Changing Financial Wellness Behaviours: Lessons from Level Up Learning

In today’s fast-paced and increasingly complex financial landscape, organisations have a unique opportunity – and responsibility – to champion financial literacy. Financial literacy can do more than empower individuals; it has the power to strengthen trust in markets, broaden access to economic opportunities and prepare the next generation of investors to engage confidently and responsibly with the growing number of financial tools at their fingertips.

By investing in financial education, organisations foster transparency and inclusion, while helping to build a resilient financial ecosystem where everyone can thrive. While this can look different for every organisation, supporting financial literacy is a strategic move that pays dividends in trust, equity and long-term growth. As we celebrate 40 years at The Options Institute, we are sharing some of our recent wins and upcoming learning initiatives centred on financial literacy and investor education.

The Level Up Learning Curriculum

The Options Institute (OI) is Cboe’s educational arm, dedicated to increasing investor IQ, supporting lifelong learning and advancing Cboe’s commitment to transparency and efficiency in global markets. Over four decades, the OI has evolved to meet the needs of a diverse, global investor base, including a focus on fundamental financial concepts presented in an immersive environment, delivered by trusted professionals.

The OI’s Level Up Learning curriculum is a forward-thinking financial education initiative designed to empower individuals with the skills and confidence to navigate today’s complex financial landscape. The curriculum’s core objectives include:

• Increasing financial literacy rates

• Driving behaviour change in key areas of financial wellness, including spending and debt, budgeting, housing decisions, saving, investing, financial decision-making and risk management

• Increasing the use of trusted sources for financial advice

• Developing participant confidence and control of personal financial future

• Lower reports of personal finances as a source of anxiety

• Promoting market transparency

• Fostering inclusivity by breaking down barriers to financial information across demographics and geographies

A strong emphasis is placed on risk and decision-making, helping learners understand both the “why” behind financial choices and the “how” of execution.

Piloting a New Programme with National Louis University

In 2024, the OI began collaborating with National Louis University (NLU), a private, non-profit university based in Chicago, Illinois, specialising in career-focused academic programmes across a wide range of disciplines. Leveraging our Level Up Learning framework, we worked closely with NLU to draft a pilot financial literacy programme, reflecting the needs of the diverse cohort of more than 60 students, faculty and university staff members who participated.

Key Programme Outcomes

Programme participants voluntarily self-reported the data used to analyse key programme outcomes.

• Financial Literacy Rate: The financial literacy rate of programme participants increased from 68.89% to 84.38% after the programme. These gains were measured in the participants’ understanding of inflation, diversification, simple interest and compound interest.

• Attitude Shifts and Optimism About Financial Future: Participants reported higher optimism about their financial future after completing the programme. Before the programme, participants reported having “no optimism” (11.11%), “little optimism” (26.67%), feeling “somewhat optimistic” (37.78%) and “very optimistic” (24.44%). After the programme concluded, fewer participants reported feeling “no optimism” (6.25%) and “little optimism” (12.50%), signalling that the tools, knowledge and action plans developed in the programme helped participants feel more optimistic about their financial future.

• Level of Control Over Finances: Similarly, participants reported having higher levels of control over their finances after completing the programme. Before the programme, participants reported having “none” (15.56%), “little” (28.89%), “somewhat” (51.11%) and “complete” (4.44%) control. After the programme, fewer participants reported having “none” (6.25%) and “little” (12.50%) control over their finances, suggesting participants felt more control over their finances as they completed the outcome-driven programme.

• Time Spent Thinking About Finances: Because of the weekly cadence of the programme and homework assignments, there was an increase in the frequency of time spent thinking about finances by participants. After the programme, participants reported thinking about their finances “once a week” (6.25%), “a few times a week” (37.50%) and “once a day” (56.25%).

• Behaviour Changes and Actions Taken: Notably, participants applied what they learned to their personal finances:

  • Balanced a budget (50% after vs. 35.56% before)

  • Monitored spending (93.75% after vs. 80% before)

  • Reviewed housing expenses (62.50% after vs. 44.44% before)

  • Worked on savings goals (62.50% after vs. 48.89% before)

  • Worked on investment goals (37.50% after vs. 11.11% before)

After the programme, participants reported an increase in holding savings, credit, current and debit accounts, with the highest increase in holding a trading or investment account (56.25% after vs. 33.33% before). They also reported an increase in the use of trusted sources of financial advice, including financial professionals, banks and financial websites, while their reliance on friends, family members and social media decreased.

The pilot programme led to measurable improvements in financial knowledge, confidence and positive financial behaviours, with participants reporting greater optimism, more frequent financial engagement and an increased sense of control over their financial lives after completing the curriculum.

Best Practices for Building a Successful Programme

Creating a successful financial literacy programme begins with clarity of purpose, including well-defined programme goals and benchmarks to set the direction and measure impact. Use this framework to develop a programme that aligns with your organisation’s goals and the needs of your target audience:

• Begin with clear programme goals and benchmarks to measure the success of the programme.

• Define learning outcomes to drive learners towards behaviour change.

• Engage learners with relevant, real-world case studies.

• Offer opportunities to practise new skills during class to build confidence.

• Design personal reflection exercises to prompt learners to apply knowledge and skills to their own finances.

• Embed a pre-assessment and post-assessment to measure the effectiveness of the programme in driving behaviour change and skill adoption.

By integrating these best practices, a financial literacy programme can move beyond education to empowerment. It becomes a catalyst for lasting change, equipping individuals with the tools and confidence to navigate their financial futures with clarity and purpose.

What’s Next for The Options Institute

Building on the success of the NLU and other pilot programmes, the OI aims to continue making financial literacy more accessible, engaging and impactful for diverse learners across the globe.

This autumn, we will unveil a new, publicly accessible Learning Portal. This platform will offer interactive courses, self-paced modules and real-world case studies designed to meet learners at every stage of their financial journey. By leveraging digital tools and a competency-based curriculum, the portal will empower individuals to build essential financial skills such as budgeting, investing and risk management on their own terms.

We recognise that financial literacy needs differ across communities and organisations. That is why we are looking to strengthen our network of partners and collaborators. Our pilot with NLU reflects our commitment to tailoring educational experiences for diverse audiences. Future initiatives will include partnerships with schools, non-profits and industry leaders, as well as bespoke programmes for specific groups such as junior high and secondary school students, educators and working professionals.

By offering programming in multiple languages, adapting materials for regional relevance and utilising both in-person and virtual formats, we can start to break down barriers to participation and engagement. The new Learning Portal and expanded partnerships will help reach new audiences and empower the next generation of investors to make informed, confident and data-driven decisions. After four decades of educational outreach, the OI will continue to work towards creating a sustainable, inclusive financial future where everyone has access to the financial tools and support they need to thrive.

Disclaimer

The information provided is for general education and information purposes only. No statement provided should be construed as a recommendation to buy or sell a security, future, financial instrument, investment fund, or other investment product (collectively, a “financial product”), or to provide investment advice. © 2025 Cboe Exchange, Inc. All Rights Reserved.