During childhood and youth we build the foundations for financial well‐being later in life, acquiring the knowledge, skills, attitudes, and personality traits that enable us to manage our finances as adults. This article reviews literature from consumer science, developmental psychology, and allied fields to gain insight into moments during youthful development when interventions are likely to have greatest impact. We find promising avenues for influence during each developmental life stage. Many present truly novel approaches to financial education—such as focusing on improving executive function in young children (critical despite lacking apparent “financial content”), emphasizing financial attitude development through dual‐generation financial modeling for elementary and middle school students and their parents, or intentionally teaching financial heuristics and other practical skills to later adolescents and young adults. Overall, this article proposes a range of innovative strategies to improve financial education, from early childhood through young adulthood.
Though information about jobs passed through personal networks has been central to the labor market integration of immigrants in the United States, its role in the economic absorption of immigrants in Germany, where jobs are scarcer and employers more likely to demand formal qualifications, is less clear. Through analysis of German Socio‐Economic Panel data, we discovered that nearly half of all immigrant‐origin job changers found their positions through networks and that the most vulnerable to unemployment – the young and the less educated – were especially likely to rely on them. Also, jobs found through networks were as likely to lead to improved working conditions as jobs acquired through more formal means. These findings have implications both for debates about assimilation and for social policy.
In both the German and US literature on ethnic neighbourhoods, there is considerable debate as to whether living amongst co-ethnics hinders or furthers the integration process for immigrants. Using the detailed data on immigrant integration in the German Socio-economic Panel in combination with zip-code-level data on minority concentration and neighbourhood income levels, the research tests the extent to which ethnic neighbourhoods are economically, socially and/or culturally isolated spaces in Germany. The findings indicate that, although general neighbourhood quality is lower for minorities living within ethnic neighbourhoods, these persons are no more culturally isolated from Germans than their counterparts living outside these areas. Further, minorities living within ethnic neighbourhoods appear no more likely to maintain ties to their country of origin culture than those living outside ethnic neighbourhoods. This suggests that the correlation between social and spatial integration, assumed in much of the immigrant integration literature, requires more careful scrutiny.
The rates of residential mobility in Germany are significantly lower than in the United States, and even lower than in some other European countries. The lower mobility rates can be viewed as outcomes of a ‘tight’ housing market. It can be hypothesized that, because ethnic minorities (‘foreigners’ in German terminology) have lower incomes and face discrimination, they are likely to be more constrained than the native-born German population, and so have even lower mobility rates. The authors use data from the German Socio-Economic Panel and a series of logistic regression models to examine the interaction of nationality and residential mobility. They show that in fact the foreign-born population is slightly more mobile than the native German population, and that the constrained housing market does not appear to affect the foreign-born population differentially. At the same time, the greater mobility of the foreign-born population can be explained by their attempts to overcome higher rates of crowding.
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