Personal Financial Education Research Articles

Exploring Personal Finance Concepts Through Simulation Role Play

Given the current economic crisis, the question is not if we should educate students in matters of personal finance but rather where such teaching should occur and what instructional methods should be used. This paper discusses the status of secondary financial education programs in the U.S., the lack of financial knowledge among teens, and the learning preferences of today’s ‘millennial’ students. Using an interview protocol, a teacher-created curriculum using a group simulation role-play employed at a New Jersey independent high school is described, integrating basic personal financial education in a driver’s education course. Post-test results reveal students (n=45) learned basic personal finance concepts through this instructional method.

Economics and personal finance education are complements, not substitutes

Personal finance and economics are two distinct subjects, with some common characteristics, that require instruction by highly qualified teachers. Both are critical to well-being of households, businesses, and the macro economy. The author discusses the evolving curricular requirements for economics and personal finance content and the importance of including both subjects in grades K-12 education.

Personal Finance Education: An Early Start To A Secure Future

The lack of mandated personal finance curriculum in American schools is an issue that has gained considerable momentum in recent years. Studies have indicated that personal finance education contributes to financial literacy and financial success. Although some strides have been made to incorporate personal finance education into core curriculum, statistics show that American students are financially illiterate. This paper investigates the impact of personal finance education on financial well-being and presents arguments for including personal finance education into core curriculum. This paper also provides an overview of the current trends in the US economy that are dramatically affecting the financial management behaviors of American households and their financial well-being

Personal Finance Education in Recessionary Times

The authors report the status of personal financial education in light of the recent economic crisis from the perspective of secondary school business teachers. Results showed that in the state of Kansas, 20% of the schools required a personal finance course prior to high school graduation, with 12% considering such a requirement. The recession has had a small but positive impact on personal finance enrollments and graduation requirements. Overall, 20% of the schools in this state were not complying with the state mandate to teach financial literacy. The demographic similarities between Kansas and the rest of the United States suggest a widespread need for additional financial literacy education.

Teaching financial literacy in a co-curricular service-learning model

The current economic environment has brought to light the financial literacy epidemic in this country. A lack of personal financial education has contributed to the increase in consumer credit debt, a trend evident for many college students who often have significant credit card debt. One way to combat this problem is through financial literacy education. This paper describes a service-learning project implemented through a Beta Alpha Psi chapter, which fulfills the educational objectives of the accounting curriculum and addresses an educational need. The project provides reciprocity of learning between members of Beta Alpha Psi and their audience, college underclassmen. The results indicate that the project is successful in educating both presenters and audience members on basic financial knowledge as well as developing technical and communication skills of Beta Alpha Psi members. The project outline presented in this paper provides a framework for others to use.

Young Adults’ Knowledge about Savings

A sample of 966 young adults from the province of Quebec (Canada) participated in this study, which aimed to identify the determinants of knowledge about savings and investments and their relative importance. Our findings show that knowledge about savings and investments is rather low. Canadian-born males with high personal annual gross income and education are likely to have a higher level of knowledge in this area than their counterparts. Personal finance education, received outside of high school, attitude towards savings and having met with a personal finance professional, have a significant positive impact on this knowledge. The usefulness of financial education and the need to increase financial independence among young female adults are discussed.

Personal Finance: Past, Present and Future

In recent years, the need for financial education has gained the attention of a wide range of entities including banking companies, government agencies, grass-roots consumer and community interest groups, universities, schools, and other organizations. Numerous factors have led to a complex, specialized financial services marketplace that requires consumers to be actively engaged if they are to manage their finances effectively. The prevailing concern is that consumers lack a working knowledge of financial concepts and do not have the tools they need to make decisions most advantageous to their economic wellbeing. However, a complex and specialized financial services marketplace requires consumers to be informed and actively engaged if they are to manage their finances effectively. Under these circumstances, there is a renewed attention to personal finance education. This subject matter is currently gaining attention from various quarters of society, such as academia, government, corporations and nonprofit organizations; however, many are not aware of the rich history and sources of literature in the field. This paper briefly reviews the history of personal finance and then looks at the current status of the personal financial discipline and education before identifying challenges and opportunities for the future.

Debt management for four-year-olds?

My Money is a £10 million financial education programme developed and executed on behalf of the Department for Children, Schools and Families (DCSF) by pfeg (the Personal Finance Education Group) and its partners.

