming. An independent assessment of these efforts demonstrated positive outcomes:
■ Measured Impact: Students in treatment programs demonstrated significant improvements in financial knowledge, practical skills and overall financial well-being.
■ Scalable Model: The unified framework developed through this partnership offers a replicable approach for supporting financial education institutions that serve a high percentage of rural, first-generation college students.
EXTENDING THE IMPACT OF THE FEI&I SUMMIT
The 2024 Financial Education Innovation & Impact (FEI&I) Summit generated tremendous insights into how the field is addressing access, quality and impact. This led to a targeted strategy for sharing this work over the past year to expand learning beyond those who attended, as well as sustain collaboration among participants who connected at the Summit. Overarching themes and related materials are provided below.
AWARDS AND RECOGNITION
NEFE was honored to receive the Society for Financial Education & Professional Development’s (SFEPD) Eagle Award at its annual Financial Literacy Leadership Conference, recognized for demonstrating pioneer leadership and making significant contributions to advancing financial literacy, particularly through the SFEPD's initiatives with Historically Black Colleges and Universities (HBCUs).
“SFEPD is proud to honor NEFE with our Eagle Award. NEFE exemplifies excellence in advancing financial education. Each member of their team generously contributes expertise, creativity and collaboration that elevate our shared mission to build financial well-being and economic mobility across communities.
NEFE plays a key role in advancing SFEPD’s programs and initiatives, as it does for many other nonprofits.”
NEFE President and CEO Billy Hensley, Ph.D., was the 2025 recipient of Jump$tart Coalition for Personal Financial Literacy’s William E. Odom Visionary Leadership Award, which celebrates exceptional individuals whose leadership and contributions have significantly advanced financial education.
“Since joining NEFE and, especially, since taking over as president and CEO, Billy Hensley has shown incredible generosity and vision in focusing well beyond his own organization. He’s thoughtful, insightful and a ton of fun to work with. I’m delighted to have this opportunity to recognize his contributions to financial literacy.”
-- Laura Levine, president and CEO of Jump$tart
-- Theodore (Ted) Daniels, founder and president of SFEPD
NEW FACES AT NEFE
JEN PARKER ALANA KELLY
Vice President, Organizational E ectiveness and Operations
Jen leads the development and implementation of strategic initiatives that enhance organizational performance and culture.
TAYLOR
STANEK
Managing Director, Policy and Advocacy
Taylor oversees strategy, operations and outreach for public policy, advocacy and government a airs e orts.
Managing Director, Marketing
Alana provides strategic oversight of initiatives that drive engagement with key audiences and ensures maximized impact.
SOLANGE WALKER
Senior Manager, Executive Operations
Solange assists the president/CEO, chief of sta and leadership team to ensure seamless executive operations and board governance.
NEFE does not raise revenue through the sale of products or services. The growth of the endowment occurs through the investment of assets. As a private operating foundation, NEFE is subject to annual minimum spending rules by the Internal Revenue Service. Charitable activities, apart from research grants, count toward the minimum spending requirement.
$6.5M*
2025 Minimum Required Spend
$9.5M*
2025 Actual Spend
$208.5M*
Market Value of NEFE Endowment
Behind Our Impact: The Operations Team
The Operations team oversees information technology, human resources, talent development, compliance and business intelligence. Led by Jen Parker, the team made great strides during the year in upgrading NEFE’s cybersecurity, professional development initiatives and overall organizational efficiency.
FOUR ADDITIONAL STATES ENACT PERSONAL FINANCE REQUIREMENTS
In 2025, legislatures in Texas, Kentucky, Delaware and Colorado passed bills requiring students to complete a personal finance course before graduating high school, bringing the total number of states with a full requirement to 30. NEFE’s annual legislative update and
webinar series captured the themes and trends from state-level policy activities.
In addition, NEFE provided support, guidance and assistance to more than 50 policymakers and advocates through ongoing outreach and advocacy campaign, as well as through inbound requests and engagements.
