Financial Literacy: Examining The Knowledge Transfer Of Personal Finance From High School To College To Adulthood

Abstract

Many states are now requiring high school students to be competent in the areas of economic and financial literacy. This is due to the recent escalation of bankruptcies, large credit card debt, and mortgage foreclosures in our society. This study examines how financial knowledge is transferred from the high school level to the college level and finally to the adult level. The authors reviewed the components of Blooms taxonomy at each level of learning. The Jump$tart Survey, which is given to high school students, was evaluated. College curricula regarding personal finance courses were examined to determine if personal finance was required for graduation, or an option for general education credit, and whether it was required in a major. The final financial knowledge transfer can happen at the adult level through community programs. Breakdowns in the transfer of financial learning were noted through the progression from high school to adulthood. (Keywords: personal finance, financial literacy, high school students, college students, adult learning)