Jennifer L. Boynton’s research while affiliated with Fidelity Investments and other places

The readability of twelve different fonts and sizes in the Microsoft Windows environment was studied. The specific fonts were Arial, MS Sans Serif, MS Serif, and Small Fonts. Their sizes ranged from 6.0 to 9.75 points. These were presented using black text on either a white or gray background and either bold or non-bold style. There were significant differences between the various font/size combinations in terms of reading speed, accuracy, and subjective preferences. There were no consistent differences as a result of background color or boldness. The most preferred fonts were Arial and MS Sans Serif at 9.75. Most of the fonts from 8.25 to 9.75 performed well in terms of reading speed and accuracy, with the exception of MS Serif at 8.25. Arial at 7.5 and both of the Small Fonts (6.0 and 6.75) should generally be avoided.