Download or read book Does Mandatory Financial Education Work Evaluating the Impacts of Mandatory Secondary School Standards on Financial Literacy written by Brandon Donald Reilly and published by . This book was released on 2016 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mandatory financial education has been touted as a solution for low levels of financial literacy among the American populace. Most existing research into the efficacy of these programs were complete prior to the Great Recession, or focus narrowly on long-term behaviors or the impact of enrollment in a special course. I use the National Financial Capability Study from 2009 and 2012, as well as the State Mandated Financial Education Database to complete a difference-indifference analysis as to whether or not these mandatory standards positively impact either financial literacy score or financial behaviors. I find that these standards positively impact savings and credit monitoring, but have no significant impact on financial literacy score or other financial behaviors. This conclusion, despite the mixed results, does bode well for the future of financial education. This research also solidifies existing findings as to the impact of personal characteristics, employment, and educational attainment.
Download or read book The Impacts of Mandatory Financial Education written by J. Michael Collins and published by . This book was released on 2014 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial education is commonly assumed to affect knowledge and behavior, yet its impacts remain relatively untested. Very low-income families in a subsidized housing program were randomly assigned to a mandatory financial education program and tracked for 12 months. Financial education led to improvements in self-reported behaviors, but no measurable effects on savings or credit, except for participants in education expanding their use of credit, albeit with no evidence of problems in the study period. This study also illustrates the methodological issues that arise in social experiments with small samples, including non-compliance, attrition and self-report bias.
Download or read book The Impact of Financial Education for Youth written by Verónica Frisancho Robles and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates if the excitement about school-based financial education is warranted. First, relying on recent experimental evidence, the paper takes stock of the impact of financial education programs aimed at reaching children and youth. Second, it complements existing studies by focusing on the potentially negative unintended effects of these programs. Relying on data from a large-scale randomized controlled trial (RCT) in Peru, this paper investigates whether financial education programs have spillover effects on academic outcomes or if they widen initial inequalities due to heterogeneous treatment impacts. While delivery models that incorporate a mandatory course requirement yield large and robust impacts on financial literacy, voluntary after school programs yield meager effects. These gains do not come at the cost of pervasive effects on the probability to pass a grade. Moreover, the impact of school-based financial education seems to be very inclusive, as treatment effects tend to be uniform across different sub-samples.
Download or read book Improving Financial Literacy Analysis of Issues and Policies written by OECD and published by OECD Publishing. This book was released on 2005-11-10 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the different types of financial education programmes currently available in OECD countries, evaluates their effectiveness, and makes suggestions to improve them.
Download or read book Financial education written by Kristof De Witte and published by Waxmann Verlag. This book was released on 2020 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a world where individuals become increasingly responsible for their financial well-being, and where the complexity of financial markets and products is growing, financial education becomes crucial. Although it is well accepted to introduce financial education in compulsory education, there is no consensus on the optimal way to implement financial education. This book explores the current state and the future challenges of financial education in five European countries: Belgium, Estonia, Italy, Slovakia, and the Netherlands. Moreover, it provides a comprehensive review of the academic literature on financial literacy. The book is a product of a strategic partnership with professionals from 14 partners, including universities, secondary schools and intermediary organisations dealing with financial literacy promotion. The EUFin project supported by this partnership aims to develop evidence-based didactical material for financial literacy education for tertiary and secondary education levels and exchange best-practices.
Download or read book Financial Education and Capability written by Julie Birkenmaier and published by Oxford University Press. This book was released on 2013-02-21 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces the concept of financial capability and assembles the latest evidence from ground-breaking innovations with financially vulnerable families, and links it to education, policy, and practice. It is a key resource for those interested in improving financial education and financial products and services for low-income families.
Download or read book Financial Education and Risk Literacy written by Riccardo Viale and published by Edward Elgar Publishing. This book was released on 2021-01-29 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This innovative book explores how the design of financial education programmes could benefit from the findings of behavioural economics and finance and cognitive sciences. It covers the social, cultural and technological determinants of financial education, the role of the banking system in promoting financial literacy, and how governments and regulatory authorities are dealing with financial education and risk literacy programmes in schools.
Download or read book Good Grades Rock But A ucce written by Ingrid B Clayton and published by . This book was released on 2020-10-27 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ingrid Clayton wrote Good Grades Rock But A+ $UCCE$$ because she knows that the debt situation that many families are experiencing today, and the debt crisis that many countries are facing, could have been avoided. But she thinks it is still not too late to remedy this problem and change the trajectory of the younger generation-and subsequent ones-if the appropriate measures are taken by governments and everyone else to effect this change, because there is a solution. The remedy is Financial Education! Everyone will agree that we live in a rich country with enough resources and wealth so that no one should be living poor. Many people are living in poverty because of financial illiteracy, and governments should be blamed for this. The education system in every country should play a vital role in equipping young people with the necessary knowledge and skills to make informed decisions about their finances. When education policymakers refuse to make financial education mandatory in school, they sentence young people to a lifestyle that is laden with debt and disappointments, and for this reason, many families are hurting today. Ingrid's book is divided into three parts. First, it explains why academic success isn't tantamount to financial success, why many high academic achievers struggle with managing their finances effectively, and what governments should do to financially educate the populous. Secondly, it shares personal finance basics, and information on how financial literacy impacts your mindset about money, your lifestyle, and that of your loved ones. Finally, Ingrid shares her personal stories about how she came to realize that she needed a higher financial IQ, the impact that a higher level of financial intelligence had on her success and achievements, and the role that everyone can play to improve their financial education to help their friends and family change the financial journey for the next generation.
