HIST 118A The Crusades in Cross-Cultural Perspective Blume

HIST 118A: The Crusades in Cross-Cultural Perspective
Blumenthal
Winter 2022
THE EXPLICATION DE TEXTE METHOD
The explication de texte technique of analysis is used by
historians to extract
historical insights from a primary source, a document or text
written in the
historical period of focus.
There are generally FOUR parts to an explication de texte.
I. Introduction: Identify and describe the text under analysis
• What is it?
What kind of source is it? Identify the genre. How would you
classify it?
And, is it an excerpt from a larger work? What is this larger
work? Is it
part of a chronicle? A philosophical treatise? A court record?
A letter?
A sermon? A law code? What is the usual purpose of this kind
of source?
To describe contemporary events? To govern behavior? To
articulate
abstract principles?
• Who wrote it?
Who composed the work? What was his/her profession? Social
standing?
• What language was it written in?
• When was it written?

II. Textual Analysis:
• Give a brief overview/summary of what the text says, in your
own words.
• Situate the document within its historical context. Describe
what you know
about historical context in which it was written.
• Consider who the intended audience was for this work. What
assumptions
would the audience need to share with the author in order of the
point of the
work to be made successfully? Would the audience need to
share the author’s
religious beliefs? Would they need to share assumptions about
gender? About
social class?
• Articulate what you think the author’s broader aim or purpose
was in
composing this text.
• Analyze the language utilized. How does the author try to
achieve his/her
goals? Does the author appeal to the readers emotions? Make a
reasoned
argument based on logic? Mock the opposing point of view?
III. Commentary:
• What historical insights can be gained from reading this text?
(i.e., about
the Crusades in general or the specific focus of this week’s
readings)

• Be sure also to demonstrate these various insights by
citing/quoting
specific passages from the text directly in your discussion and
then
analyzing them in greater depth.
• Be sure also to demonstrate that you are reading this text
critically, that
you are bearing in mind all the observations about the author's
agenda that
you noted in the previous section. How might the author’s
purpose in
writing the text shape the information contained therein? Can
we take
what the author is saying here at face value?
IV. Conclusion:
• Summarize your findings.
• Also, include a more forward-looking statement which points
to
possibilities for future research and discovery. Acknowledge
how your
conclusion here is based on the analysis of just one document.
What other
sorts of evidence might you analyze to confirm and/or extend
your
conclusions?

Current Content Sources
Reference list for lack of financial literacy taught in schools
1. Aboagye, J., & Jung, J. Y. (2018). Debt holding, financial
behavior, and financial satisfaction. Journal of Financial
Counseling and Planning, 29(2), 208-218.
2. Artavanis, N., & Karra, S. (2020). Financial literacy and
student debt. The European Journal of Finance, 26(4-5), 382-
401.
3. Bamforth, J., Jebarajakirthy, C., & Geursen, G. (2018).
Understanding undergraduates’ money management behaviour: a
study beyond financial literacy. International Journal of Bank
Marketing.
4. Curran, M. A., Parrott, E., Ahn, S. Y., Serido, J., & Shim, S.
(2018). Young adults’ life outcomes and well-being: Perceived
financial socialization from parents, the romantic partner, and
young adults’ own financial behaviors. Journal of Family and
Economic Issues, 39(3), 445-456.
5. Dewi, V., Febrian, E., Effendi, N., & Anwar, M. (2020).
Financial Literacy among the Millennial Generation:
Relationships between Knowledge, Skills, Attitude, and
Behavior. Australasian Accounting, Business and Finance
Journal, 14(4), 24-37.
6. Herrerias, R. (2020). Financial Inclusion and Household
Financial Behavior. Available at SSRN 3717100.
7. Kasman, M., Heuberger, B., & Hammond, R. A. (2018). A
review of large-scale youth financial literacy education policies
and programs. The Brookings Institution.
8. Raut, R. K. (2020). Past behaviour, financial literacy and
investment decision-making process of individual
investors. International Journal of Emerging Markets.
9. Skagerlund, K., Lind, T., Strömbäck, C., Tinghög, G., &
Västfjäll, D. (2018). Financial literacy and the role of
numeracy–How individuals’ attitude and affinity with numbers
influence financial literacy. Journal of behavioral and
experimental economics, 74, 18-25.
10. Tejero, E. L. I. S. A., Pilongo, L., & Pamaran, F. R. A. N.

C. I. S. (2019). Financial literacy in relation to financial
management. University of Bohol Multidisciplinary Research
Journal, 7(1), 138-165.
SAMPLE DISSERTATION TITLE:
STATE THE STUDY METHODOLOGY
[Double space title and use all capitals. No more than 15 words
inclusive of your design]
by
Jane Doe
Copyright XXXX
A Dissertation Presented in Partial Fulfillment
of the Requirements for the Degree
Doctor of [Name your program]
The Dissertation Committee for Jane Doe certifies approval of
the following dissertation:
SAMPLE DISSERTATION TITLE:

STATE THE STUDY METHODOLOGY
Committee:
John Doe, EdD, Chair
Julie Jones, PhD, University Research Methodologist
James Smith, EdD, Panel Validator
_________________________
John Doe
_________________________
Julie Jones
_________________________
James Smith
_________________________
Hinrich Eylers, PhD
Vice Provost, Doctoral Studies
University of Phoenix
Date Approved: ____________
ABSTRACT

[Start text here; do not indent. Abstracts typically are limi ted to
no more than 250 words.]
DEDICATION
[To be indented and completed upon full dissertation
completion]
ACKNOWLEDGMENTS
completion]
TABLE OF CONTENTS
Contents Page
List of Tables x
List of Figures x
Preface (optional) x
Chapter 1: Introduction x
Background of the Problem x
Problem Statement x
Purpose of the Study x
Population and Sample x
Significance of the Study x
Nature of the Study x
Research Questions/Hypotheses x
Theoretical or Conceptual Framework x
Definition of Terms x
Assumptions x
Limitations x
Delimitations x
Chapter Summary x
Chapter 2: Literature Review x
Title Searches and Documentation x
Historical Content x
Current Content x
Theoretical or Conceptual Framework Literature x
Methodological Literature x

Research Design Literature x
Conclusions x
Chapter Summary x
Chapter 3: Research Methodology x
Research Method and Design Appropriateness x
Population and Sample x
Informed Consent and Confidentiality x
Instrumentation x
Field Test orPilot Test x
Credibility and Transferability or Validity and
Reliability x
Data Collection x
Data Analysis x
Summary x
Chapter 4: Analysis and Results x
Data Collection x
Pilot Study x
Data Analysis x
Results x
Chapter Summary x
Chapter 5: Conclusions and Recommendations x
Discussion of Findings x
Limitations x
Recommendations for Leaders and Practitioners x
Recommendations for Future Research x
Summary x
References x
Appendix A: Title x
Appendix B: Title x
Appendix C: Title x

LIST OF TABLES
Table 1: Title x
Table 2: Title x
(Only list tables if there are two or more tables)
LIST OF FIGURES
Figure 1: Title x
Figure 2: Title x
(Only list figues if there are two or more figures)
OTHER LISTS
[start optional section text here]
PREFACE
[start optional section text here]
19
Chapter 1
Introduction
(Note that “Introduction” is the chapter title)
No introduction heading before the first paragraph of the
introductory text. The introduction serves to engage the reader
by discussing the overall research topic and background
information to your proposed study. A good introduction should
describe the broad foundations of your study and indicate the
general scope of your study but should not go into so much
detail that later sections such as the purpose, problem, and
methodology become irrelevant. The introduction can also
provide an overview of the sections that will appear in chapter
1.
Background of the Problem
This section should lead up to the statement of the

problem in order to create the context of the problem for the
readers. In this section, you will want to draw upon the origins
of the issues from which the problem is based upon. Be sure to
integrate appropriate references to evidence the existence of a
problem. Your discussion should reflect why the research
problem is of important social concern or theoretical i nterest.
This section is typically several pages in length.
Problem Statement
This section must clearly identify the problem. Include
the phrase “The problem is…” to allow the reader to distinguish
the issue driving the study. The problem must be supported with
citations. A researchable problem is not simply a gap in the
literature or a lack of information; a research problem is a
documented existing social issue for which there is not a known
solution or an effective solution. Review the Problem Statement
section associated with your selected design to ensure that this
section aligns with your design. This section is typically brief at
less than one page in length.
Purpose of the Study
This section should concisely explain the focus of
your study. Begin this section with the method and design you
have selected and provide a clear statement of the research
objectives of your study. Provide a brief description of the
means through which the goals of your study will be achieved
and the geographic location of the study. Review the Purpose
Statement section associated with your selected design to ensure
that this section aligns with your design. This section is
typically brief at less than one page in length.
Population and Sample
Describe the population by discussing the criteria that
you will use for your study participants. Also, briefly discuss
your sampling type and sample size. If your study will not
include participants or primary data, then briefly explain your
proposed sources of data.
Significance of the Study
The significance sections explain why the study is a