K-12 FINANCIAL EDUCATION GRADUATION REQUIREMENT IMPLEMENTATION POSITION PAPERS
NEFE authored four position papers addressing the implementation of K-12 graduation
requirements. The papers were supplemented by a series of webinars featuring experts from the field offering insights into the evolving policy landscape and common implementation challenges. These frameworks will continue to support NEFE’s engagement with state-level policymakers as implementation processes evolve.
FINANCIAL LITERACY DAY ON CAPITOL HILL
In September, NEFE and the Jump$tart Coalition for Personal Financial Literacy sponsored and co-hosted
the annual Financial Literacy Day on Capitol Hill
Representative Young Kim (R-CA) and Representative Joyce Beatty (D-OH), co-chairs of the Financial Literacy and Wealth Creation Caucus, served as honorary hosts of the event, which included more than 40 leading organizations engaging with policymakers and the public. NEFE leadership also met with congressional staff to emphasize the momentum in the field and the importance of promoting financial education as a federal policy priority.
HIGHLIGHTED NEFE-FUNDED RESEARCH PROJECTS
“Listening to Learn: Assessing the Needs of Personal Finance High School Teachers in Tennessee”
Team Lead: Ann Berry, Ph.D., University of Tennessee
A University of Tennessee team conducted a needs assessment with teachers throughout the state using open-ended survey questions, focus groups and interviews to gather insights that ultimately provide a framework for benchmarking teachers’ current needs, attitudes, barriers and resources. The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation also provided funding for this project.
FULL STUDY
EXECUTIVE SUMMARY
“New Pathways for Credit Building: Evaluating the Impact of Rent Reporting”
Team Lead: Brett Theodos, Ph.D., Urban Institute
Led by the Urban Institute, and in partnership with the Credit Builders Alliance, this project informs how rent reporting should be expanded to become a widespread part of the consumer landscape. It provides direct evidence of the impact of rent reporting on renters’ credit scores.
WEBINAR
“Finances
Toward
RESEARCH REPORT
in Sexual and Gender Minority Couples:
Inclusion in Family Financial Capability”
Team Lead: Casey Totenhagen, Ph.D., University of Alabama
Researchers at the University of Alabama examined how sexual and gender minority couples manage their household finances, perceive access to financial services, and assess how financial attitudes and behaviors are associated with financial, psychological and relational well-being.
OPINION POLLING
NEFE’s public opinion polls continue to provide a deeper understanding of U.S. adults’ financial lives, and their experiences and attitudes toward financial education.
Two polls in 2025 were dedicated to gauging public support for state-level high school course requirements. The results showed that economic/personal finance education was selected as the top subject (76%) that respondents believed essential to include in a core high school curriculum. A separate poll found that 83% of U.S. adults believed their state should require students to take a semester-long or year-long course in high school to graduate.
More on the Support for Financial Education Graduation Requirements poll
and the Essential Courses for K-12 Students poll.
NEFE conducted in-depth polling of U.S. adults living in multigenerational households, generally defined as individuals who live with and/or support adult or juvenile children, parents, grandparents, etc. A four-part analysis explored the complexity of caregiving responsibilities, with 73% of respondents saying they make financial sacrifices to support others, at a median reported monthly cost of $500.
EXPLORE POLL
NEFE also examined trends in reported financial well-being, comparing data from 2022 and 2024, finding that self-reported financial well-being remained stable between waves of the survey, but notable differences between income and demographic groups persisted.
Prevalence of Financial Stress Among U.S. Adults
GRANTS AWARDED
NEFE awarded five research projects—a record for a single grant cycle—totaling $636,879.
■ Gallaudet University was awarded $246,234 for “Fostering Financial Literacy Equity: Bridging Linguistic Gaps in Deaf Education.”
