Finance and Financial Management Commons^™

Experiential Learning In Personal Finance: A Principles And Applications Based Approach, James C. Brau, Jacob K. Nielson, Bryan L. Sudweeks

Faculty Publications

This paper discusses the need for increased financial literacy among college-aged students and then presents and analyzes a personal finance class taught at a large, private university. The course is designed around five characteristics which, when combined, result in a high value-added pedagogy. These characteristics are the following: a humanistic approach to personal finance, a principles-based approach, an applications-based curriculum, a partnership with Intuit's Quicken, and a serviceteaching requirement. With a track record of over a dozen years and 3,128 students, the course continues to be one of the best-rated courses among both students and alumni.

The “Other” Side Of Wall Street: Banking, Policies, And Adaptive Methods Of U.S. Migrant Workers, Cassandra Rae Decker

USF Tampa Graduate Theses and Dissertations

Migrant farmworkers' social and economic mobility is frequently constrained through the denial of basic resources, such as access to the formal financial sector. This thesis ethnographically examines banking policies as they apply to low-income, mobile, populations that temporarily reside in Florida. It utilizes participant observation, interviews, and participatory mapping with migrant farmworkers. It also considers how policymakers and service providers in the formal and informal financial sectors rationalize control of resources and the effects on mobile populations. Particular attention is paid to adaptive practices in the alternative financial sector – cash checking services, carrying cash, and remittances. By utilizing the …

Support And Ideas For Economic Education, Ed Starkenburg, Erica Vonk

Faculty Work Comprehensive List

Presentation covers opportunities to engage K-12th grade students in hands-on financial and economic materials that meet Iowa's content requirements. Also introduces the Dordt College Center for Economic Education and the services available and free resources available to teachers.

Engaging Students In Financial And Economic Literacy With Free Resources, Erica Vonk, Ed Starkenburg, Art Attema

Faculty Work Comprehensive List

Presentation covers opportunities to engage 3rd-12th grade students in hands-on financial and economic materials that meet Iowa's content requirements. This session will introduce you to the Dordt College Center for Economic Education, the services available and free resources available to teachers.

Financing The Future: Australian Students’ Results In The Pisa 2012 Financial Literacy Assessment, Sue Thomson

OECD Programme for International Student Assessment (PISA) Australia

This report reveals that Australia is in the top five in the world’s first international assessment of young people’s financial literacy. Conducted in 2012 as part of the Programme for International Student Assessment (PISA) of the OECD with support from the Australian Securities and Investments Commission as the Australian Government agency responsible for financial literacy, the supplementary PISA financial literacy assessment measured 15-year-olds’ knowledge of personal finances and ability to apply it to financial problems. A total of 29 000 students from 18 countries and economies participated in the assessment, including approximately 3300 Australian students from 768 schools. According to …

Independent Evaluation Of Asic’S Implementation Of The Helping Our Kids Understand Finances Initiative, Robert Simons

Program monitoring and evaluation

In May 2013, the Australian Securities and Investments Commission (ASIC) commissioned the Australian Council for Educational Research (ACER) to conduct an independent evaluation of its implementation of the Helping Our Kids Understand Finances (HOKUF) initiative. The purpose was to conduct an independent evidence-based assessment of whether ASIC implemented the HOKUF initiative in a way that met the following key criteria: 1) Appropriate – the extent to which the program developed by ASIC was useful and ‘fit for purpose’ in supporting the delivery of the consumer and financial literacy content aligned to the Australian Curriculum. 2) Effective − the extent to …

Do Irish Consumers Understand Financial Risk In Savings And Investment Products In The Irish Financial Services Market?, Alan N. Burrows

Theses

This thesis focuses on Irish adult consumers and examines whether they understand the financial risk pertaining to the savings and investment products that they purchase in the Irish financial services market. This study is important because there is no up to date data currently available on this topic, specifically and solely related to Ireland and to Irish consumers. The findings of this study are significant because, if consumers lack an understanding of financial risk, it can potentially lead to mistakes in financial decisions which may lead to negative financial repercussions for consumers throughout their life and into retirement. In this …

Financial Literacy In Retirement Planning, Jennifer Potts

Mahurin Honors College Capstone Experience/Thesis Projects

Studying finance, I have been exposed to the retirement plan options and how they work in most of my classes. But when I would talk to my family and friends about what I was learning, I quickly discovered that many people simply had no interest or understanding about the subject. I believe everyone needs to have a basic understanding of where income will come from once they retire. This realization pushed me to study the level of financial literacy about retirement and plan options of adults in the working world and determine how I could bring information about this topic …

Efinancial Health, Nan Taylor

Cornerstone 1 Reports : Expansion and Enhancements of the Thinkfinity Platform

No abstract provided.