unique approach to the problem to be investigated, potential
benefit/benefactors from the proposed study, and the ways in
which the study results might make an original contribution to
the field. Discuss why this study important and to whom.
Describe the potential contribution this research may make to
current and future studies and thoughtand how the results of this
research might add to leadership knowledge and literature.
Review the Significance of the Study section associated with
your selected design to ensure that this section aligns with your
design. This section is typically brief at less than one page in
length.Nature of the Study
This section should include a description of the general
means through which the goals of the study will be achieved. In
this section, you will present a synopsis and justification of the
research method and design for your study. Provide an
overview discussion of the research method (quantitative,
qualitative, or mixed) and the appropriateness of the method for
addressing the purpose of the study. Additionally, discuss why
your proposal research design is more appropriate than two or
three other possible research designs. Also provide a brief
overview of the proposed instrumentation, data collection, and
data analysis. This section is typically 1 to 3 pages in length.
Research Questions/Hypotheses
(Only include “hypotheses” in the heading if applicable)
In this section you will state your research questions and sub-
questions, if appropriate. Please number the questions such as
R1, R2, and so forth. For quantitative studies and mixed method
research the questions should include the proposed hypotheses,
if appropriate.
Theoretical or Conceptual Framework
(One or the other—delete either theoretical or conceptual from
the heading)
The framework should place the study in perspective among
existing theories or conceptual models and provide a framework
related to the research topic. The discussion should reflect the
broad theoretical area under which the research falls and reflect

familiarity with germinal and current theories in the field.
Remember that a theoretical framework is typically used for a
quantitative study to model the theoretical relationships
between the variables; a conceptual framework is typically used
for a qualitative study and consists of several theories that
underpin the topic. The framework should only introduce
readers to the relevant theories; this discussion will be
expanded in chapter 2.
Definition of Terms
This section is only required if any operational terms or words
are used in a unique way in this study. Any definitions must be
supported with citations.
Assumptions,Limitations, and Delimitations
State any assumptions that you will be using as a basis for your
study. Limitations are issues that the researcher cannot control.
In contrast, delimitations define how you are choosing to
control or scope your research. Also mention generalizability of
the study findings. Note that qualitative studies are not
generalizable to the population.Chapter Summary
The discussion should summarize key points presented in
chapter 1. Information should be presented in a discussion
context. Supporting citations should be provided for key points.
The chapter summary should end with a transition to next
chapter such as “Chapter 2 will...” or “In chapter 2…”.
Chapter 2
Literature Review
Begin with an introduction with no section heading.
Remind the reader of the study topics and the foundational
theories that drove the review of the literature.
Title Searches and Documentation
Describe the approach that you used to search for relevant
documentation including key words used to search for
publications. You can opt to include a table in this section to
describe the numbers of journals, books, or other sources used
for your various topics.

Historical Content
Generally, historical content is defined as over 5 years old.
Include subsections for each of the various topics related to
your study. The topic subsections should be presented in order
from the broadest topic to the narrowest topic. Include both
germinal content and content that is considered historical based
on its publication date. It is crucial that you do not develop
your literature review as merely a series of annotated
bibliographies that discuss one source after another. It is cr ucial
to synthesize the sources by comparing and contrasting the
various perspectives on each topic. Current Content
Generally, current content is less than 5 years old. Include the
same subsections that you used in the historical content unless
there is no current literature for a specific topic. Here again it is
important to synthesize the sources—compare and contrast the
various perspectives on each topic. It is important to describe
all perspectives of each research topic including any
controversial literature rather than presenting only literature
that supports your own perspective in order to create credibility.
Theoretical or Conceptual Framework Literature(One or the
other; must reflect the type of framework used in Chapter 1)
The framework in chapter 1 should only have introduced readers
to the relevant theories. This section should include subsections
for each of the relevant theories and discuss supporting
germinal and current literature on those theories. Methodology
LiteratureDescribe the various studies that have been
accomplished within your topic area. Focus on the
methodologies that have been used in research and on the
findings of those studies. Key objectives are to address what has
already been accomplished in previous research and to support
that your methodology will add to the body of
knowledge.Research Design Literature In chapter 1 you
briefly described your selected research design. This section
should expand on that discussion and include support from
several design methodologists including the germinal
methodologists associated with the design.

Conclusions
It is important to recognize that this section is not the
chapter “conclusion”; it is “conclusions”, meaning what did you
conclude from the literature? Focus on what you derived from
the literature you reviewed and remember to cite each
assertion.Chapter Summary
The chapter summary should end with a transition to next
chapter such as “Chapter 3 will...” or “In chapter 3...”.
Please note that chapter 2 should be expanded to 30 to 50 pages
prior to submitting the complete proposal for review.
Chapter 3
Research Methodology
No heading for the introduction. Remind the reader of the
purpose and objectives of the study. Introduce the contents of
the chapter.
Research Method and Design Appropriateness
Expand on the Chapter 1 discussion by supporting selection of
the research method and design. Provide a detailed overview
discussion of the research method (quantitative, qualitative, or
mixed) and the appropriateness of the method for addressing the
purpose of the study. Additionally, include a detailed
description of why your proposal research design is more
appropriate than two or three other possible research designs
within the selected method.
This section should reiterate the research questions and any
hypotheses introduced in Chapter 1.

Discuss the population for the proposed study, defined as the
pool of potential participants for the study. If the study will
include a stratified sample discuss the various population
groups to be included. Follow the population discussion with a
description of the sample size and how the sample size was
established. For stratified samples discuss the sample size to be
obtained from each population group. For studies that will not
include primary data use an alternate heading such as “Data
Sources” and discuss the proposed sources of the study data,
such as archival data. Ensure that you collect demographic data
from the participants, including any data relevant to the study
topic such as organizational position and experience in years, to
include in Chapter 4.
Informed Consent and Confidentiality
Discuss how you will obtain informed consent from any
participants and describe any signed permissions already
obtained including Permissions to Use Premises, Permission to
Use Data, Permission to Use Survey, and so forth. Describe how
any confidential data will be stored and later destroyed. Refer to
appendices such as the Informed Consent Form; for example,
“See Appendix A for the Informed Consent Form”.
Instrumentation
Describe any instrumentation to be used to collect primary data
such as qualitative questionnaires, interview protocols, or
surveys. Include a table to indicate how the instrumentation
items align to the research questions or hypotheses. Refer to
appendices such as the instrumentation.
Field Test or Pilot Study
Qualitative studies require a field test on original narrative data
collection instruments. Original quantitative instruments require
use of a pilot study to produce validity and reliability data. Note
that while field tests must be conducted prior to proposal
approval, pilot studies cannot be conducted prior to proposal
and IRB approval. Mixed-method studies may require both a
field test and a pilot test.
Credibility and Transferability or Validity and Reliability

For qualitative studies, include a section on credibility and
transferability or trustworthiness to discuss how these attributes
will be accomplished within the study. Include any relevant
discussion regarding how the various sources will be
triangulated. For quantitative studies, include a section on
validity and reliability. Quantitative instruments that are
commercially produced or have been published should have
validity and reliability data available. Original quantitative
instruments require use of a pilot study to produce validity and
reliability data. Note that pilot studies cannot be conducted
prior to IRB approval. Mixed-method studies often require
discussion of both credibility and transferability, and validity
and reliability.
Data Collection
This section must include a complete description of the
processes to be used to collect any primary or secondary data.
Include discussion of how any participants will be recruited for
participation and describe any permissions required to collect
these data. If data will be collected in phases, such as during a
Delphi study with two or more rounds, a case study with
multiple sources of data, a study with a stratified sample, a
quantitative study with more than one survey instrument, or a
mixed-method study, describe each phase of data collection
process clearly.
Data Analysis
Data analysis section must include a detailed description of the
processes or statistical techniques to be used for analysis of any
primary or secondary data. Proposed data analyses techniques
must clear and appropriate to the research design and a
sufficient level of detail must be provided. Qualitative analysis
steps must be described and must align with the selected design,
such as the constant comparative approach for a grounded
theory study and a modified van Kaam process or Stevick-
Colaizzi-Keen process for phenomenology. When applicable,
quantitative data analysis discussion must include information
on the statistical tests to be performed, Alpha levels for

hypotheses testing, and whether the testing will be one-tailed or
two-tailed.
Summary
Although Chapter 4 is not submitted as part of the proposal the
chapter summary should end with a transition to next chapter
such as “Chapter 4 will...” or “In chapter 4...”.
Chapter 4
Analysis and Results
the chapter. Keep in mind that Chapter 4 should solely describe
the analysis process and the study results; therefore, no
citations should be included in this chapter.
hypotheses. Ensure consistency in the wording with previous
chapters.
Data Collection
Provide a detailed discussion of the informed consent and data
collection process used. Additionally, if the actual data
collection process differs from the proposed process as
described in Chapters 1 and 3 revise those chapters to reflect
the actual process used. Note that if data collection is performed
in multiple phases, such as in a Delphi technique or a mixed-
method study, Chapter 4 should include subsections for each of
these data collection and data analysis phases.
Demographics
Describe the study participants by stating information such as
gender, age range, ethnicity, region, occupation, years of
experience, or other relevant demographics. To avoid
confidentiality issues, collect and report age in ranges such as

