Financial Literacy- its overview, effect, and result
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Graduate Capstone - Financial Literacy
This document summarizes a study examining the financial literacy of undergraduate students at Merrimack College. The study interviewed 16 students about their understanding of financial aid, credit, and personal finance topics. It also asked about their views on colleges' responsibility to provide financial education. Results found students lacked awareness of their financial aid and credit, and knowledge of personal finance topics, consistent with other research. Students were hesitant to say colleges should be responsible for financial education and more likely to think students themselves are responsible. They were open to colleges helping students understand financial aid. The author recommends Merrimack invest in a comprehensive financial literacy program and promote it through first-year courses and awareness campaigns.
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This document provides a response to Ross Finnie's proposal to restructure Canada's student loan program and increase tuition fees. It argues that Finnie's proposals are aimed at privatizing higher education costs and increasing the burden on students and families. The document criticizes Finnie for ignoring evidence that higher tuition fees reduce access to post-secondary education. It also places Finnie's proposals in the context of recommendations from organizations like the World Bank to shift funding of higher education from public to private sources.
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The document summarizes findings from a 2012 national financial capability study in the United States. Some key findings:
1) Americans' ability to make ends meet showed some improvement from 2009 to 2012, which may reflect modest economic growth during this period, with fewer reporting large unexpected drops in income or difficulty covering expenses.
2) While more Americans reported having rainy day funds in 2012 compared to 2009, the majority still lack emergency savings and do not adequately plan for predictable expenses like college or retirement.
3) Many Americans continue risky financial behaviors like carrying credit card balances and using expensive forms of borrowing. Nearly half feel they have too much debt.
4) Most Americans view themselves as financially knowledgeable but few can
Financial Literacy Among the Senior High School Students: Basis for Financial...
This study investigated the financial literacy of senior high school students, exploring their ability to make informed financial decisions and navigate money management challenges. The researchers also assessed the financial knowledge, behaviors, and the most common difficulties that the students encountered. The study aimed to identify potential areas in which future financial education initiatives could offer significant assistance in preparing young individuals for financial security. The data from this study were gathered from selected senior high school students using a self-administered questionnaire featuring a Likert-scale checklist, inspired by National Center for Education Statistics (NCES) questionnaires and all other subsequent analyses using descriptive statistics. The findings revealed that parents were the primary source of financial knowledge.Also, students faced challenges in money management and showed limited familiarity with financial terms, particularly budgeting. Therefore, the findings suggested a moderate to high level of financial literacy among senior high school students, emphasizing the need for a financial stewardship plan.
2016 Money Matters on Campus Report
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This document summarizes a study that examines the determinants of financial literacy levels among employees of Kenya Ports Authority in Kenya. The study found that overall financial literacy levels among employees were low. Financial literacy was affected by gender, age, education levels, wealth factors, and sources of financial information and advice. However, it was not affected by occupation status, occupation type, or personal income. The study recommends that employers and policymakers develop strategies to increase financial literacy, such as providing reliable sources of financial advice.
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The document discusses the lack of financial literacy in the American middle class, which has contributed to high levels of consumer debt and economic instability. It argues that current education fails to teach financial comprehension - understanding how to spend less and mitigate risks. The solution proposed is reforming education to emphasize frugality from a young age, increasing the use of cash to disconnect spending from credit, and enacting transparency laws to clearly illustrate the risks of debt. Widespread financial literacy would benefit both individuals and the overall economy.
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This document summarizes a study examining the financial literacy of undergraduate students at Merrimack College. The study interviewed 16 students about their understanding of financial aid, credit, and personal finance topics. It also asked about their views on colleges' responsibility to provide financial education. Results found students lacked awareness of their financial aid and credit, and knowledge of personal finance topics, consistent with other research. Students were hesitant to say colleges should be responsible for financial education and more likely to think students themselves are responsible. They were open to colleges helping students understand financial aid. The author recommends Merrimack invest in a comprehensive financial literacy program and promote it through first-year courses and awareness campaigns.