Financial Literacy Amongst University Students, Adam Trone, Dr. James Brau

Journal of Undergraduate Research

My interest in financial literacy and my decision to pursue an ORCA grant in this subject began in the fall of 2007. Many remember the upheaval that devastated financial markets beginning at this time. This upheaval is not just a memory because similar economic and financial conditions continue to this day. As a casual observer of this crisis as shown on the news, I began to think. I began to think about my own finances, saving for retirement, taxes, and the job market. These thoughts never became a serious bother but I was mildly concerned. I began to realize that …

High School Seniors' Financial Knowledge: The Impact Of Financial Literacy Classes And Developmental Assets, Kathy Ngoc Nguyen

Graduate Theses and Dissertations

Low levels of financial literacy among high school students are a growing concern in the United States. High school students lack the financial knowledge to make important financial decisions. Financial literacy and money management skills are important for high school students as they transition into an ever-changing economy. High school students, who are financially literate, are likely to develop positive financial behaviors and make positive financial decisions. Previous studies show that financial literacy classes can increase financial knowledge.

The present study has three objectives. First, this study examined whether the Money Management Skills for Young Adults Class increased high school …

Financial Literacy And Retirement Planning In Australia, Julie R. Agnew, Hazel Bateman, Susan Thorp

Numeracy

Financial literacy and numeracy are closely tied. Furthermore, financial literacy has been shown to relate to important financial behaviors. This study examines the relationship between financial literacy and retirement planning using a measure that includes questions requiring numeracy. We implement a customized survey to a representative sample of 1,024 Australians. Overall, we find aggregate levels of financial literacy similar to comparable countries with the young, least educated, those not employed, and those not in the labor force most at risk. Our financial literacy measure is positively related to retirement planning in our sample.

Efinancial Health: Discovering Synergies In The Promotion Of Physical, Mental, And Financial Health, Nan Taylor

Cornerstone 1 Reports : Expansion and Enhancements of the Thinkfinity Platform

No abstract provided.

Assessing The Financial Literacy Of Domestic And International College Students, Jane Boyland, Rex Warren

MBA Student Scholarship

Improving student financial literacy has become a major goal of colleges and universities within the United States in recent years. Many schools are now instituting programs to increase student financial literacy in order to improve their students’ later quality of life and decrease student loan default rates. The purpose of this study is to assess the current financial literacy of undergraduate students at a southern New England university in order to provide insights on how such a program could be customized to the unique needs of its student body. The Jump$tart Survey was administered to 92 junior and senior students …

Startsmart Impact Report, Commonwealth Bank Foundation

Program monitoring and evaluation

The Commonwealth Bank Foundation’s school-based, financial education program, StartSmart, was developed with the assistance of education experts and launched in 2007. The StartSmart program – is a series of interactive, financial literacy workshops delivered in classrooms by a team of facilitators which works in partnership with school teachers to deliver effective financial education. The program extends to students in primary, secondary and vocational education settings. The Commonwealth Bank Foundation engaged the Australian Council for Educational Research (ACER) to undertake an evaluation of the StartSmart program. The purpose of this research was to measure the impact of StartSmart on students’ financial …

Financial Literacy, Financial Education And Economic Outcomes, Justine S. Hastings, Brigitte C. Madrian, William L. Skimmyhorn

Faculty Publications

In this article we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature, and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the extent to which a competitive market provides incentives for firms to educate consumers or offer products that facilitate informed choice. We review the literature on alternative policies to improve financial outcomes, and compare the evidence to evidence on the efficacy and cost of financial education. Finally, we discuss directions for future research.

The Relationship Between Personal Financial Wellness And Financial Wellbeing: A Structural Equation Modelling Approach, Paul Gerrans, Craig P. Speelman, Guillermo J. Campitelli

Research outputs 2013

We examined the construct of financial wellness and its relationship to personal wellbeing, with a focus on the role of financial literacy. Gender comparisons are made using a structural equation modeling analysis including personal wellbeing, financial satisfaction, financial status, financial behavior, financial attitude, and financial knowledge. Males ranked higher in financial satisfaction and financial knowledge whereas females ranked higher in personal wellbeing. Joo’s (2008) concept of financial wellness as multidimensional is supported though the result is improved when a causal model of sub-components is estimated. The relationship of all variables to personal wellbeing is mediated by financial satisfaction, with gender …

Ignorance Is Not Bliss: Financial Illiteracy, The Mortgage Market Collapse, And The Global Economic Crisis, Jeffrey T. Dinwoodie

University of Miami Business Law Review

No abstract provided.

Economic Thinking And Risk Attitudes: An Empirical Study, Peter Slepcevic-Zach, Ph.D., Thomas Koeppel

International Journal for Business Education

In the light of the current economic crisis, which had its roots in high risk dealings in the international financial markets, the question how economically minded students are and what propensity towards risk they have, are essential to improving their financial literacy. In a broad survey including economic and non-economic schools 649 students aged 14 and 18 were questioned. In this paper results are presented and implications for classroom teaching and curricular development are derived.

Improving Financial Information Literacy In Introduction To Financial Accounting, Anne Kelly, Teresa Williams, Brad S. Matthies, J. Burdeane Orris

Scholarship and Professional Work - Business

The motivation for this study came from a desire to improve teaching of the use of accounting information for decision making. The information literacy standards and related performance indicators guided the development of a semester-long case study by accounting faculty and academic business librarians. Their collaboration yielded a series of instruction modules and related student exercises leading up to a group activity involving the evaluation of a company as a potential investment for retirement savings. Students enrolled in two sections of an introductory accounting course volunteered to participate in this study. They provided information about their knowledge before and after …