20 to 30, 30 to 40, and so forth. Include the demographic
information as text, tables, or a combination or text and tables.
However, report the demographics individually without linking
the demographic data together or to a participant. For example,
the reader should not be able to determine that Participant 1 was
an Asian female teacher in her 30s who lives in the North West
region since this information may compromise confidentiality.
For studies that did not include primary data use an alternate
heading such as “Data Sources” and discuss the sources of the
study data.
Pilot Study
(Include this section only for original quantitative instruments)
Original quantitative instruments require use of a pilot study to
produce validity and reliability data. For any research that
included a pilot study report the results in this section.
Data Analysis
Data analysis section must include a detailed description of the
processes or statistical techniques used for analysis of any
primary or secondary data. If the actual data analysis process
was altered from the proposed process revise Chapters 1 and 3
to reflect the procedures actually used. The description of data
analysis steps should include a level of detail that would allow
a competent researcher to reproduce your analysis.
For narrative data analyze these data individually for each
research question rather than for each interview or
questionnaire question. Similar to data collection, if the
analysis is performed in multiple phases, such as in a Delphi
technique or a mixed-method study, Chapter 4 should include
subsections for each of these data analysis phases.
Results
Effective reporting of the results is extremely important. For
qualitative narrative data the results are typically reported as
themes. Each theme should be reported in a separate sub-section
and should be numbered such as Theme 1, Theme 2, and so
forth. Typically, the number of major themes for a qualitative
study are three to eight. Consider that each theme will need to

be compared and contrasted against existing literature in
Chapter 5, so exceeding eight themes is not recommended.
Themes should be short but complete sentences that reflect the
objective of the study. For example, a theme of
“Communication” is too vague to be effective, whereas
“Insufficient communication from administration was a barrier
to effective teaching strategies” conveys a much clearer context.
Each theme must be supported by example narrative, such as
three to five examples of brief participant quotes. Identify the
participants using their code, for example “P3 stated ‘If we
could only get clear direction from the principal it would make
our jobs so much easier’”.
For quantitative data, include the analysis tables and describe
the results of the analysis. Include a sub-section for each
research question and reiterate the associated hypotheses.
Discuss the meaning of the results in terms of supporting or not
supporting the null hypotheses, and clearly describe the
meaning ascribed to those results.
Regardless of the research method, include any outlier data. Do
not compare the results to literature in Chapter 4; save this
information for Chapter 5.
Summary
The discussion should summarize the chapter and reiterate the
results presented in Chapter 4. The chapter summary should end
with a transition to chapter 5.
Chapter 5
Conclusions and Recommendations
the chapter.
hypotheses. Ensure consistency in the wording with previous
chapters.
Discussion of Findings

The objective of this section is to compare and contrast the
study results to existing literature. For qualitative and mixed-
method studies with resultant themes, this section must include
sub-sections for each theme. Forquantitative and mixed-method
studies with hypotheses, this section must include sub-sections
for the results of each set of hypotheses. Compare or contrast
each result to three to five published sources. Note once you
have established the study results you may need to slightly
expand the Chapter 2 literature review to include relevant
information or information that has been recently published.
Limitations
In contrast to the limitations discussed in Chapter 1, the
Chapter 5 limitations section should focus solely on unforeseen
limitations that were revealed while conducting the study.
Remember that limitations are out of the control of the
researcher.
Recommendations to Leaders and Practitioners
Keep in mind that the entire study culminates in this section so
consider this discussion carefully. Based on the research
questions and the results, convey how leaders and practitioners
might mitigate the problem underlying the study. Consider
including a recommendation for each of the results. Be very
specific in the recommendations and consider ending the section
with a table to reiterate the recommendations for each of the
results. Additionally, ensure that the recommendations align
with the research design. For grounded theory studies include a
theory or a theoretical model, and for action research clearly
describe the recommended actions for leaders and practitioners
to pursue. Whenever appropriate include a model in this section.
Remember that the goal of a practitioner doctorate is to improve
your field of practice, which is accomplished through your
recommendations.
Recommendations for Future Research
When completing this section consider how you might have
accomplished the study differently. Also consider what you
have uncovered that might be further explored through

additional research. Include three or four specific
recommendations for further study and include recommended
methodologies.
Summary
Summarize only Chapter 5 rather than the entire dissertation.
Reiterate each of the study objectives or research questions and
state the study findings. End with a strong cogent statement that
conveys what the study has contributed to the body of
knowledge.
A researcher reflection section can also be included in Chapter
5, and this section can be written in first-person language.
References
[Use hanging indent format and double space the entire list]
Appendix A
Title
[start section text here]
AUTHOR BIOGRAPHY
[optional]
[start section text here]
UNIVERSITY OF PHOENIX
January 2010
The Absence of Financial Literacy Taught in Schools usi ng
Qualitative Research Method

of the Requirements for the Degree
Doctor of Education
ABSTRACT
DEDICATION
completion]
ACKNOWLEDGMENTS
completion]
TABLE OF CONTENTS
Contents
Page
List of
Tables.....................................................................................
............................ x
List of Figures
...............................................................................................
................. x
Preface....................................................................................

..........................................
(optional)................................................................................
............................ x
Chapter 1:
Introduction............................................................................
...................... x
Background of the
Problem............................................................................... x
Problem
Statement................................................................................
.............. x
Purpose of the
Study......................................................................................
..... x
Population and
Sample....................................................................................
... x
Significance of the
Study....................................................................................
x
Nature of the
Study......................................................................................
....... x
Research
Questions/Hypotheses..............................................................
........... x
Theoretical or Conceptual
Framework............................................................... x
Definition of
Terms.....................................................................................
....... x
Assumptions, Limitations, and
Delimitations..................................................... x
Chapter 2: Literature Review
......................................................................................... x
Title Searches and

Documentation..................................................................... x
Historical
Content...................................................................................
............ x
Current
Content...................................................................................
............... x
Theoretical or Conceptual Framework
Literature............................................... x
Methodological
Literature................................................................................
.. x
Research Design
Literature................................................................................
. x
Conclusions............................................................................
............................ x
Chapter
Summary.................................................................................
.............. x
Chapter 3: Research
Methodology...........................................................................
....... x
Research Method and Design
Appropriateness................................................... x
Research
........... x
Population and
Sample....................................................................................
... x
Informed Consent and
Confidentiality................................................................ x
Instrumentation......................................................................

............................. x
Field Test or Pilot
Test.......................................................................................
x
Credibility and Transferability or Validity and
Reliability................................. x
Data
Collection...............................................................................
.................... x
Data
Analysis..................................................................................
................... x
Chapter
Summary.................................................................................
.............. x
Chapter 4: Analysis and
Results....................................................................................
. x
Research
........... x
Data
Collection...............................................................................
.................... x
Demographics.........................................................................
............................ x
Pilot
Study......................................................................................
.................... x
Data
Analysis..................................................................................
................... x
Results...................................................................................
............................. x

Chapter
Summary.................................................................................
.............. x
Chapter 5: Conclusions and
Recommendations.............................................................. x
Research
........... x
Discussion of
Findings..................................................................................
..... x
Limitations.............................................................................
............................ x
Recommendations for Leaders and
Practitioners................................................ x
Recommendations for Future
Research.............................................................. x
Chapter
Summary.................................................................................
.............. x
References............................................................................
........................................ x
Appendix A:
Title.......................................................................................
.................. x
Appendix B:
Title.......................................................................... .............
.................. x
Appendix C:
Title.......................................................................................
.................. x