Download or read book International Handbook of Financial Literacy written by Carmela Aprea and published by Springer. This book was released on 2016-03-24 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook presents in-depth research conducted on a myriad of issues within the field of financial literacy. Split into six sections, it starts by presenting prevalent conceptions of financial literacy before covering financial literacy in the policy context, the state and development of financial literacy within different countries, issues of assessment and evaluation of financial literacy, approaches to teaching financial literacy, and teacher training and teacher education in financial literacy. In doing so, it provides precise definitions of the construct of financial literacy and elaborates on the state and recent developments of financial literacy around the world, to show ways of measuring and fostering financial literacy and to give hints towards necessary and successful teacher trainings. The book also embraces the diversity in the field by revealing contrasting and conflicting views that cannot be bridged, while at the same time making a contribution by re-joining existing materials in one volume which can be used in academic discourse, in research-workshops, in university lectures and in the definition of program initiatives within the wider field of financial literacy. It allows for a landscape of financial literacy to be depicted which would foster the implementation of learning opportunities for human beings for sake of well-being within financial living-conditions. The Handbook is useful to academics and students of the topic, professionals in the sector of investment and banking, and for every person responsible for managing his or her financial affairs in everyday life.
Download or read book Financial Counseling written by Dorothy B. Durband and published by Springer. This book was released on 2018-10-16 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This text is a valuable new resource that we recommend for all of our professionals and are proud to incorporate as part of our AFC® certification program. With expertise representing the breadth and depth of the financial counseling profession, the content in this text provides you with a rigorous foundation of knowledge, considers critical theoretical models, and explores foundational skills of communication, self-awareness, and bias. This type of comprehensive approach aligns with our mission and vision—providing you with the foundational knowledge to meet clients where they are across the financial life-cycle and impact long-term financial capability." -Rebecca Wiggins, Executive Director, AFCPE® (Association for Financial Counseling and Planning Education®) This timely volume presents a comprehensive overview of financial counseling skills in accessible, practical detail for readers throughout the career span. Expert financial counselors, educators, and researchers refer to classic and current theories for up-to-date instruction on building long-term client competence, working with clients of diverse backgrounds, addressing problem financial behavior, and approaching sensitive topics. From these core components, readers have a choice of integrated frameworks for guiding clients in critical areas of financial decision-making. This essential work: · Offers an introduction to financial counseling as a practice and profession · Discusses the challenges of working in financial counseling · Explores the elements of the client/counselor relationship · Compares delivery systems and practice models · Features effective tools and resources used in financial counseling · Encourages counselor ethics, preparedness, and self-awareness A standout in professional development references, Financial Counseling equips students and new professionals to better understand this demanding field, and offers seasoned veterans a robust refresher course in current best practices.
Download or read book Does Financial Education Impact Financial Literacy and Financial Behavior and If So When written by Tim Kaiser and published by . This book was released on 2017 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: A meta-analysis of 126 impact evaluation studies finds that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lower-middle income economies. Specific behaviors, such as the handling of debt, are more difficult to influence and mandatory financial education tentatively appears to be less effective. Thus, intervention success depends crucially on increasing education intensity and offering financial education at a "teachable moment."
Download or read book Financial Literacy Education written by Chris Arthur and published by Springer Science & Business Media. This book was released on 2012-10-13 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumer financial literacy education often appears as a helpful, commonsense solution to neoliberalism and the individualization of responsibility for economic risk. However, in Financial Literacy Education: Neoliberalism, the Consumer and the Citizen this particular literacy is argued to be both ineffective and unjust. Socially created poverty, unemployment and economic insecurity require more than individual consumer solutions; they require collective responses by engaged, critical citizens. Utilizing concepts from Marx, Foucault, Bourdieu and Baudrillard this book challenges those who claim that ‘there is no alternative’ to neoliberal insecurity and reduce education to a consumerist training of entrepreneurial consumer-citizens who can continually invest in themselves and the market. Through an analysis of consumer fi nancial literacy education’s present and historical supports, as well as its likely effects, this book argues that the choice before us is not fi nancial illiteracy or fi nancial literacy. Rather, the choice is between subjugation to the requirements of perpetual competition or overcoming alienation, insecurity and exploitation, aims the critical fi nancial literacy education outlined at the end of this book supports. This book will appeal to those interested in understanding the conditions of our freedom in an increasingly fi nancialized world – critical educators, philosophers and sociologists of education and fi nancial literacy researchers.
