Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program

Sherraden, Margaret S.; Johnson, Lissa; Guo, Baorong; Elliott, William

doi:10.1007/s10834-010-9220-5

Cited by 137 publications

(106 citation statements)

References 54 publications

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“…Recently, researchers have argued for a focus on financial behaviors rather than knowledge and attitudes in isolation, even at younger ages (Sherraden et al 2011). Students' behaviors can be observed during field studies and experiments using actual or simulated financial activities.…”

Section: Behaviorsmentioning

confidence: 99%

A Framework for Developing and Testing Financial Capability Education Programs Targeted to Elementary Schools

Collins

Odders-White

2015

The Journal of Economic Education

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Concerns about consumers' ability to manage their finances have triggered a range of proposals, including interventions aimed at elementary school students. The goal of these approaches is to improve lifelong economic decision making, but the evidence supporting their efficacy is thin. In this article, the authors discuss the trend toward elementary financial education and propose a framework for developing evidence-based programs. They emphasize the need for understanding the underlying mechanisms that facilitate the translation of student knowledge into the ability to make sound economic decisions over the life course. The framework illustrates the importance of articulating the intended mechanisms and effects of education programs. This focus on mechanisms will not only facilitate the evaluation of individual programs, but also the synthesis of evidence across interventions.Over the last decade, researchers have paid increasing attention to individuals' financial literacy and to the extent to which it is correlated with financial status or behavior (Lusardi and Mitchell 2011a). Although problematic financial behaviors are observed in adulthood (see Campbell 2006 for a discussion), a frequent conclusion in the literature is that involving more personal finance instruction in the educational system, including the postsecondary (Chen and Volpe 1998), secondary Lusardi, Mitchell, and Curto 2010), and more recently, elementary school (Suiter and Meszaros 2005) levels, would improve the financial behaviors of adults. This view is shared by policymakers (e.g., Greenspan J. Michael Collins

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Section: Behaviorsmentioning

confidence: 99%

A Framework for Developing and Testing Financial Capability Education Programs Targeted to Elementary Schools

Collins

Odders-White

2015

The Journal of Economic Education

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“…This research has suggested that young people think about saving for short-term goals as early as 6 years old, and understand saving for longterm goals as early as age 12 years (Sonuga-Barke & Webley, 1993;Webley, Burgoyne, Lea, & Young, 2001). By age 6 years, young people learn that savingalong with exercising self-control, thrift, and patienceare good things; although young children do not necessarily enjoy saving nor are they very good at it (Sherraden, Johnson, Guo, & Elliott, 2010;Sonuga-Barke & Webley, 1993;Webley, Levine, & Lewis, 1991). Between 6 and 12 years of age, young people develop greater abstract economic reasoning, become increasingly adept at understanding the value of saving, and learn that saving in a bank not only yields interest but also protects their money from being spent by themselves or others (Sonuga-Barke & Webley, 1993;Webley et al, 1991).…”

mentioning

confidence: 99%

Predicting Savings From Adolescence to Young Adulthood: A Propensity Score Approach

Friedline

Elliott

Nam

2011

Journal of the Society for Social Work and Research

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This paper examines the progression of savings between adolescence and young adulthood. Using data from the Panel Study of Income Dynamics, we ask whether the likelihood of having a savings account in young adulthood and the amount of savings can be significantly predicted by two factors: having a savings account during adolescence and having parents who own assets. Descriptive statistics reveal that adolescents with savings accounts are more often White, employed, and live in households in which the head is married, has more education, and owns assets. Propensity score analyses confirm that young adults are more likely to have a savings account when they have a savings account as adolescents. Some evidence suggests that adolescents whose parents have savings on their behalf and have higher net worth are more likely to have higher amounts of savings as young adults. Findings suggest that parents play an important role in modeling saving habits for adolescents. Further, our findings suggest that having a savings account in adolescence leads to an increased likelihood of having a savings account in young adulthood; however, this finding requires confirmation in future research.

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“…Inclusion of financial literacy courses in all curricula is suggested, thus students must be exposed to basic economics and finance in order to improve their level of financial knowledge at a young age [16]. Young children increased their financial capability when they have access to financial education and it is accompanied by participation in meaningful financial services [30].…”

Section: Demographic Profilementioning

confidence: 99%

Financial Literacy of Professional and Pre-Service Teachers in the Philippines

Cm¹,

Mp²,

Av³

et al. 2017

J Glob Econ

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A financial literacy survey among one thousand, nine hundred twenty four (1924) professional and pre-service teachers across different regions of the country is the basis of the study. With the permission standardized tool was used to gather data from the randomly selected respondents from different public and private schools, colleges and universities from Luzon, Visayas and Mindanao. The findings revealed that both professional and pre-service teachers have very low basic and sophisticated financial literacy skills. Thus, financial illiteracy is common among educators which reflect their students' financial literacy skills and the economic condition of the majority of the Filipino people. Curriculum inclusion of financial education to both basic and higher education is recommended to improve the financial knowledge, behaviour and attitudes among teachers and students which, in turn, spells a better economic growth and development of the country.

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Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program

Abstract: Financial capability, Financial education, Financial services, Young children, Saving, College savings,

Cited by 137 publications

References 54 publications

A Framework for Developing and Testing Financial Capability Education Programs Targeted to Elementary Schools

A Framework for Developing and Testing Financial Capability Education Programs Targeted to Elementary Schools

Predicting Savings From Adolescence to Young Adulthood: A Propensity Score Approach

Financial Literacy of Professional and Pre-Service Teachers in the Philippines

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