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Most American teens and adults understand basic economic concepts related to consumption, but show room for improvement in other areas. The survey assessed the economics knowledge of over 3,500 adults and 2,200 high school students through a 24-question quiz. On average, adults scored a C (70%) and students scored an F (53%). While over 90% of respondents understood that wages are the largest source of personal income, only around half knew that renting an apartment benefits both the renter and landlord. Overall, the survey found Americans have mastered some fundamentals of economics, but significant gaps remain, particularly around concepts like production, money, trade, and personal finance.
Sub 200201 Finnie
This document provides a response to Ross Finnie's proposal to restructure Canada's student loan program and increase tuition fees. It argues that Finnie's proposals are aimed at privatizing higher education costs and increasing the burden on students and families. The document criticizes Finnie for ignoring evidence that higher tuition fees reduce access to post-secondary education. It also places Finnie's proposals in the context of recommendations from organizations like the World Bank to shift funding of higher education from public to private sources.
FINRA 2012 Financial Capability
The document summarizes findings from a 2012 national financial capability study in the United States. Some key findings:
1) Americans' ability to make ends meet showed some improvement from 2009 to 2012, which may reflect modest economic growth during this period, with fewer reporting large unexpected drops in income or difficulty covering expenses.
2) While more Americans reported having rainy day funds in 2012 compared to 2009, the majority still lack emergency savings and do not adequately plan for predictable expenses like college or retirement.
3) Many Americans continue risky financial behaviors like carrying credit card balances and using expensive forms of borrowing. Nearly half feel they have too much debt.
4) Most Americans view themselves as financially knowledgeable but few can
Financial Literacy Among the Senior High School Students: Basis for Financial...
This study investigated the financial literacy of senior high school students, exploring their ability to make informed financial decisions and navigate money management challenges. The researchers also assessed the financial knowledge, behaviors, and the most common difficulties that the students encountered. The study aimed to identify potential areas in which future financial education initiatives could offer significant assistance in preparing young individuals for financial security. The data from this study were gathered from selected senior high school students using a self-administered questionnaire featuring a Likert-scale checklist, inspired by National Center for Education Statistics (NCES) questionnaires and all other subsequent analyses using descriptive statistics. The findings revealed that parents were the primary source of financial knowledge.Also, students faced challenges in money management and showed limited familiarity with financial terms, particularly budgeting. Therefore, the findings suggested a moderate to high level of financial literacy among senior high school students, emphasizing the need for a financial stewardship plan.
2016 Money Matters on Campus Report
This report published by EVERFI and Higher One Examines Financial Attitudes and Behaviors of Two-Year and Four-Year College Students.
Determinants of financial literacy levels among employees of kenya ports auth...
This document summarizes a study that examines the determinants of financial literacy levels among employees of Kenya Ports Authority in Kenya. The study found that overall financial literacy levels among employees were low. Financial literacy was affected by gender, age, education levels, wealth factors, and sources of financial information and advice. However, it was not affected by occupation status, occupation type, or personal income. The study recommends that employers and policymakers develop strategies to increase financial literacy, such as providing reliable sources of financial advice.
FinancialLitFinal
The document discusses the lack of financial literacy in the American middle class, which has contributed to high levels of consumer debt and economic instability. It argues that current education fails to teach financial comprehension - understanding how to spend less and mitigate risks. The solution proposed is reforming education to emphasize frugality from a young age, increasing the use of cash to disconnect spending from credit, and enacting transparency laws to clearly illustrate the risks of debt. Widespread financial literacy would benefit both individuals and the overall economy.
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An analysis on parents’ behaviour to the financial management skill education...International Journal of Business Marketing and Management (IJBMM)
To find out parents’ behavior toward financial training course for children, the sample size of 203
parents are interviewed and analyzed. Based on factor analysis with Cronbach’s Alpha test, there are eight key
factors found, such as: (i)Opinion about necessary of life skills/financial management skill;(ii)Characteristics of
children/Passive children; (iii)Self evaluation about family financial management; 20090420 10 Questions State Legislators Should Ask About Higher Education
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Focusing on the reforms recently enacted in Indiana, and with a foreword by Indiana Governor Mitch Daniels, this Report Card on American Education examines the experiences other states can learn from the struggles and triumphs in Indiana.