Teaching money matters

Alastair Matthews, from personal finance charity pfeg, discusses the reforms to personal finance education, how they fit in with the curriculum, and the support that is on offer

Personal financial education and life planning

Personal financial education and life planning

여자 대학생의 허영유형에 따른 패션명품에 대한 태도 - 울산, 부산 및 김해 지역을 중심으로 -

Female college consumers are orientated toward vanity and fashion luxury products in consumer society. The purpose of this paper was to investigate the relationship of vanity type and attitude toward fashion luxury products. The data were collected from 517 female college students in Ulsan, Pusan, and Kimhai. For data analysis, descriptive statistics, factor analysis, cluster analysis, and MCA were used. Results of cluster analysis identified the vanity type of the female college students into non-vanity group, positive viewer, and vanity group. Above two third of the total sample were the vanity group and the positive viewer. The non-vanity group, was comprised the smallest proportion of female college students. Attitude toward fashion luxury products was classified into four factors; involvement for fashion luxury, superiority of the fashion luxury, hedonic and conspicious consumption, and negative response. The attitude toward fashion luxury products was significantly different across the 3 vanity type. The results of this study provide insights into female college consumers' increasing demands toward fashion luxury brands. Consumer education should be implemented for the vanity group, and personal financial management education program is needed in liberal arts curriculum.

The Impact of Personal Finance Education Delivered in High School and College Courses

This study investigates the impact of personal finance education delivered in high school and college. Outcomes of interest were investment knowledge and household savings rates measured years after the financial education was delivered. A web-based survey with questions about participation in financial education, financial experiences, income and inheritances, and demographic characteristics was administered to 1,039 alumni from a large midwestern university. Participation in a college level personal finance course was associated with higher levels of investment knowledge. Experience with financial instruments appeared to explain more of the variance in both investment knowledge and savings rates. No significant relationship between taking a high school course and investment knowledge was found. Financial experiences were found to be positively associated with savings rates.

The Recent Development of Personal Finance Education in the USA:

The Recent Development of Personal Finance Education in the USA:

Federal Reserve Personal Financial Education Initiatives

Recognizing the importance of successful personal financial management to individuals and the broader economy, the Federal Reserve System has in the past two years intensified its efforts to provide and promote personal financial education. Initiatives have ranged from a public outreach effort highlighting the importance of financial education, to local and regional Reserve Bank programs targeted to specific audiences, to new educational seminars for employees. Staff members have studied the effectiveness of different types of education programs for different groups, and the System has worked to encourage the dissemination of research findings. The challenge for the future is to support financial education in a way that makes effective use of the System's resources and national visibility and complements the resources already available.

A Study of Economic Socialisation: Financial Practices in the Home and the Preferred Role of Schools among Parents with Children under 16

205 male and female parents with children under 16 years of age from a national UK quota sample, completed questionnaires about financial interaction with their children in the home, and the preferred role for schools in enhancing practical economic competencies. Altogether respondents were asked about 19 finance-related activities: most parents engage children in the home by providing pocket money and piggy banks to promote saving, as well as opening bank accounts for them. Financial activities were more common in professional families with older children. Large majorities felt that schools should not only be providing careers advice but also how to manage personal finances, to teach how a bank operates and the appropriate use of credit and debit cards. Parents in semi-skilled and unskilled manual occupations saw less need for schools to provide personal finance education. These results are discussed in connection with previous literature and with regard to future research and educational practice.

Teaching Personal Finance

ABSTRACT Using popular literature and the results of a survey of 476 undergraduates enrolled at two CCCU schools, I propose that the personal financial education of Christian college students is lacking. While students have a good understanding of the Scriptural basis of money, their knowledge is not realized in practice. Christian colleges and universities can address this deficiency by requiring all undergraduates to complete a course in personal finance. This requirement may have secondary benefits for the institution in the form of increased alumni participation and giving, lower student default rates, and increasing enrollments.

An Assessment of the Competency of Secondary School Teachers in in Consumer Education, Economics, and Personal Finance

This study investigated the competency of persons teaching consumer education in Oregon's public schools. A 50‐item instrument, based on concepts outlined in The Oregon Personal Finance Education Guide, was developed and used for the assessment. A comparison of competency according to teachers' subject‐matter backgrounds (business, home economics, mathematics and social studies) was made.Item difficulty indices calculated on 185 completed instruments revealed a need for teacher upgrading in each of the four subject‐matter background groups studied. No significant differences were found in the total mean scores of teachers in the four groups. However, a significant difference between groups was discovered in the concept area dealing with money management.

Teaching Personal Finance as a General Education Course in a Liberal Arts Institution

Personal Finance (PF) is one of the largest societal problems affecting the broader United States marketplace. Academic business departments can minister to the general student population by developing PF instruction as a general education (GE) course, even at a Christian liberal arts college. This paper will discuss the need for PF, the current approaches of higher education institutions, the path for adaptation as a GE offering, the integration of Christian faith topics and pedagogical approaches and resources for a semester-long class. Program your graduates for success in life via PF education.