LIST OF TABLES
Table 1: Title
...............................................................................................
.................. x
Table 2:
Title.......................................................................................
........................... x
[Only include a list of tables if there are two or more tables.
Use title case, defined as capitalizing keywords, for table
titles.]
LIST OF FIGURES
Figure 1: Title
...............................................................................................
................ x
Figure 2: Title
...............................................................................................
................ x
[Only include a List of Figures if there are two or more figures.
Use title case, defined as capitalizing keywords, for figure
titles.]
Introduction
Education about financial literacy is an important subject that
could help students to handle money at school and in the
professional world. Students who acquire this knowledge are
different from those without because they would make sound
financial decisions in an attempt to avoid common financial
mistakes. The mistakes most people make while attempting to
meet their financial needs are associated with a lack of financial
literacy (Amagir et al., 2018). Therefore, this study will focus

on the gaps that manifest in the schools regarding financial
education, their impacts, and how they can be solved. This
paper gives clear and described information on a study that
focuses on the gap that is evident in schools on the
incorporation of financial education.
Both the youth and the community as a whole enjoy the benefits
of understanding and applying the principles of financial
literacy. The financial education principle gives the capability
of making sound financial decisions. Teachings about financial
education tools will help students become skillful and discrete
when handling finances in schools. A great future is created
when students are equipped with the knowledge of financial
literacy (Amagir et al., 2018). With a financial education in
place, the first thing students shall do before gambling with
their money is to recall the essential concepts of financial
management they will have learned from school. The main
ticket towards living a debt-free life is being knowledgeable
about financial management and that can only be achieved
through lessons taught in classes. Youths have always
manifested confidence in the way they use money and in fact,
most of them believe they are knowledgeable concerning the use
of money. However, in real life, the youth struggle with
planning their finances and that predisposes them to a life full
of debts while they are still young (Amagir et al., 2018). This
excessive confidence and state of awareness held by individuals
are barriers that need to be cleared out through the use of
financial education. There are different programs that a typical
school should implement to help train and educate students on
matters related to finance. However, most schools focus on
programs that emphasize didactics that are practical and theory-
based (Blue & Grootenboer, 2019). Most of these didactics are
based on benefit plans, which do not fully cover the main
concepts of financial literacy. Both students and members
(principals, administrators, teachers, housekeepers, secretaries,
police officers, guidance counselors, cafeteria workers) of the
school, hold some level of misconception about financial

literacy.
Surveys and research show that teens and youths power the
country’s economy at a higher percentage (Amagir et al., 2018).
Lack of financial literacy exposes many youths to unending
financial management problems. This leads to developing poor
money spending habits, and unsuccessfully managing their
customer credit. Poor financial habits caused by financial
illiteracy always lead to poor budgets amongst teens. According
to Amagir et al., (2018), 20% of the high school seniors with
savings projects or saving accounts graduate with financial
discipline and literacy. However, the fears of these youths
getting into adulthood are that they do not understand the
principles of saving, spending, earning, investing, or even
balancing a checkbook (Faulkner, 2017). Hence, there is an
increasing need for students to have financial literacy, which
will help create some level of independence and a sense of self-
sufficiency and responsibility. With financial literacy in place,
students get to understand the basics of financial markets,
investment choices, and financial budgeting. As a result,
students will avert facing issues of debt, which is a phenomenal
trend among adult youths. It is not hard to acknowledge some
financial management techniques, especially when interacting
with well-informed and planned professionals. Therefore,
students with financial literacy will hold discussions with well -
learned and informed individuals because they will foresee risks
and argue-justify matters at hand (Amagir et al., 2018). Since
the financial status of individuals contributes to the economy,
there is an increased need to polarize financial literacy within
schools.
It is very essential to incorporate the study of financial
education in the system because this gives leeway to building
and molding better financial accountants for the near future.
The students in the learning institutions will become good
economic moderators. There are different players in the
financial sector whom financial educators would rely on. These

include; Entrepreneurs being an originator, challengers, and
drivers. They are the persons who create something new. It can
be a corporation, an initiative, or a business. They combine
land, labor, and capital in an investment (Kirkham, 2016).
Financial Savvyis a person that is well conversant in dealing
with expenses, credit, and other money matters. At the same
time, this term can mean many different things to different
people; the overall idea of being savvy financially emphasizes
one notion, hereby maintaining a healthy financial standing
through proper planning and budgeting (Kirkham, 2016).
Problem Statement
The problem statement in this research paper defines financial
illiteracy among the youth. A greater number of youths and
teens lack the financial discipline which should have been
taught in financial education. According to the article by
Amager et al., 2020, there is a large gap in terms of financial
education among teens and youth. The article focused on 15-
year old15-year-old students in high school who did not have
financial literacy. The revelations in the article call for urgency
in introducing financial literacy programs in schools because
financial literacy does not only steal from the youth and teens
of their economic prosperity but also robs the nation (Lusardi,
2019). Most young adults ignore the importance of financial
education and therefore schools should move a step further to
introduce the necessary financial education programs.
The purpose of this study is to use both qualitative and
quantitative approaches in accomplishing research exploring the
subject of financial literacy among youths and teenagers using a
mixed-method. The research will take place within the school
district of Palm Beach County, Florida. The objectives of the
study on financial literacy are:
1. To identify the gaps in the financial literacy education in the
schools within Palm Beach County, Florida.
2. To determine the long-term impacts of inadequate financial

knowledge to youths and teens through savings and investments.
The purpose needs clarity. Also, you need to state the research
design.
Data collected from interviews will be used in developing a
thesis for the research topic. Principals from 20 schools around
the district will be interviewed while only ten of the curriculum
developers across the state of Florida will be interviewed. The
school district of Palm Beach County, Florida has about 180
schools and a principal leads each school so that means only
11.1% of the principals will be involved. A random sampling
method will be used to select the twenty principals from the
schools within the district. In addition, the curriculum
developers that will be involved in the research will be selected.
The study on financial literacy is very important to an
individual, the state, and the US national government. The
economy of the US depends much on proper financial planning.
If the youth are equipped with the relevant knowledge about
how to manage funds, it is a plus for the economy of the United
States and the state of Florida because proper financial
education leads to informed financial planning which prompts
economic development (Amagir et al., 2018). Further, the study
of financial literacy gaps in the schools will help the
policymakers in curriculum development to plan on introducing
holistic financial literacy programs in these schools (Bakar and
Bakar, 2020). The financial education programs are aimed at
benefiting the teens and the youth as they will be able to
acquire immense knowledge on financial management, which
will help them become responsible citizens and parents
financially (Amagir et al., 2018). The study on financial
illiteracy is aimed to pioneer more research into the field of
financial literacy.
Add more to the discussion here. Start with significance to
participants, and then to policymakers. The discussion here has
both individual and policy mixed in the same paragraph.

Nature of the Study
The qualitative research method will be used to collect,
compare and interpret different information that will be
collected through interviews (Hennink et al., 2020). The
qualitative method is appropriate because data for the study will
be collected through interviews observations. A narrative design
for data analysis will be used to analyze the collected data
(Hennink et al., 2020). Narratives will include analyzing the
words or stories shared during the interviews to identify the
gaps in financial education within the school district of Palm
Beach County, Florida.
The advantage of using qualitative research in analyzing
financial literacy in education is that it has the power to
generate adequate information which is required to answer the
research questions on financial education (Hennink et al.,
2020). Secondly, the use of qualitative data will ensure that the
information provided is specific to the qualitative field of
financial education. Lastly, the qualitative approach is a
subjective method of research and thus, will answer the
question of why there is financial illiteracy among youths and
teens in the US (Hennink et al., 2020).
To answer the research questions on financial literacy, a
qualitative research method shall be used. The qualitative
method is most relevant for this study because it shall provide
contexts and an overview of financial literacy in schools. An
ethnographic design will be used. This is because it allows first-
hand information to be collected. Direct observation and
questionnaire interviews shall be used to collect (Jamshed,
2014). The participants will answer interview questions on the
state of financial literacy in their schools and what they believe
are implications of lack of financial literacy
The qualitative research method shall be used in
answering questions on financial literacy because it will lead to
deep insights about financial literacy and its impacts on
teenagers and youths. Also, the qualitative research method will
save money because information shall be collected through