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Improving financial literacy incollege of business students
Improving financial literacy in
college of business students:
modernizing delivery tools
Ronald Kuntze
College of Business, University of New Haven, West Haven, Connecticut, USA
Chen (Ken) Wu and Barbara Ross Wooldridge
Soules College of Business,
The University of Texas at Tyler, Tyler, Texas, USA, and
Yun-Oh Whang
Joseph M. Katz Graduate School of Business,
University of Pittsburgh, Pittsburgh, Pennsylvania, USA
Abstract
Purpose – The purpose of this paper is to develop and test through an experiment, an innovative online
video teaching module that significantly improves financial literacy in college of business students. Specific
business major financial literacy levels are also tested.
Design/methodology/approach – A total of 244 college of business students were given a financial
literacy test. Half of the students were exposed to the “treatment” (watched a video module), while other half
were not. The videos comprised 67 min of micro-lectures that students could download, free of charge, at their
own convenience. The researchers analyzed the impact of a previous personal finance course on students’
financial literacy levels and tested across four business majors.
Findings – The video intervention was the most successful at increasing financial literacy, surprisingly more
so than having taken a past personal finance course. Interaction effects were not significant. Four college
majors were tested with a shorter, improved financial literacy measure – finding, to our surprise that
non-quantitative business majors (particularly marketing students) are not less financially literate than other
majors. Supporting past research, the authors found that female and African-American college students
performed significantly lower on the test.
Originality/value – The research adds value to the literature by developing and testing a modern, novel
teaching innovation to improve financial literacy in young adults. Using an experimental setting, the authors
showed that the innovation was more effective than the commonly proscribed personal finance course. This is
one of the few studies to measure financial literacy levels for specific college of business majors.
Keywords Experiment, Video, College of business students, Financial literacy improvement
Paper type Research paper
Introduction: financial literacy – a significant individual and societal problem
Since the late 1990s, the study of “Financial Literacy” has been a hot-button issue in the
popular press as well as in education, economics, management, finance and marketing
journals. Politicians, pundits, educators, economists and the media fervently express
trepidation that Americans, particularly younger ones, appear unable to save money, invest
appropriately, handle credit, solve basic math and financial problems as well as comprehend
both personal and national financial matters (Hamilton, 2013; Henager and Cude, 2016;
Huhmann, 2017; Mandell, 2008; Marcolin and Abraham, 2006). Researchers have ...
20131118 Alger A Candid Look at Common Core
This document discusses concerns about the Common Core standards initiative. It summarizes that while the goal of Common Core was to provide consistent education standards, there are growing concerns that it will negatively impact students, schools, and state budgets. Specifically, experts warn that the Common Core standards lack rigor and are not more rigorous than previous state standards. There are also concerns that Common Core is being used to advance political agendas and includes objectionable materials. Common Core implementation costs are much higher than originally estimated and may hinder customized learning approaches.
Financial wellness and undergraduate students
Original article published in BU Well Volume 1
https://digitalcommons.butler.edu/buwell/vol1/iss1/10/
A03330106
This document summarizes a study that examined the personal finance knowledge of senior high school students in Cape Coast, Ghana. A survey was administered to 200 students across 5 schools. The survey included questions to test students' understanding of financial concepts like time value of money, opportunity cost, and inflation. The results showed that students had a low level of financial knowledge and were not effectively applying what they knew to daily financial decision making. For example, students said they did not budget their allowances or see the need to plan their finances. The study aims to help improve financial literacy and well-being among this group.
The Importance of Higher Education Issues in America
Survey respondents were asked to rate the importance of 31 higher education issues, using a five-point scale of '1' equaling "not important" to '5' equaling "very important." Respondents were directed to consider the importance of these issues for the state overall, not simply to reflect their own viewpoints or their agencies' agendas. Readers should keep in mind that our sample size is small, even though it represents nearly the entire universe of state higher education agencies. Mean scores should be treated as approximate, and small differences between items should not be over-interpreted as representing meaningful differences or trends.
