The impact of undergraduate personal finance education on individual financial literacy, attitudes and intentions

2016 ◽  
Vol 59 (1) ◽  
pp. 177-217 ◽  
Author(s):  
Paul Gerrans ◽  
Richard Heaney
Keyword(s):  
Financial Literacy ◽  
Personal Finance ◽  
Personal Finance Education ◽  
The Impact ◽  
Finance Education

scholarly journals Personal Finance Education: An Early Start To A Secure Future

2011 ◽  
Vol 3 (1) ◽  
pp. 39
Author(s):  
Michele Herman ◽  
Balasundram Maniam
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Core Curriculum ◽  
Well Being ◽  
Personal Finance ◽  
Us Economy ◽  
Personal Finance Education ◽  
American Schools ◽  
The Impact ◽  
Finance Education

The lack of mandated personal finance curriculum in American schools is an issue that has gained considerable momentum in recent years. Studies have indicated that personal finance education contributes to financial literacy and financial success. Although some strides have been made to incorporate personal finance education into core curriculum, statistics show that American students are financially illiterate. This paper investigates the impact of personal finance education on financial well-being and presents arguments for including personal finance education into core curriculum. This paper also provides an overview of the current trends in the US economy that are dramatically affecting the financial management behaviors of American households and their financial well-being

scholarly journals An Evidence-Based Personal Finance Education Curriculum for Physicians and Medical Students

2021 ◽  
Author(s):  
Joel Akachukwu Igu ◽  
Sammy Zakaria ◽  
Yuval Bar-Or
Keyword(s):  
Medical Students ◽  
Financial Literacy ◽  
The United States ◽  
Personal Finance ◽  
Future Research ◽  
Financial Decisions ◽  
Personal Finance Education ◽  
Meta Analyses ◽  
The Impact ◽  
Finance Education

Abstract BackgroundMany physicians complete medical school and graduate medical education (GME) burdened by high debt and financial illiteracy. This places them at higher risk for ill-informed financial decisions, which can result in increased stress and anxiety and a lower quality of life. In response, medical wellness programs have increasingly sought to offer personal finance education, but there is little guidance on optimal curricula. Our objective is to systematically review the existing literature examining physician financial literacy curricula and to recommend a standardized curriculum.MethodsThis review utilized the Preferred Reporting Items for Systematic reviews and Meta-Analyses (PRISMA) 2009 checklist to conduct literature searches in PubMed, ERIC, MedEdPortal, EBSCO, JSTOR, and Google Scholar. Three researchers used predetermined inclusion and exclusion criteria to select articles, including a focus on financial concepts applicable in the United States. Articles were assessed using modified Côté-Turgeon and Kirkpatrick qualitative analyses tools. Results38 articles met all inclusion criteria. Six specifically described personal finance literacy curricula for medical students or GME trainees, with varied criteria for selecting instructors, topics, and outcomes. All studies reported that audiences were ill-prepared for making financial decisions but strongly desired financial literacy education. Qualitative analysis revealed Strength of Findings summary scores ranging from 2-4, while applicable Kirkpatrick Model scores were all 3 or greater.ConclusionsAlthough medical students and GME trainees value financial literacy, few publications report the impact of actual curricula. These efforts vary in depth, breadth, and measured impact. Future research should focus on development of valid testing instruments, content standardization, selection of credible instructors, and country-specific financial concepts.

Ways and Means

Watchdog ◽  
2020 ◽  
pp. 105-116
Author(s):  
Richard Cordray
Keyword(s):  
Financial Literacy ◽  
Financial Education ◽  
Well Being ◽  
Personal Finance ◽  
Financial Protection ◽  
Know How ◽  
Financial Products ◽  
Personal Finance Education ◽  
Breaking Work ◽  
Finance Education

We expect people to shop for the best deal, know their limits, and make responsible decisions. But contracts for financial products and services have become incredibly complex, and people receive surprisingly little education in how to manage their money. This lack of know-how makes consumers easy targets, not only for predators, but also for legitimate businesses looking to maximize their profits. This chapter makes the case for providing personal finance education in schools and also in the workplace. It also describes the Consumer Financial Protection Bureau’s research on the gross mismatch between corporate spending to market financial products and general spending to improve financial literacy ($25 to $1), its efforts to help deliver financial education, and its ground-breaking work on defining and measuring the concept of financial well-being.

The Impact of Personal Finance Education Delivered in High School and College Courses

2007 ◽  
Vol 28 (2) ◽  
pp. 265-284 ◽  
Author(s):  
Tzu-Chin Martina Peng ◽  
Suzanne Bartholomae ◽  
Jonathan J. Fox ◽  
Garrett Cravener
Keyword(s):  
High School ◽  
Personal Finance ◽  
College Courses ◽  
Personal Finance Education ◽  
The Impact ◽  
Finance Education

scholarly journals The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia

2020 ◽  
Author(s):  
Irni Johan ◽  
Karen Rowlingson ◽  
Lindsey Appleyard
Keyword(s):  
Undergraduate Students ◽  
Work Experience ◽  
Financial Education ◽  
Personal Finance ◽  
Financial Knowledge ◽  
The United Kingdom ◽  
Personal Finance Education ◽  
Changing Attitudes ◽  
The Impact ◽  
Finance Education

AbstractThere is much debate about the impact of personal finance education on financial knowledge, attitudes and behaviour, particularly based on studies in the United Kingdom (UK) and United States of America (US). This paper makes a contribution to this debate, drawing on analysis of a survey of 521 undergraduate students at Bogor Agricultural University (IPB) in Indonesia in 2015. As part of that study, we measured the impact of a 14-week personal finance education course on financial knowledge, attitudes and behaviour. Our findings show that, when controlling for other factors, the personal finance course did, indeed, have a positive and statistically significant impact on financial knowledge. However, there was no statistically significant impact of the course on financial attitudes or behaviour. Our analysis also shows that family financial socialisation was an important driver of financial knowledge, attitudes and behaviour while other drivers of financial behaviour included income, work experience, year/field of study and discussing money with friends. We do not argue here that formal financial education is unimportant but that its role in changing attitudes and behaviour should be considered carefully if this is, indeed, its aim.

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