interviews and direct observations. The main setback is that,
even though the grounded method shall be used to analyze the
data, the factor of bias is hard to overcome. Therefore, the
findings and conclusions on financial literacy in schools and
how it affects youth and teenagers may not be accurate due to
the bias factor.
Research Questions
There are three research questions.
1. What gaps are found in financial education among the
schools in Palm Beach County, Florida?
2. Are there evident effects of financial illiteracy on the youth
and teens within the state?
3. What actions should be taken to address the gaps witnessed
in financial education among schools in Florida and nationally?
Theoretical Framework
College students in the United States continue to struggle with
massive debt. A majority of adults live from paycheck to
paycheck, implying that there are a vast majority of financially
illiterate persons. Entrepreneurs in the economy are extremely
disappointed with the lack of preparation and financial savvy of
recent graduates and prospective candidates. The concept of
financial literacy is just a normal unit for most students.
Students are learning to pass the examination, only to live
beyond their monthly income, cannot purchase a home, cannot
subscribe to a monthly insurance plan, and cannot even save for
retirement due to the lump sum debt (Draper, 2019).
It is estimated that 44% of Americans can’t cover a $400
emergency without debt. 56% of Americans have less than
$10,000 in savings for their retirement (FederalReserve, 2018).
Some of these skills should be taught by parents to their
children; however, many parents live in great debt. If students
are not learning financial skills at home, then it is expected that
financial illiteracy will be a norm for many persons. Schools
should only facilitate what is being taught at home. Research on
financial literacy showed that 27 states received a “C” or lower
grade. While students learn mathematics in schools, most

schools are not required to teach finance-related curriculum like
the concept of compound interest and how to complete a tax
return (Champlain, 2019). Teaching personal finance is not just
the responsibility of learning institutions as it is not just
effective to teach personal finance in a condensed format and
expect significant results. The behavior of students learning to
save their pocket money should be applied in a manner that
enables students to apply what they learn in school. This is
because it goes a long way in improving financial literacy in
schools (Kirkham, 2016).
Definition of Terms
College students are individuals who have been enrolled in
tertiary learning institutions. They majorly pursue degree
courses. In this research, they are faced with different financial
constraints during their period f study. College students are at a
higher risk of getting into depression and stress due to poor
financial budgets.
Paycheck to paycheck is a terminology used o define people
who would not meet their financial errands without jobs. They
highly depend on the salaries and if the salary is not available
then they get depressed. They commit their earnings to
expenditure.
Financial Literacy entails understanding and effectively using
various financial skills, including personal financial
management, budgeting, and investing. Financial literacy is the
basis of the association with money, and it is an enduring
erudition voyage (Lusardi, 2019).
Assumptions
The notion that financial information can be supernumerary for
low levels of financial literacy rests on the supposition that less
well-informed persons face higher footraces regarding the
assortment and dispensation of information and thereby save
more on data and search costs when revolving to an advisor.
The assumption disregards literature from the study of adult
teaching, psychology and behavior change, and the socio-

cultural factors that disturb learners (Lusardi, 2019).
Another assumption seems to be that anybody with
complications connected to money must have insufficiency in
financial knowledge, or the problems would not have happened.
The answer is to offer knowledge in individual accountability
for one’s achievements and disappointments, which is a vital
part of American philosophy. Another supposition is the
anticipation that education in financial substances will surge
individuals’ literateness and, by allowance, advance their
monetary well-being. This assumption disregards non-fiction
from the study of adult education mindset and behavior
variation (Lusardi, 2019).
Limitations
Based on the discussion under the dissertation, research states
that public-choice researchers sought innovative approaches to
curb opportunistic behaviors in the absence or limitation of
government regulation. Smith capitalism has been criticized by
socialist economists. According to ethics scholars, public trust
in American business leadership is eroding. Researchers linked
a transgression of leadership ethics to a loss of confidence. A
research study's limitations are flaws that could prevent the
findings from being generalized to other populations. A time
constraint was one of the study's limitations. The investigation
focused primarily on historical data from 2005 to 2010. Gross
profit margin and after-tax profit margin were used to assess
economic success. These financial ratios are generated using
data from the income statements of the business under
consideration. Furthermore, the financial records and regulatory
reports that were archived may have been unreliable. As a
result, another study restriction was the possibility of incorrect
data leading to inaccurate results. The cause-and-effect
relationship between variables is reflected in a causal
explanation. Statisticians who use a multivariate model get a
better estimate of the criterion and predictor variables than
those who use a single-variable analytical perspective. The
ability of descriptive-correlation researchers to infer causality

is restricted. The use of correlation by statisticians does not
indicate causality (Hennink, 2020). However, quantitative
researchers must determine the sources of a variable's variation
to analyze it scientifically. Because the qualitative technique is
a subjective research method, it will provide an answer to the
question about why there is financial illiteracy amongst teens
and youths in the United States. The research method's
limitation is that it does not address how these issues began or
came to be.
Delimitations
The purpose of research delimitations is to define where a
study's scope ends. The study's boundaries will be established.
An example is a situation where thousands of securities are
listed on three stock exchanges. Even though the study
examined a sample of 74 financial services companies classified
as SIC 6211, the demographic and industry classification might
restrict the generalizability of the findings to other firms in
other countries. The purpose of utilizing qualitative research to
analyze financial literacy in education is that it can provide
enough content to address the financial literacy research
questions. Using qualitative data will help ensure that the
information presented is relevant to the area of education.
The research study is based on seeking the importance of
seeking the value in the incorporation of financial education
into the learning program. It analyses the importance and the
benefits that are likely to accrue in the teaching of financial
education.
Summary
Evidence of the impact of regulatory compliance or misconduct
on economic performance has been overlooked in present
empirical research (Suparno, 2018).
Educators should thus use the research findings to support the
financial education policy. This would provoke a better
understanding and knowledge for better economic performance.
The theoretical framework gives a comprehensive revelation of
financial education. Other supports such as the financial

regulatory system are also essential. The financial regulatory
system played a major role in the 2008 financial crisis. It was
also engaged during the failure of several financial institutions
that followed. Personal Finance is a term that covers the
concepts of managing money, saving, and investing. It also
includes banking, budgeting, mortgages, investments, insurance,
retirement planning, and tax planning. An illustration of
personal finance knows how to budget, balance a checkbook,
obtain funds for major purchases, save for retirement, plan for
taxes, purchase insurance and make profits (Lusardi, 2019).
References
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A. (2018). A review of financial-literacy education programs
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Amagir, A., Groot, W., van den Brink, H. M., & Wilschut, A.
(2020). Financial literacy of high school students in the
Netherlands: knowledge, attitudes, self-efficacy, and
behavior. International Review of Economics Education, 34,
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Blue, L. E., & Grootenboer, P. (2019). A praxis approach to

financial literacy education. Journal of curriculum
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Cieslick, J., & van Stel, A. (2017). Explaining university
students’ career path intentions from their current
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literacy-be-taught-in-schools
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3/
20

A PHENOMENOLOGICAL STUDY TO DISCOVER LOW-
INCOME ADULTS’
PERCEPTIONS AND EXPECTATIONS REGARDING
FINANCIAL LITERACY
by
Brigid Ann Schaffer
Copyright 2013
Of the Requirements for the Degree
Doctor of Business Administration
All rights reserved

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Dissertation held by the Author.
UMI Number: 3574885
iii

ABSTRACT
This phenomenological study explored the perceptions and
expectations of low income
adults regarding financial literacy to discover ways to increase
attendance in financial
literacy programs designs for this cohort. The study utilized
interviews with closed-ended
questions to establish the participants’ backgrounds, then
opened-ended questions to obtain
in-depth descriptions of personal lived experiences about
financial literacy concepts,
educational programs, and future expectations from the 20 study
participants. The data
analysis resulted in three themes (1) participant’s
characteristics, (2) presentation of financial
literacy programs, and (3) access to low income adults. The
sub-themes from theme one
identify participants’ characteristics of belief in self and current
time-frame orientation.
Theme two, presentation of financial literacy programs, sub-
themes recognized three
attributes of presentation: information wanted, presentation
style, and, environment of

financial literacy classes. The third theme, access to low
income adults, presented sub-
themes of access through word of mouth, and advertisement.
The first two themes gave rise
to recommendations of future development and presentation of
financial literacy programs.
The third theme provided advertising ideas for financial literacy
programs to incorporate
information reflecting the benefits to attendees, and sites for
advertisement to include
locations where the cohort socialize or look for support. The
study considered the low-
income adults’ perspectives regarding financial literacy
reversed the existing top down
approach of financial program development from what low -
income adults need to learn to
participate in the mainstream financial sector to what low-
income adults want to learn to
secure a stable financial future. The research method can be
replicated to determine the
financial literacy needs of community low income adults.
iv