The top issues in the states are:
- teacher preparation and professional development
- workforce preparation
- effectiveness and accountability
- K-16 systems/linkages between K-12 and postsecondary
- instructional technology/distance learning.
Many other issues are rated high as well, revealing the large number of "front burner" issues facing higher education today.
Perhaps most interesting, however, is how issues are shifting in importance over time. When we last collected this information in 2014, the dominant issue was adequacy of overall state financial support, reflecting lean years in state appropriations. While this issue is still an important one, it ranks relatively lower than several other issues.
Several substantive issues have grown in importance over the years. Teacher preparation has made a dramatic comeback after declining in importance since 2014. Interest in workforce development and K-16 systems have both shown gradual increases over the past decade. Effectiveness and accountability, while a more important issue area than ten years ago, ranks relatively lower today than it did in 2014. Instructional technology/distance learning, a relatively new and quite important issue in 2000, still ranks very high but is no longer as singularly dominant on the policy agenda of states. Access and diversity, rated quite high in the early part of the last decade had dropped significantly the last time we surveyed. Now this issue area is rising again in importance, most likely a result of challenges to affirmative action being made around the country and consequent concerns. Finally, it is noteworthy that in 2020, concern about faculty salaries is slightly more important than concern about faculty workload and productivity, though neither issue is currently in the top half of the list. This contrasts with the policy environment in 2014 when concern about faculty workload and productivity was significantly higher than concern about faculty salaries.
We briefly explored differences between coordinating board states and governing board states, and found that by and large, the overall patterns are similar.
Source: https://ebookschoice.com/the-importance-of-higher-education-issues-in-america/
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This document summarizes a student paper analyzing ethical issues related to the rise in student loan debt from for-profit colleges. It finds that students at for-profit institutions take on the highest median loan debt but have the lowest graduation rates. This leads many to default on loans, burdening taxpayers. The paper evaluates the situation from different ethical frameworks and recommends standardized testing for admissions, financial literacy programs, and restructuring federal work-study to mitigate debt.
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The document discusses the No Child Left Behind Act and its goal of improving education for disadvantaged students through measures like annual testing and accountability, but argues that it ultimately failed to address the real issues in education like unequal funding. While the intent was good, critics say it focused too much on standardized tests and hurt schools more than it helped students reach their full potential.
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The Family Independence Initiative (FII) is an approach that helps low-income families gain a greater sense of control, awareness of options, social support networks, and access to opportunities to improve their economic situation. The initiative began in several pilot sites and expanded to Boston. It provides families with goal-setting support and tracks changes in their sense of control, options, social connections, and finances. Participating families experienced increased incomes, savings, credit scores, and social support. The memorandum recommends expanding similar family assistance programs in Rhode Island to help more families rise out of poverty.
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The document analyzes a hybrid dropout prevention pilot program implemented in a Seattle high school. It finds that the program was beneficial over the long-term for program participants, increasing graduation rates. It recommends expanding financial literacy education to K-12 public schools statewide as a cost-effective way to further reduce dropout rates compared to other alternatives like preschool programs or after-school mentoring. The analysis considers the costs, benefits, and political feasibility of various policy options to inform state policymakers.
CHCI White Policy Paper 2012
This document summarizes research on Latino enrollment practices at for-profit colleges and universities. It finds that while Latino enrollment at for-profits is growing, completion rates for Latinos at these institutions remain significantly lower than at non-profit schools. The document analyzes recruitment tactics, costs, completion rates, and legislative opportunities to improve outcomes for Latino students.
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This document argues that a mandatory life skills course is necessary for freshmen at the University of West Georgia to teach financial literacy and critical thinking skills. It cites studies showing that many students lack these skills, with only a third demonstrating proficiency in critical thinking. Surveys of UWG students found most felt unprepared by high school and support a required life skills course covering topics like personal finance. The document concludes a life skills course is needed to ensure students graduate with fundamental adult and business abilities.
