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)