DEDICATION
I dedicate this research study to my husband, Paul Schaffer, and
our daughters Sarah and
Amber.
v
ACKNOWLEDGEMENTS
I acknowledge that without the help and support of many people
during this long journey the
research would not have been completed. My first line of
support came from the librarians
Joanne Elpern, Joanne White, Mary Loomis, and Xiaomei Gong,
they provided guidance and
access to research materials essential during coursework and the
research. My classmates;
Arlene McClurg, Wyndia Wortham, and Dr. Sheila Payne,
provided the encouragement for
completion. Most importantly, my dissertation committee, Dr.
Samuel Hardy, Dr. Clifford
Blizard, and Dr. Elaine Labach for their continuous input and

support during the dissertation
process.
vi
Table of Contents
CHAPTER 1
…..........................................................................................
i
INTRODUCTION
....................................................................................... ......
i
.............................................................2
Statement of the Problem
.................................................................4
........................................................................5
Significance of the Problem
.............................................................6
Significance of the study.
.....................................................6

Significance of the study to leadership. ...............................7
Nature of the Study
..........................................................................7
Overview of the research method. .......................................7
Overview of the design appropriateness. .............................9
Research Questions
........................................................................12
............................................................... 13
Definition of
Terms........................................................................16
Assumptions
...................................................................................17
Scope and
Limitations................................................. ...................17
Delimitations
..................................................................................19
Summary
........................................................................................20
CHAPTER 2
............................................................................................2
2
REVIEW OF THE LITERATURE
.................................................................22

Title Searches, Articles, Research Documents, Journals
...............22
Historical Overview of Financial Literacy Programs
....................23
vii
Organisation of Economic Cooperation and Development
...........23
Financial Literacy Legislation in the United States
.......................25
Financial Literacy Studies Influences
............................................30
Current Literature: Financial Literacy Development
....................35
Financial Literacy
Studies..................................................36
Expections and Education
.................................................40
Accessing the Low Income Population..............................49
Theoretical Framework for Interpretation of
Data.........................56
Maslow's Hierarchy of Needs ............................................57

Prochaska's Transtheoretical Method for Change .............58
Challenges of Financial Literacy Education
..................................60
Further Research: Financial Literacy Initiatives
............................63
Conclusions
....................................................................................64
Summary
........................................................................................65
CHAPTER 3
............................................................................................6
7
METHOD
............................................................................................6
7
Research Method and Design Appropriateness
.............................68
Research Method
...............................................................68
Design Appropriateness
.....................................................72
Research Questions
........................................................................75
Population

......................................................................................76
Sampling Frame
.............................................................................76
Informed
Consent...........................................................................77
viii
Confidentiality
...............................................................................78
Institutional Review Board
............................................................79
Geographic Location
......................................................................79
Data Collection
..............................................................................80
Instrumentation
..............................................................................83
Interview Questions Development
.................................................84
Validity and Reliability
..................................................................87
Internal Validity
.................................................................87

External Validity
................................................................88
Reliability
...........................................................................88
Data Analysis
.................................................................................89
Summary
........................................................................................90
CHAPTER 4
............................................................................................9
2
RESULTS
............................................................................................9
2
Population and Sampling
...............................................................92
Validity and Reliability
..................................................................93
External Experts
.................................................................94
Pilot Study
..........................................................................94
Member Checking
..............................................................95

Data Collection Process
.................................................................96
Demographic Information
..................................................96
Data Analysis Process
....................................................................98
Results
..........................................................................................10
0
ix
Theme 1- Participants' Characteristics .............................100
Theme 2 - Presentation of Financial Literacy .................105
Theme 3 - Access to Low Income Adults ........................111
Summary
......................................................................................116
CHAPTER 5
..........................................................................................11
8
CONCLUSIONS AND RECOMMENDATIONS
..................................118
Limitations
...................................................................................119

Conclusions for Research Question
.............................................121
Theme 1- Participants' Characteristics .............................122
Theme 2 - Presentation of Financial Literacy .................127
Theme 3 - Access to Low Income Adults ........................131
.............................................................132
Significance of the Study to Leadership
......................................133
Implications and Recommendations for Future Research
...........134
Recommendations to Increase Participation
................................135
Recommendations to National Leaders
.......................................136
Recommendations to Community Organizations
........................136
Reflection
.....................................................................................137
Summary
......................................................................................139
References
....................................................................................141

Appendix A - Key Word Searches
...............................................154
Appendix B - Flyer to Solicit Participants
...................................155
Appendix C - Individual Informed Consent Form
.......................156
x
Appendix D - Non Disclosure Agreement
...................................157
Appendix E - Premise Consent Agreement
.................................159
Appendix F1 - Interview Questions Prior to Validation
..............160
Appendix F2 - Interview Questions for Research Study
.............163
Appendix G - Participants' Interview Transcripts
........................167
xi
LIST OF TABLES

Table 1 – Sample………………………………………….…….
................................97
Table 2 – Household Population…………………….……
............................…………97
Table 3 – Types of Bank
Accounts…………………………………………… ...........98
Table 4 – Accessing Low Income Adults – Participant
Suggestions..……… ...........112
Table 5 – Participant Self-Rating of Money
Management…………...…… .............128
1
Chapter 1
Introduction
Thirty percent of households in the United States are
categorized as low-income, earning less
than $30,000 annually (Federal Deposit Insurance Corporation
[FDIC], 2009). Financial
literacy programs for low-income adults in the United States are
designed for basic financial

management to guide participants into mainstream financial
services (Curley, Ssewamala, &
Sherraden, 2009; Lyons & Neelakantan, 2008; Lyons & Scherpf,
2004; Servon & Kaestner,
2008; Zhan, Anderson, & Scott, 2009) and to decrease their
vulnerability to predatory lenders
and reliance on welfare programs (Chang & Lyons, 2008;
Federal Deposit Insurance
Corporation [FDIC], 2009; Lim, DeJohn, & Murray, 2012;
Wilson, 2012). The literacy
programs were developed without interaction with the low-
income populations, and the
programs available through government agencies and financial
institutions have low levels of
participation (Chang & Lyons, 2008; Servon & Kaestner, 2008;
Spader, Ratliffe, Montoya, &
Skillern, 2009).
This phenomenological research study was designed to discover
low-income adults’
perceptions and expectations of financial literacy to provide
information for financial literacy
curriculum designs that could attract low-income participants
(Buckland, 2011; Servon &

Kaestner, 2008). Financial literacy is defined for this research
study as: “the ability to make
informed judgments and to take effective actions regarding the
current and future use and
management of money” (FLEC, 2010a, p. 2). Chapter 1
provides a synopsis of the
phenomenological research study including a background of the
problem, statement of the
problem, purpose of the study, significance of the problem,
nature of the study, research
2
question, theoretical framework, definition of terms,
assumptions, scope, limitations,
delimitations, and summary.
Financial literacy at the end of the 20th century emphasized one
dimensional financial
knowledge (Huston, 2010; Remund, 2010). Financial literacy
research undertaken during the
first decade of the 21st century determined that financial
literacy encompasses two

dimensions: financial knowledge and financial behavior that
creates financial capability (U.
S. Financial Literacy and Education Commission (FLEC),
2010a; Huston, 2010;
Organisation of Economic Cooperation and Development
(OECD), 2008; Remund, 2010).
Financial literacy is defined by the United States Financial
Literacy and Education
Commission (FLEC, 2010a) as “the ability to make informed
judgments and to take effective
actions regarding the current and future use and management of
money” (p. 2). Financial
education was defined by the Organisation of Economic
Cooperation and Development
(2008) as follows:
Financial education is the process by which financial
consumers/investors improve their
understanding of financial products and concepts and, through
information, instruction and/or
objective advice, develop the skills and confidence to become
aware of financial risks and
opportunities, to make informed choices, to know where to go
for help, and to take other
effective actions to improve their financial well-being and

protection. (p. 13)
Individual governments, the World Bank, and the OECD
promote financial literacy because
the financial environment has changed for individuals from
reliance on defined pensions and
social retirement funding to personal long-term financial
responsibility (OECD, 2008; U. S.
Treasury Department, 2008).
3
Financial literacy behaviors in the United States as measured by
an individual’s use of
mainstream financial institutions have three classifications:
banked, unbanked, and
underbanked (FDIC, 2009). Research by the FDIC (2009) on
the use of mainstream financial
depository institutions found that 7.7% of the United States
population is unbanked and that
17.9% of the population is underbanked. A large subset
comprising nearly 30% of the United
States population is classified as low-income. Approximately
seven million low-income

families are unbanked and are reported to have limited financial
literacy (Birkenmaier &
Curley, 2009; FDIC, 2009; Lusardi, Mitchell, & Curto, 2010;
Mandell & Klein, 2009).
Traditionally, low-income adults had access to financial literacy
programs that focused on
financial activities, such as savings and budgeting (Chang &
Lyons, 2009; Servon &
Kaestner, 2008). A study conducted by Lusardi, Mitchell, and
Curto (2010) pointed to the
benefits of financial literacy educational programs for
individuals before they entered
financial contracts and also indicated that parents have a
significant influence on their
children’s financial literacy. Other research and governmental
policies have attempted to
increase low-income adults’ involvement in the financial
mainstream environment of banks
and investment firms, hoping to decrease this population’s
vulnerability to predatory lenders
while increasing the need for financial mainstream services
(FDIC, 2009; Lenzner, 2012;
Lumpkin, 2010; Lim, DeJohn, & Murray, 2012; Wilson, 2012).
Another statistic

