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Are there benefits in implementing youth financial literacy education…
Are there benefits in implementing youth financial literacy education programs into existing school curricula?
Synthesis of Literature
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).
Significance of Research
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).
Purpose of Study
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Determine if financial literacy programs should be implemented as part of regular curricula in school settings.
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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.
Plan for Collecting Data
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Sample Survey Instrument
Student Interviews
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)
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Data Collection Results
Focus Group Results
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Parent Focus Groups
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75% of parents would attend evening courses on financial literacy for themselves and for helping their children prepare for the future.
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