Download or read book Two Cheers for School Based Financial Education Issue Brief written by Lewis Mandell and published by . This book was released on 2009 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The near-collapse of the American financial system has led to a search for its causes and ways to prevent it from happening again. Many political leaders blame at least some of the sub-prime mortgage crisis on mistakes caused by financially "illiterate" consumers and propose to solve that problem with mandatory classes in personal finance. Currently, about 20 percent of US high school graduates complete a semester-length course in personal finance. Unfortunately, five consecutive surveys by the Jump$tart Coalition have found no evidence that teaching personal finance in high schools has improved students' ability to understand and use financial information. Many hypotheses have been advanced to explain the lack of success in teaching personal finance at the high school level. Better-trained teachers and mandatory courses may help, but gains from these solutions have, thus far, been slight. Some feel that constantly-changing financial products and regulations mean that students have little motivation to learn about financial decisions that will no longer be useful when they become adults. Others hypothesize that basic financial habits, such as careful product evaluation and thrift, are formed at a younger age and are difficult to change in late teenage years. One promising finding is that school-based financial education appears to have a long-term, positive impact on financial "behavior", manifesting itself when students are adults. Since high school courses do not appear to materially improve scores on financial literacy tests administered to high school seniors, the greatly delayed behavior changes are likely to be "emotional" responses to materials presented in class. These appear to play out years later when former students have the financial ability to engage in a range of financial choices. One cheer for financial education! Unsatisfactory test results from teaching high school students have led some to suggest that reaching a younger, pre-high school population might prove to be more effective. Younger students might be more susceptible to new ideas and less vulnerable to peer pressure, which can influence spending choices and levels of consumption. However, younger students may lack the background and cognitive development to understand some of the key concepts of personal finance. This suggests that nontraditional types of education, with strong emotional appeal and shared experience, may be more effective in communicating important concepts to younger students and helping them form behaviors that will benefit them throughout their lives. Two large-scale pilot programs have evaluated the use of a nontraditional (live improvisational play) educational intervention on pre-high school students. While the results are still preliminary and have not yet been replicated on a national sample, it appears that teaching younger students with materials based on personal experience, which appeals to their emotions, may be an effective way to increase knowledge, change attitudes, and alter behavior. These results would also appear to support the institution of child accounts, which use the child's ownership of assets to personalize age-appropriate financial education from the earliest grades. "Cheer" two for school-based financial education! (Contains 1 figure.).
Download or read book Financial Education and the Debt Behavior of the Young written by Meta Brown and published by . This book was released on 2013 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than three-quarters of U.S. households bear consumer debt, yet we have little understanding of the relationship between financial education and the debt behavior of U.S. consumers. In this paper, we study the effects of exposure to financial training on debt outcomes in early adulthood. Identification comes from variation in financial literacy, economics, and mathematics course offerings and graduation requirements mandated over the 1990s and 2000s by state-level high-school curricula. The FRBNY Consumer Credit Panel provides debt outcomes based on quarterly Equifax credit reports from 1999 to 2012. Our analysis, based on a flexible event-study approach, reveals significant effects of financial education on debt-related outcomes of youth. On the extensive margin, financial literacy education has a sizable impact on the propensity of youth having a credit report. Conditional on having a credit report, on the intensive margin, math and financial literacy education exposure reduces the incidence of adverse outcomes - such as accounts in collections and delinquent accounts - and reduces both the likelihood of youth carrying debt and their average debt balances. The net effect of both math and financial literacy education is an increase in youths' average creditworthiness, as measured by the Equifax risk score. On the other hand, economic education increases the likelihood of individuals carrying balances, leads to significant increases in debt balances - in particular, debt used to support consumption - and, at the same time, increases the likelihood of adverse credit outcomes, leading to a decline in youths' average risk scores. The effects of these financial education policies accumulate over the course of early adulthood. Our results suggest that financial education programs, increasingly promoted by policymakers, are likely to have significant impacts on the financial decision-making of youth, but the effects depend on the content of these programs.
Download or read book Save More Tomorrow written by Shlomo Benartzi and published by Penguin. This book was released on 2012-04-12 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the world’s top experts in behavioral finance offers innovative strategies for improving 401(k) plans. Half of Americans do not have access to a retirement saving plan at their workplace. Of those who do about a third fail to join. And those who do join tend to save too little and often make unwise investment decisions. In short, the 401(k) world is in crisis, and workers need help. Save More Tomorrow provides that help by focusing on the behavioral challenges that led to this crisis inertia, limited self-control, loss aversion, and myopia—and transforms them into behavioral solutions. These solutions, or tools, are based on cutting edge behavioral finance research and they can dramatically improve outcomes by, for example, helping employees: -Save, even if they aren’t ready to do so now, by using future enrollment. -Save more by showing them images of their future selves. -Save smarter by reshuffling the order of funds on the investment menu. Save More Tomorrow is the first comprehensive application of behavioral finance to improve retirement outcomes. It also makes it easy for plan sponsors and their advisers to apply these behavioral tools using its innovative Behavioral Audit process.
Download or read book Meta regression Analysis in Economics and Business written by T. D. Stanley and published by Routledge. This book was released on 2012 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Meta-Regression Analysis in Economics and Business is the first text devoted to the meta-regression analysis (MRA) of economics and business research.
Download or read book PISA 2012 Results written by and published by . This book was released on 2014 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