highlighting the need for financial literacy is that the number of
people living in poverty in
the United States has increased by 12.5 million people since
2000 and that 6.3 million of
these have crossed the poverty line since the beginning of the
2007 recession (DeNavas-
Walt, Proctor, & Smith, 2011).
4
The literature review on financial literacy studies found the
studies involving low-
income adults show a lack of inquiry of low-income adults’
perceptions and expectations
regarding financial literacy (Allen & Miller, 2010; Birkenmaier
& Curley, 2009; Buckland,
2010, 2011; Cho, Gutter, Kim, & Mauldin, 2012; De Sousa,
2010; Gutter et al., 2012; Lim,
DeJohn, & Murray, 2012; Servon & Kaestner, 2008; Sherraden
& McBride, 2010; Soman &
Cheema, 2011; and Zhan et al., 2009). This study focused on
exploring the life experiences
of low-income adults with respect to financial education to
discover low-income adults’

expectations for their financial future, consequently increasing
the knowledge base for
financial literacy educational development opportunities. The
theoretical framework for the
research study was based on Maslow’s (1948) hierarchy of
needs to establish motivation, and
to investigate participants’ attitudes toward change based on the
theoretical model of change
developed by Prochaska (1979).
Statement of the Problem
The need for financial literacy in the 21st century on an
individual basis grows with
increasing financial complexity, the shift of public policy
toward individual fiscal
responsibility, and the expanding percentage of the United
States population living in poverty
(Arthur, 2011; Buckland, 2011; Cory & Pickard, 2008;
DeNavas-Walt et al., 2011; Gallery &
Gallery, 2010). Financial literacy programs in the United States
directed toward low-income
populations have had limited success as measured by research
on low-income adult financial
literacy and by the number of low-income adults unbanked or

underbanked (FDIC, 2009;
2012). The general problem is a measured lack of financial
literacy within the low-income
population of the United States (FDIC, 2009; Mandell & Klein,
2009; National Foundation
for Credit Counseling (NFCC), 2010). The emphasis of this
study was to explored the low-
5
income adult population’s experiences in developing their
financial knowledge, to discover
their perceptions and expectations of financial literacy programs
and to increase participation
by this cohort in financial literacy programs.
The phenomenological qualitative study design was used to
record and analyze the
life experiences and expectations of financial literacy for low -
income adults through open-
ended questions during face-to-face interviews (Creswell, 2012;
Buckland, 2011). The data
collection method allows participant confidentiality for
members of a population not given to

trusting outsiders (Weiss & Bailar, 2002). Access to the low -
income population in Danbury,
Connecticut, was gained through a local nonprofit community
organization through the use
of a gatekeeper (Creswell, 2012). Exploring the underlying
attitudes, environmental
conditions, and behaviors of low-income adults identified trends
which led to
recommendations that could be beneficial to the future
development of financial literacy
programs.
This qualitative phenomenological study’s purpose was to
explore the lived financial
literacy development experiences and the future financial
expectations of low-income adults.
The analysis of the data uncovered trends and themes reflecting
on the financial behaviors
before and after the research participants attended a financial
literacy program (FDIC, 2010).
These trends and themes produced novel information to aid in
the development of financial
literacy education materials and could increase participation in
financial literacy programs to

support low-income adults to establish a stable financial future.
The qualitative
phenomenological structure was appropriate for this study
because this investigator
attempted to understand the experiences of the participants as
well as their perceptions,
6
perspectives, and expectations of financial literacy (Leedy &
Ormrod, 2010). The study
employed interviews with semi-structured open-ended questions
to obtain personal life
experiences about financial literacy concepts, educational
programs, and future expectations
from the study participants (Creswell, 2012; Leedy & Ormrod,
2010).
Voluntary interviews of 20 low-income adults provided the
opportunity for data
saturation. Initial closed-ended questions confirmed criterion
demographic data available in
the nonprofit organization’s documentation. The second section
of the interview with

opened-ended questions uncovered themes that could influence
the development of financial
literacy education. Themes that emerged from the study,
therefore, could aid in determining
predictor variables affecting financial behaviors, and produce
novel information to help
develop financial literacy education materials to increase the
participation of low-income
adults.
Significance of the Problem
Significance of the study. Financial literacy within the United
States has not
increased significantly during the first decade of the 21st
century (Lusardi, Mitchell, &
Curto, 2010; Mandell & Klein, 2009; Yates & Ward, 2011;
Yilmaz, 2011). An increase in
the size of the population, however, living below the poverty
level, combined with the
complex financial environment of decreasing social security
expectations, defined pension
plans, and changing welfare terms affirms the need for financial
literacy education for low-
income adults in the United States (DeNavas-Walt et al., 2011;
FDIC, 2009; Lenzner, 2012;

Lusardi, 2012). This phenomenological study of how low -
income adults approach financial
literacy increased the understanding of how low -income adults
manage their finances thereby
increasing the knowledge base to develop financial literacy
programs that actively engage the
7
cohort under study. Considering low-income adults’
perspectives reversed the existing top
down approach of program development to what low-income
adults need to learn to
participate in the mainstream financial sector and what low -
income adults want to learn to
secure a stable financial future. The study results identified
conceptual foundations on which
financial literacy programs that reach out to low-income adults
could be further developed to
support the population cohort’s preparation for a sound
financial future.
Significance of the study to leadership. The United States and
countries around the

world support financial literacy at the individual level because
of deficiencies in financial
literacy within the populations of many countries (OECD, 2010;
Yilmaz, 2011). The United
States Treasury Department’s Financial Literacy Education
Commission’s (FLEC, 2010a)
stated vision is: “Sustained financial well-being for all
individuals and families in the United
States” (p. 6). Access to low-income adults, however, is
difficult and participation in
programs directed toward low-income persons is low (Servon &
Kaestner, 2008; Spader et
al., 2009; Weiss & Bailar, 2002; Zhan et al., 2009). The
significance of a phenomenological
study of low-income adults’ perceptions and expectations of
financial literacy to leadership is
that the information collected provides knowledge for program
development. The
knowledge could increase access and participation by low -
income adults; subsequently,
create a foundation of long-term financial success for
individuals, and cause a positive ripple
effect on global economic stability.
Nature of the Study

Overview of the research method. Typically, qualitative,
quantitative, or mixed
methods of research can be employed to answer social science
questions (Creswell, 2012).
The research method deemed appropriate for this study has the
characteristics of a qualitative
8
study. These characteristics include: (a) the researcher as the
instrument, (b) data collection
at a field site (natural setting), and (c) interpretation of data to
understand a complex issue
and identify factors that influence behaviors (Creswell, 2012).
Qualitative research of soft
data follows a nonlinear path to relate authentic interpretations
of a specific issue. The
nonlinear path provides focus and data richness, texture, and
thoughts requiring the
researcher to use inductive reasoning to develop insights and
generalizations from the data
collected. Qualitative research data collected from a small
sample size allows the

examination of data for nuances that may help in understanding
the issue in context (Leedy
& Ormrod, 2010).
Quantitative research applies deductive reasoning focusing on
planning research
design, measurement, and sampling (Creswell, 2009). Data
collections through large
statistical samples are reflective of frequency of actions and
progress through linear research.
The data analysis based on predetermined variables and stated
hypothesis tests the theory
(Leedy & Ormrod, 2010). The mechanical techniques used for
statistical analysis in
quantitative research stress objectivity and statistical projection
through standardized
procedures and principles of replication (Leedy & Ormrod,
2010). The data predominantly
collected through surveys for statistical analysis of the
hypothesis will ultimately confirm or
refute the theory. Data collection can take place without
researcher interpretation and does
not provide an opportunity to change methods as could happen
in qualitative research.
A mixed method combines elements from both qualitative and

quantitative methods
to allow the determination of more details than either method
could provide alone (Leedy &
Ormrod, 2010). Qualitative research studies might quantify
some answers and quantitative
interview questions might be incorporated into some open-
ended questions to solicit insights.
9
Teddlie and Tashskkori (2009) suggested that the development
of a mixed method research
design begins with a research question, which when broken
down results in both quantitative
and qualitative sub-questions. The option of either quantitative
or mixed method involves
confirming or disconfirming a hypothesis. The hypothesis
represents the researcher’s
prediction as to the outcome of the research. This study
intended to ascertain the financial
literacy perceptions and expectations of low-income adults
without any preconceived
conjectures. There are, therefore, no developed hypotheses.
The inquiry of low-income

adults’ perceptions and expectations of financial literacy fits the
selected qualitative
phenomenological research method.
Overview of the design appropriateness. Creswell (2012)
explained the
appropriateness of qualitative research when a problem needs to
be explored. Leedy and
Ormrod (2010) explained, “The data dictate the research
method” (p. 94). The research
question collected data to ascertain the participants’ perceptions
and expectations regarding
financial literacy to increase participation in financial literacy
programs. The
phenomenological method gave the low-income adult
participants an opportunity to have
their voices heard (Creswell, 2012). The research question,
therefore, revealed the necessity
for a qualitative phenomenological research method rather than
other qualitative methods. A
review of the other qualitative research methods follows below
acknowledge design
methodologies inconsistencies to stay within the boundaries of
this phenomenological study.

