Youth Financial Literacy: A Review of Key Considerations and Promising Delivery Methods

Totenhagen, Casey J.; Casper, Deborah M.; Faber, Kelsey M.; Bosch, Leslie A.; Wiggs, Christine Bracamonte; Borden, Lynne M.

doi:10.1007/s10834-014-9397-0

Cited by 73 publications

(67 citation statements)

References 22 publications

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“…Above all, experiential learning using practical examples can be a promising method to teach financial literacy. Similarly, Totenhagen et al () conclude that active learning experiences and activities seem to be the most promising strategies for financial education targeting youth. As far as adult education is concerned, Bernheim and Garrett (), e.g., find that employer‐based financial education in the workplace stimulates saving, both in general and for retirement.…”

Section: Resultsmentioning

confidence: 95%

Financial Literacy and Self‐Employment

Ćumurović

Hyll

2018

Journal of Consumer Affairs

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In this paper, we study the relationship between financial literacy and self‐employment. We use established financial literacy questions to measure literacy levels. The analysis shows a highly significant and positive correlation between the index and self‐employment. We address the direction of causality by applying instrumental variable techniques based on information about maternal education. We also exploit information on financial support and family background to account for concerns about the exclusion restriction. The results provide support for a positive effect of financial literacy on the probability of being self‐employed. As financial literacy is acquirable, the findings suggest that entrepreneurial activities might be increased by enhancing financial literacy.

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Section: Resultsmentioning

confidence: 95%

Financial Literacy and Self‐Employment

Ćumurović

Hyll

2018

Journal of Consumer Affairs

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“…Studies show that active [33,34] and interactive methods have positive effects on students with personal finance concepts [1,35,36]. Through a comprehensive literature review of personal finance courses involving the youth, it was noted that the most effective teaching methods are interactive learning experiences with students having the opportunity to partake in hands-on activities [37].…”

Section: Pedagogymentioning

confidence: 99%

“…Likewise, Amagir, Groot, Brink, and Wilschut, (2017) found that school-based financial education programs could develop children's and adolescent's financial knowledge and attitudes [45]. There is agreement amongst scholars that financial education should start earlier than high school [37]. Lastly, Morton (2005) mentions that personal finance classes should be a core subject in K-12 schools [46].…”

Section: Starting Personal Finances With Youthmentioning

confidence: 99%

Managing Personal Finance Literacy in the United States: A Case Study

Beck

Garris

2019

Education Sciences

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This study investigates the perspectives and impact that personal finance education had on participants in Western Pennsylvania. The researchers begin with a literature review of personal finance courses in the United States (U.S.). The U.S. housing market collapse is also discussed as a key component of the financial crisis that is often overlooked and can be partly attributed to the lack of financial literacy. The findings of this study indicate that participants want personal finance courses offered in K-12 schools and at the collegiate level. They also want personal finance elements to be co-curricular in the K-12 setting. A recommendation based on responses from participants is that co-curricular teaching of personal finance should be tied in with math courses. The participants of this study either have benefited from personal finance lessons themselves or are a strong advocate for the teaching of personal finance in the future. The financial future does also bring worry to the different generations. Generation X is more worried about the financial choices of the upcoming generations, while Millennials and Generation Z are concerned about the future of the economy and how this will affect them.

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“…Using the responses of students to our survey we argue that lack of financial literacy can be crucial because they could have important consequences for lifetime wellbeing. According to a recent study of Totenhagen et al (2015), generally, financial education for youth is essential for long-term fiscal well-being of individuals, families and our nation as a whole. FL should be translated in education of secondary school students to support management of their personal finances which may lead to higher preconditions for successful and quality life.…”

Section: Discussionmentioning

confidence: 99%

The State of Students’ Financial Literacy in Selected Slovak universities and its Relationship with Active Pension Savings

Gavurová

Huculová

Kubák

et al. 2017

Economics &Amp; Sociology

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ABSTRACT. The interest in retirement planning is increasingly brought to common people's attention due to demographic aging of population and better financial literacy level these days. In this study we analyze the level of financial literacy among Slovak university students in relation to further pension decisions and financial behavior overall. The primary aim of this research was to compare the level of financial literacy among the selected faculties of economics in Slovakia. The analytical part was oriented on evaluation of financial behavior of the respondents and their skills in terms of financial literacy concept along with the analysis of the correlative data dependence of the selected variables and their intensity by using the Logit model. At first, the results have shown a statistically significant dependency of financial literacy on the respondents' gender. Female respondents reached higher financial literacy than male ones. Older students did not achieve higher level of financial literacy as compared to younger students. Students do not look ahead and most of them do not calculate how much they need to save for their retirement. The results of the presented research provide important information for policy makers who should reflect on the present status of this issue in Slovakia.JEL Classification: I21, I22, I25

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Youth Financial Literacy: A Review of Key Considerations and Promising Delivery Methods

Cited by 73 publications

References 22 publications

Financial Literacy and Self‐Employment

Financial Literacy and Self‐Employment

Managing Personal Finance Literacy in the United States: A Case Study

The State of Students’ Financial Literacy in Selected Slovak universities and its Relationship with Active Pension Savings

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