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The document discusses issues with the U.S. education system based on PISA test scores and proposes some solutions. It notes that while U.S. rankings have dropped on PISA, actual test scores have remained stagnant or risen slightly. The largest problem is the achievement gap between wealthy and poor students. To improve outcomes, the document argues that efforts should focus on alleviating poverty, equalizing school funding, pairing at-risk youth with mentors, raising standards for educators, and experimenting with teaching methods. Addressing socioeconomic inequalities is key to shrinking the achievement gap and improving the education system.
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This document discusses a study on the financial literacy of undergraduate students in Ayodhya District, India. The study had the following key objectives: 1) To assess the level of financial literacy among undergraduates, 2) To analyze how demographic factors like gender and education impact financial literacy, and 3) To determine respondents' financial attitudes and behaviors.
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An analysis on parents’ behaviour to the financial management skill education...
An analysis on parents’ behaviour to the financial management skill education...International Journal of Business Marketing and Management (IJBMM)
To find out parents’ behavior toward financial training course for children, the sample size of 203
parents are interviewed and analyzed. Based on factor analysis with Cronbach’s Alpha test, there are eight key
factors found, such as: (i)Opinion about necessary of life skills/financial management skill;(ii)Characteristics of
children/Passive children; (iii)Self evaluation about family financial management; 20090420 10 Questions State Legislators Should Ask About Higher Education
This document discusses 10 questions that state legislators should ask about higher education. It begins by providing context on the changing role and challenges facing higher education in the U.S. It then lists the 10 questions and provides a brief overview and additional resources for each question. The 10 questions cover topics like how higher education is financed, the true cost of college and affordability, accessibility of college, and how prepared students are for college. For each question, the document aims to highlight key issues and direct readers to additional data sources and organizations that can provide more detailed information and analysis.
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Improving financial literacy incollege of business students
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college of business students:
modernizing delivery tools
Ronald Kuntze
College of Business, University of New Haven, West Haven, Connecticut, USA
Chen (Ken) Wu and Barbara Ross Wooldridge
Soules College of Business,
The University of Texas at Tyler, Tyler, Texas, USA, and
Yun-Oh Whang
Joseph M. Katz Graduate School of Business,
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Abstract
Purpose – The purpose of this paper is to develop and test through an experiment, an innovative online
video teaching module that significantly improves financial literacy in college of business students. Specific
business major financial literacy levels are also tested.
Design/methodology/approach – A total of 244 college of business students were given a financial
literacy test. Half of the students were exposed to the “treatment” (watched a video module), while other half
were not. The videos comprised 67 min of micro-lectures that students could download, free of charge, at their
own convenience. The researchers analyzed the impact of a previous personal finance course on students’
financial literacy levels and tested across four business majors.
Findings – The video intervention was the most successful at increasing financial literacy, surprisingly more
so than having taken a past personal finance course. Interaction effects were not significant. Four college
majors were tested with a shorter, improved financial literacy measure – finding, to our surprise that
non-quantitative business majors (particularly marketing students) are not less financially literate than other
majors. Supporting past research, the authors found that female and African-American college students
performed significantly lower on the test.
Originality/value – The research adds value to the literature by developing and testing a modern, novel
teaching innovation to improve financial literacy in young adults. Using an experimental setting, the authors
showed that the innovation was more effective than the commonly proscribed personal finance course. This is
one of the few studies to measure financial literacy levels for specific college of business majors.
Keywords Experiment, Video, College of business students, Financial literacy improvement
Paper type Research paper
Introduction: financial literacy – a significant individual and societal problem
Since the late 1990s, the study of “Financial Literacy” has been a hot-button issue in the
popular press as well as in education, economics, management, finance and marketing
journals. Politicians, pundits, educators, economists and the media fervently express
trepidation that Americans, particularly younger ones, appear unable to save money, invest
appropriately, handle credit, solve basic math and financial problems as well as comprehend
both personal and national financial matters (Hamilton, 2013; Henager and Cude, 2016;
Huhmann, 2017; Mandell, 2008; Marcolin and Abraham, 2006). Researchers have ...