Case study research involves studying a program or individuals
to discover the paths
taken to understand the outcome of a particular issue (Creswell,
2012; Leedy & Ormrod,
2010). The emphasis of this study was to discover information
to increase participation of
low income adults in financial literacy programs, which would
be limited when considering
10
the perspective of these individual. Therefore, case study
research was not selected to
support this study’s emphasis on understanding the perceptions
and expectations of financial
literacy for program development.
Content analysis is a qualitative approach that merges
quantitative aspects and
generally will become part of a mixed method study. This is
done through a systematic
examination of characteristics of material to identify themes,
bias, or patterns (Leedy &
Ormrod, 2009). The proposed study involved interviews to
extract data with no preformed

expectations from the individuals, rather than analyzing for
expected characteristics required
for content analysis. Content analysis was therefore
inappropriate for this study.
Ethnography requires researchers to immerse themselves in the
culture of the
population to become a trusted member of the society covering
a lengthy period to discover
and understand the population. The grounded theory approach
utilizes data to develop theory
when theories have not been developed (Creswell, 2012; Leedy
& Ormrod, 2010). This
study’s data analysis applied Maslow’s (1948) hierarchy of
needs and Proschaska’s (1979)
transtheoretical model of change theories to develop
recommendations for financial literacy
programs to improve on curriculum and increase participation.
Both the qualitative study
designs of ethnography and the grounded theory would not work
for this study because of the
limited access to participants outside of the community
organization because of the transitory
and suspicious nature of the low-income population (Weiss &
Bailar, 2002).

The selection of the phenomenological approach, therefore, was
deemed best suited
for the research question’s purpose and focus in comparison to
the other qualitative
approaches. Phenomenology studies fall into either hermeneutic
or transcendental modes
(Creswell, 2009). Hermeneutic phenomenology sanctions the
researcher freely interacting
11
with the participants and interpreting the participants lived
experiences (van Manen, 2007).
Transcendental phenomenology follows Moustakas’s (1994)
protocol in which the researcher
focuses on the descriptions of the participants’ lived
experiences and brackets out all
personal experiences of the phenomenon. Selecting participants
with a common experience
increases the ability of the researcher to analyze the interview
transcriptions both textually
and structurally through interpretative analysis reducing
experiences to their essence.

This study’s topic of financial literacy explored a personal
subject often considered
taboo for discussion (Atwood, 2012; Lowrance, 2011;
Trachtman, 2008), but that underlies
many behaviors nonetheless. The low-income adult population
for the study was challenging
to access. To overcome the barriers of the topic and population
access, the study researcher
worked with a gatekeeper. The gatekeeper was a liaison
between the study participants and
the researcher. The presence of a gatekeeper helped the
researcher obtain lived experiences
and future expectations in a perceived nonjudgmental way
(Creswell, 2012).
Financial literacy educational programming has been designed
to increase the low-
income population’s use of mainstream financial services
(Curley et al., 2009; Lyons &
Neelakantan, 2008; Lyons & Scherpf, 2004; Servon & Kaestner,
2008; Zhan et al., 2009).
The study explored the participants’ reactions to a financial
literacy program regarding
whether the financial literacy program provided the knowledge
and skills to meet personal

financial literacy needs. The unique perspective of
understanding the financial literacy
program participation of low-income adults from a community
nonprofit organization in
Danbury, Connecticut, provided insights to develop financial
literacy programs, discovered
new measurements of financial literacy education effectiveness,
and uncovered possible
methods for increasing participation.
12
Research Question
The purpose of this phenomenological study was to ascertain
the perceptions and
expectations of low-income adult participants regarding
financial literacy in order to
understand their perspectives and to make recommendations that
could help improve the
financial literacy programming curricula to increase
participation by low-income adults.
Studies concerning low-income adults’ financial literacy have
focused on adult learning

techniques (Birkenmaier & Curley, 2009; Lyons & Neelakantan,
2008) and the level of
aptitude in financial literacy to increase the likelihood that the
low-income population would
use mainstream financial institutions (Chang & Lyons, 2008;
Curley et al., 2009; Lusardi,
Mitchell, & Curto, 2010), leaving a gap of inquiry for what low-
income adults want to know
about financial literacy to improve their financial futures. The
results of the study could
benefit financial literacy program development and
participation, and increase low-income
adults’ abilities to manage their money successfully. The
timing of the study corresponds to
the United States’ national push to increase financial literacy
for the individual. The study
explored the needs of low-income adults who comprise 30% of
United States households
(DeNavas-Walt et al., 2011; FDIC, 2009) in an effort to support
national economic stability.
The phenomenological research study design of Moustakas’
(1994) provided the basis
for investigating the phenomenon of financial literacy
perceptions and expectations of low-

income adults through their lived experiences. Resulting with
the central research question:
What are low-income adults’ perceptions and expectations
concerning financial literacy? To
develop an answer to the central question, three sub-questions
were developed: (1) "How do
the participants rate themselves in regard to personal financial
literacy?” and (2) “Has the
participant’s attendance in a financial literacy program
increased their financial
13
knowledge?”, and (3) “What suggestions from participants
could increase participation in
financial literacy program by low-income adults?”
Low-income populations’ needs for financial literacy to gain
long-term financial
success might be superseded by their experiences and ability to
change their current standard
of living (Allen & Miller, 2010; Goodman, 2012; Lyons &
Scherpf, 2004; National

Endowment for Financial Education (NEFE), 2006; Sherraden &
McBride, 2010; Servon &
Kaestner, 2008). This phenomenological research study made
inquiries about the
participants’ experiences and expectations with financial
literacy. The inquiries collected
data from three perspectives: (a) how they developed the
financial knowledge that directs
their financial behavior, (b) what expectations do they have
concerning their future financial
plans, and (c) whether or not financial literacy program modules
help them toward realizing
their plans. The theoretical framework for this study included
Maslow’s (1948) hierarchy of
needs and Proschaska’s (1979) transtheoretical model of
change. These theories provided
information to help interpret the study populations’ perceptions
literacy in the hope that the study’s results could lead to
recommendations for modifications
in financial literacy programs that could increase participation
and financial literacy of low-
income adults.
Maslow’s hierarchy of needs. Maslow’s (1948) motivation

theory structure of
individual character growth stems from the fulfillment of lower-
level needs before advancing
to the next higher level of need. Maslow’s prescribed hierarchy
of needs progresses through
five need levels: physiological, security, social, ego or self-
esteem, and self-actualization.
Devaney, Anong, and Whirl (2007) applied Maslow’s hierarchy
of needs to encapsulate
14
seven levels of savings by expanding on Maslow’s five stages
by adding one additional level
(no savings) and splitting Maslow’s security level into savings
for possible short-term
financial setbacks and financial retirement security. The results
revealed that movement
from lower savings levels were stagnant at the security level of
safety needs because of a lack
of financial knowledge. Mandell and Klein study (2009) found
that the inability to make
appropriate personal financial decisions has far-reaching
negative effects on the nation’s

economy. Data collection included the motivational and
environmental factors of low-
income adult behaviors in relation to his or her experiences with
literacy.
Studying savings behavior continued in December 2010 (Gutter
et al., 2012). The
researchers studied the psychology, sociology, and economics
of 826 complete responses to a
web survey. They found correlations between age, personal
planning horizon of long term
orientation, and positive personal experience increased saving
behavior. This indicated that
saving behaviors links internal and external variables (Gutter et
al., 2012).
Soman and Cheema (2011) researched savings for single income
families in India.
The 146 participants held the same job and earned $15.50 per
week. The participants were
divided into four groups. The savings requested were either 6%
or 12% and the savings were
put in envelopes either left blank or with a picture of their
children on the outside. The

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