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

Peng, Tzu-Chin Martina; Bartholomae, Suzanne; Fox, Jonathan; Cravener, Garrett

doi:10.1007/s10834-007-9058-7

Cited by 235 publications

(171 citation statements)

References 11 publications

(16 reference statements)

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“…Regarding the relationship between education level and these three variables, researches Malone et al (2010), Cude (2010), Lusardi et al (2010), Dvorak and Hanley (2010), Peng et al (2007), Volpe et al (2002 ), Tamimi and Kalli (2009) (2009), Joo and Grable (2004 and Chen and Volpe (1998) have confirmed the positive relationship between education and financial literacy. Kim and Garman (2003) found a positive relationship between education and financial concerns and Cude (2010) concluded that higher education leads to less financial concerns.…”

Section: Conclusion and Discussionmentioning

confidence: 90%

The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns

Taft¹,

Hosein²,

Mehrizi³

2013

IJBM

203

136

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Increased variety of products and the instability of the global economy in twenty first century caused increasing complexity of financial decisions and also caused consumers faced with the challenge in economic and financial activities. For this reason, in the last decade, the importance of financial management skills in personal and work life has increased and researches in this area has been done. In this regard, this study tries to evaluate the relation between financial literacy, financial wellbeing and financial concerns. For this purpose, a questionnaire was designed and distributed using random sampling among people. Data was analyzed using correlation test, Independent two-sample test based on the T distribution and regression. The results showed that age and education are positively correlated with financial literacy and financial wellbeing. Married people and men are more financially literate. Higher financial literacy leads to greater financial well-being and less financial concerns. Finally, financial wellbeing leads to less financial concern.

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Section: Conclusion and Discussionmentioning

confidence: 90%

The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns

Taft¹,

Hosein²,

Mehrizi³

2013

IJBM

203

136

View full text Add to dashboard Cite

show abstract

“…15.64% in Tennyson and Nguyen (2001) and 25.8% in Peng et al (2007). In addition to this, all coefficients are highly significant at the least at the 95% confidence level.…”

Section: Resultsmentioning

confidence: 74%

“…Beal and Delpachitra, 2003) but, at our knowledge, there are only very few empirical analyses specifically focusing on this issue. Peng et al (2007) analyze financial literacy among randomly-selected alumni of a large mid-western university also accounting for the impact of financial experience. First they define variables accounting for childhood experiences, represented by parents' saving habits, holding of a bank account before 18 and stock or bond ownership before 16.…”

Section: Methodsmentioning

confidence: 99%

The Relationship between Everyday Practices and Financial Literacy: An Empirical Analysis

Caratelli

Ricci

2011

SSRN Journal

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The global financial crisis has drawn the attention of both scholars and supervisors to the issue of financial education as an instrument for the development of efficient markets. The aim of this paper is to test the hypothesis that financial experience, gained with the daily use of different products and services, has a relevant effect on the acquisition of financial capabilities. Data are drawn by the 2008 Bank of Italy Survey on Household Income and Wealth, collecting a wide set of information on respondents and including 9 multiple-choice quizzes to measure financial literacy. A regression model was performed to assess the impact on financial literacy of four different groups of variables: socio-demographic features; income, consumption and household wealth; formal education and the experience resulting from the active participation in the capital market through the holding of financial assets and the use of specific products. The contribution of each group of regressors was measured with the Bonferroni index. Our results are consistent with previous literature, confirming a higher level of financial literacy for middle-aged adults, men, white collars, teachers, officials and managers, increasing with the years of schooling, household income and wealth. As for the financial experience, the Bonferroni index provided a strong evidence of its crucial role in explaining financial literacy, also with respect to a model already accounting for general education. This finding suggests to policymakers the adoption of incentives on the use of financial instruments or wealth accumulation, other than on educational programs.JEL classification: G21, G28, I22, I28

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“…For college students, it is probably their first time to manage money independently as many college students begin working for a wage and start using credit cards issued in their own names. Some borrow a sizable amount of money for the first time (Peng et al, 2007;Lyons, 2008;Xiao et al, 2009;Scott, 2010). Given their inexperience, they are usually unprepared to effectively manage money associated with high debt (Rao and Barber, 2005;Borden et al, 2008).…”

Section: Introductionmentioning

confidence: 99%

Quantitative investigation of college students' financial behaviour

Sun¹,

Qin²,

Jackson³

2014

IJEF

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Abstract:The rapid growth of student loan debt has led to increased public attention on college students' financial aid and financial behaviour. This study addresses the psychological process underlying effective college student financial behaviour and its determinants. A model modified based on planned behaviour theory is proposed and empirically tested using a sample of 243 college students. Structural equation modelling (SEM) is employed to examine the model fits and to investigate the relationship among the proposed factors. The determinants of financial behaviour identified by this study include attitude, intention, and perceived behavioural control, past behaviour, subjective norm, behavioural beliefs, subjective norm beliefs, and control beliefs. Additionally, this research examines the relative importance of these determinants and tests the role of beliefs.Keywords: college students' financial behaviour; theory of planned behaviour; student loan debt; past behaviour; intention. 36L. Sun et al.

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

Cited by 235 publications

References 11 publications

The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns

The Relation between Financial Literacy, Financial Wellbeing and Financial Concerns

The Relationship between Everyday Practices and Financial Literacy: An Empirical Analysis

Quantitative investigation of college students' financial behaviour

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