Are there benefits in implementing youth financial literacy education programs into existing school curricula?
Synthesis of Literature
Significance of Research
Purpose of Study
Statement of Problem
Today's youth do not have a grasp on finanical stability and success. There is likelihood of more outstanding debt and repayment difficulties as youth move into adulthood (Brown, et al., 2016).
Studies also find that financial literacy eduction must start early to achieve financial success (Henderson et al. (2021).
Studies find that mandated financial education programs have impact on credit scores, reduction of student debt (Consumer Financial Protection Bureau, 2019).
Many programs are already in place throughout the United States, but they are not consistent.
Financial literacy taught withing existing curriculum of economics or civics should be graduation requirement because they may improve understanding of financial concepts that go beyond a one-semester course (Gill et al., 2015)
Combinging financial education with access to financial products and services creates financial behavioral change. Providing youth with tools for this is far better than having to provide credit repair or debt management services later in life (Loke et al., 2015).
Financial literacy coorelates with positive financial behaviors In youth specifically, those that have financial education, hold bank accounts, more likley to work outside of school, make wise decisions in financial matters (Henderson et al., 2021).
Lack of financial awareness or low levels of financial education lead to financial mistakes that are costly. These lead to individuals having no savings or plans for retirement (Brown et al., 2016).
Younger people have higher propensity for learning about finacial education. Educational intervention of financial literacy has vast effect on financial preparedness (Kaiser et al., 2018).
Financial education,even in younger children, can enhance economic and finacial understanding. Children understand economic and financial concepts as they progress through life stages (Sherraden et al., 2010).
Findings show that a mix of financial literacy in existing curricula matters and when integrated into existing school curricula help with budget constraints and with instruction time (Gill et al., 2015),
Children and youth who engage in financial literacy programs score higher in post-testing and there is research based evidence that by providing young people with the knowledge, skills,and opportunity to establish healthy financial behaviors helps later in life (Loke et al., 2015)
Educators surveyed state that financial education will prepare young people to make sound financial decisions throughout life (Sherraden et al., 2010).
Research reflects that school-baed financial education serves as universal coverage for all youth to learn and avoid them not initiating volunatarily financial education later in the lifecycle (Kaiser et al. 2018).
Research finds that "Childhood is no longer considered a period of life shielded from the world of finance and economics" (Sherraden et al., 2010).
Determine at what age level financial literacy programs have the most impact on youth.
Determine if financial literacy programs should be implemented as part of regular curricula in school settings.
Determine if financial literacy programs help youth develop financial success.
Plan for Collecting Data
Questions to Ask
Type of Data Collection
Process for Collection
Student Collection
Interviewers/Focus Group leaders
What is your knowledge of taxes?
What type of salary do you see yourself earning in the future?
Do you currently have a savings plan?
Semi-Structured Interviews
with sampling from each grade level
Sample Survey Instrument
Participants
Demographics
Focus Group as follows
Parents of 6th through 12th grade students
6th thru 8th
9th thru 12th
Choose schools from different econcomic neighborhods
Interviews: Selected times during school day
Focus Group: During Homeroom time
Parent Collection
Planned parent meeting; evening
Myself
One student assstant or co-worker
What's your idea of managing money?
Student Interviews
Ethic Considerations
Permission/Consent forms for youth participants
Data Collection Results
Focus Group Results
Student Interview Results
75% of H/S students wanted to learn more about financial literacy
50% of M/S students indicated that they wanted to learn about financial literacy
All students indicated that a financial literacy program should not be graded as part of core math curriculum.
Student Focus Groups
Parent Focus Groups
80% of students did not understand how taxes work.
All students wanted to learn more about financial literacy and credit card debt.
Students in lower economic status schools wanted to earn money to help parents.
95% of parents said they did not have time to teach financial literacy to their children.
75% of parents would attend evening courses on financial literacy for themselves and for helping their children prepare for the future.
Anticipated Answers to Research Question:
Financial Literacy is lacking in M/S & H/S youth
Youth are interested in learning about finances for their future.
Parents would support financial literacy programs in schools.
Applications for Organization:
Development of program combining financial literacy and college debt prep could be implemente for high school seniors as a college rediness program.
Development of Financial literacy program can be utilized as addendum to existing curricula or pesented at school assembly.
Parent financial literacy programs can be developed and implemented as parent workshops to help parents help their children.
Financial Self-Efficacy Assessment, Financial Attitude Assessment, Financial Behavior Assessment
Likert Scale
(Loke et al., 2015)
Parent Focus Group
Selected Group Questios (Loke et al., 2015)