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https://digitalcommons.butler.edu/buwell/vol1/iss1/10/
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This document summarizes a study that examined the personal finance knowledge of senior high school students in Cape Coast, Ghana. A survey was administered to 200 students across 5 schools. The survey included questions to test students' understanding of financial concepts like time value of money, opportunity cost, and inflation. The results showed that students had a low level of financial knowledge and were not effectively applying what they knew to daily financial decision making. For example, students said they did not budget their allowances or see the need to plan their finances. The study aims to help improve financial literacy and well-being among this group.
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Survey respondents were asked to rate the importance of 31 higher education issues, using a five-point scale of '1' equaling "not important" to '5' equaling "very important." Respondents were directed to consider the importance of these issues for the state overall, not simply to reflect their own viewpoints or their agencies' agendas. Readers should keep in mind that our sample size is small, even though it represents nearly the entire universe of state higher education agencies. Mean scores should be treated as approximate, and small differences between items should not be over-interpreted as representing meaningful differences or trends.
The top issues in the states are:
- teacher preparation and professional development
- workforce preparation
- effectiveness and accountability
- K-16 systems/linkages between K-12 and postsecondary
- instructional technology/distance learning.
Many other issues are rated high as well, revealing the large number of "front burner" issues facing higher education today.
Perhaps most interesting, however, is how issues are shifting in importance over time. When we last collected this information in 2014, the dominant issue was adequacy of overall state financial support, reflecting lean years in state appropriations. While this issue is still an important one, it ranks relatively lower than several other issues.
Several substantive issues have grown in importance over the years. Teacher preparation has made a dramatic comeback after declining in importance since 2014. Interest in workforce development and K-16 systems have both shown gradual increases over the past decade. Effectiveness and accountability, while a more important issue area than ten years ago, ranks relatively lower today than it did in 2014. Instructional technology/distance learning, a relatively new and quite important issue in 2000, still ranks very high but is no longer as singularly dominant on the policy agenda of states. Access and diversity, rated quite high in the early part of the last decade had dropped significantly the last time we surveyed. Now this issue area is rising again in importance, most likely a result of challenges to affirmative action being made around the country and consequent concerns. Finally, it is noteworthy that in 2020, concern about faculty salaries is slightly more important than concern about faculty workload and productivity, though neither issue is currently in the top half of the list. This contrasts with the policy environment in 2014 when concern about faculty workload and productivity was significantly higher than concern about faculty salaries.
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The document discusses the No Child Left Behind Act and its goal of improving education for disadvantaged students through measures like annual testing and accountability, but argues that it ultimately failed to address the real issues in education like unequal funding. While the intent was good, critics say it focused too much on standardized tests and hurt schools more than it helped students reach their full potential.
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district 16
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- 2. • Five, large-scale, biennial national surveys of high school seniors from 1997 to 2006 have been used to measure the financial literacy of young American adults. The results show a low level of ability to make age-appropriate financial decisions in their own self-interests. Low baseline results in 1997 have further deteriorated with scores on the 31-question, multiple choice exam now hovering just over 50 %. Students from families with greater financial resources tend to be substantially more financially literate than those from families that are less well-off, thereby exacerbating the inequality of economic welfare among families. Moreover, high school classes in personal finance and money management have not proven to be effective in raising levels of financial literacy.
- 3. • The small group that became the Jump$tart Coalition shortly came to two additional conclusions. First, the problem was too large for any single organization to tackle and that a consortium of organizations with interest in financial literacy should be assembled. A second conclusion was that the current level of financial literacy should be measured as a baseline and that subsequent measures should be taken, at regular intervals, over time to measure progress in making Americans financially literate. High school seniors were chosen as the population to measure for several reasons. First, they were adolescents on the verge of legal age for both the ownership of a variety of assets and the ability to obligate themselves to the repayment of debt. Second, they were in their last year of education whose form could be proscribed by adults acting on their behalf. Courses related to financial literacy could be mandated in high school, but not in college where students are allowed to choose their own course of study. Finally, from a pragmatic standpoint, the fledgling organization could not afford the cost of large-scale, detailed surveys of adults, involving paper and pencil tests of financial literacy.