■ Chaminade University of Honolulu was awarded $128,000 for “Financial Education Channels and Well-Being Priorities in Indigenous Communities.”
■ The University of Wisconsin-Madison’s Center for Financial Security was awarded $127,645 for “Assessing the Credit Consequences of Justice Involvement for Families.”
■ The Society for Financial Education & Professional Development (SFEPD) was awarded $100,000 for “Ripple Effects: Studying the Diffusion of Financial Education at HBCUs.”
■ The University of California (UC) Berkeley was awarded $35,000 for “Dollars and Sense—Self-Selection in Financial Literacy Education.”
More details on these projects can be found here.
GRANTS CATALOG
NEFE has a long history of funding research to expand the field's body of knowledge. This work has been captured in the new grants catalog, a centralized reference that details projects funded since 2006. This catalog will be updated annually to reflect ongoing research efforts.
PEER-REVIEWED CITATIONS
The field’s progress requires rigorous inquiry to guide effective practice. NEFE research continues to be widely cited. 117
PEER-REVIEWED CITATIONS
1,771
PEER-REVIEWED CITATIONS SINCE 2006
AWARDING RESEARCH EXCELLENCE
NEFE proudly sponsors the Stanford Financial Education Symposium and the Financial Literacy Research Award. The 2025 winners are:
■ Guglielmo Briscese, University of Chicago, for “The Role of Parental Beliefs, Financial Literacy, and Public Policies in Financing Higher Education: An Experimental Study.”
■ Daniel Mangrum, Federal Reserve Bank of New York, for “Financial Education and Household Financial Decisions During the Pandemic.”
The Rising Scholar in Financial Literacy and Financial Education Award was presented to Paul Freed, University of South Carolina, for “Financial Literacy and Financial Crime: A Regression Discontinuity Approach.”
The American Council on Consumer Interests awarded the NEFE Paper Award to Andrea Lučić, Marija Ježovit and Nikola Erceg, University of Zagreb, for “The Future is Now—The Longitudinal Perspective of Financial Behavior and Moderating Effect of Rational Thinking Dispositions.”
The Association for Financial Counseling & Planning Education presented the NEFE-sponsored Outstanding Research to Practice Award to Chett Bennetts and Eric Ludwig, the American College of Financial Services, for “AI Financial Help-Seeking Behavior: Consumers’ Use of AI for Personal Finance and the Role of Financial Planners, Counselors, and Educators.”
TRUSTED SOURCE FOR MEDIA
NEFE disseminates its research and data, while providing support to journalists in their consumer finance reporting. NEFE is frequently cited in media outlets across the country.
1,300+
TOTAL MEDIA MENTIONS
17%
Overall Coverage in Top-Tier* Media Outlets
*Outlets with national reach, syndication of content or reach over 500k impressions
MEDIA PARTNER SPOTLIGHT
NEFE partners with the Society for Advancing Business Editing and Writing (SABEW) to assist journalists in learning, collaborating and producing quality content to share with broader
audiences. A subsection of SABEW includes personal finance writers, many of whom participated in the SABEW/NEFE 2025 Personal Finance Summit.
In addition to content collaboration, SABEW and NEFE helped the next generation of membership connect at the conference. NEFE provided sponsorships for journalists who report on underrepresented communities to participate in the event, including Jordyn Bradley (Investopedia), Ella Feldman (Smithsonian Magazine), Jazmin Goodwin (PBS Arizona), Janani Jana (freelancer), Erick Solorzano
(Current Roanoke) and Victoria Vesvski (Moneywise).
NEFE values collaboration with mission-aligned organizations to build, deliver and promote programs, initiatives and research focused on financial well-being. Our partnerships span social services, education, research and media organizations. These opportunities enable the field to amplify and collaborate toward common goals. For additional information or questions, contact marcom@nefe.org.
SPEAKING ENGAGEMENTS
ASSISTANCE
ENGAGEMENT BY THE NUMBERS
