scholarly journals Culture and Adult Financial Literacy: Evidence from the United States

2020 ◽  
Author(s):  
Maddalena Davoli ◽  
Nuria Rodriguez-Planas
Keyword(s):  
United States ◽  
Financial Literacy ◽  
The United States

Orthopaedic Surgery Resident Financial Literacy: An Assessment of Knowledge in Debt, Investment, and Retirement Savings

2019 ◽  
Vol 85 (4) ◽  
pp. 353-358 ◽  
Author(s):  
John D. Jennings ◽  
Courtney Quinn ◽  
Justin A. Ly ◽  
Saqib Rehman
Keyword(s):  
United States ◽  
Orthopedic Surgery ◽  
Financial Literacy ◽  
Financial Education ◽  
Retirement Planning ◽  
The United States ◽  
Financial Knowledge ◽  
Retirement Savings ◽  
Willingness To Participate ◽  
Formal Curriculum

Most orthopedic residents carry significant debt and may enter their practice with little knowledge of business management, minimal retirement savings, and overall poor financial literacy. This study aimed to gauge financial literacy, debt, and retirement planning in United States orthopedic surgery residents. Willingness to participate in formalized financial education was also assessed. Eighty-five allopathic orthopedic surgery residents in the United States completed a 14-question anonymous online survey in 2016. The survey assessed demographic data, self-assessed financial knowledge, amount of credit card debt and loans, preparation for retirement, and willingness to participate in formal didactic education on these topics. Most respondents derive their financial knowledge from personal research (51%), whereas only 4 per cent have a formal curriculum. Despite most respondents reporting more than $200,000 in outstanding loans, only 31 per cent create and stick to a budget. Few programs offer retirement advice, and 48 per cent of respondents save $0 toward retirement. Eighty-five per cent of residents expressed interest in learning about personal investment, savings, and retirement planning. Orthopedic surgery residents carry significant debt and do not achieve their high-income potential until disproportionately later in life. Only 4 per cent of residents have formal training in investing, personal finance, or retirement despite a majority who desire such a curriculum. In fact, almost 75 per cent of those surveyed felt less prepared for retirement than their peers outside of medical training. This study suggests a role for formal financial education in the orthopedic curriculum to prepare residents for retirement, improve financial literacy, and enhance debt management.

scholarly journals Financial literacy and retirement planning in the United States

2011 ◽  
Vol 10 (4) ◽  
pp. 509-525 ◽  
Author(s):  
ANNAMARIA LUSARDI ◽  
OLIVIA S. MITCHELL
Keyword(s):  
United States ◽  
African Americans ◽  
Old Age ◽  
Young Women ◽  
Financial Literacy ◽  
Retirement Planning ◽  
The United States ◽  
Financial Capability ◽  
Actual Performance ◽  
The Us

AbstractWe examine financial literacy in the US using the new National Financial Capability Study, wherein we demonstrate that financial literacy is particularly low among the young, women, and the less-educated. Moreover, Hispanics and African-Americans score the least well on financial literacy concepts. Interestingly, all groups rate themselves as rather well-informed about financial matters, notwithstanding their actual performance on the key literacy questions. Finally, we show that people who score higher on the financial literacy questions are much more likely to plan for retirement, which is likely to leave them better positioned for old age. Our results will inform those seeking to target financial literacy programmes to those in most need.

scholarly journals Strategies to improve financial literacy and related outcomes among medical students, residents, and fellows in the United States: a scoping review protocol

2020 ◽  
Vol 19 (1) ◽  
pp. 257-262
Author(s):  
Toms Vengaloor Thomas ◽  
Robin Christian ◽  
Michelle Palokas ◽  
Elizabeth Hinton ◽  
Christian Pruett
Keyword(s):  
United States ◽  
Medical Students ◽  
Scoping Review ◽  
Financial Literacy ◽  
The United States ◽  
Review Protocol

scholarly journals Effects of Financial Crises on Latin American Economies-Colombia Case and the SMEs

2020 ◽  
pp. 1-10
Author(s):  
Jenny A. SEGURA ◽  
Victor J. SARMIENTO
Keyword(s):  
United States ◽  
Latin American ◽  
Financial Literacy ◽  
Financial Crises ◽  
The United States ◽  
Negative Effects ◽  
Vital Importance ◽  
International Financial Crises ◽  
National Production ◽  
Latin American Countries

This article analyzes the most representative international financial crises in Colombia since 1990: the Asian crisis of 1997 and the Sub-Prime crisis of 2008 in the United States. Likewise, the impacts and their effects on national production in some Latin American countries are indicated. Finally, it is shown how financial literacy cushions the negative effects on small and medium-sized enterprises (SMEs), which are of vital importance in the economy for its contribution to GDP and the generation of formal jobs.

Buying into Dominant Ideas About Wealth and Poverty: An Examination of U.S. and Canadian Financial Literacy Standards

2020 ◽  
Vol 122 (3) ◽  
pp. 1-50
Author(s):  
Agata Soroko
Keyword(s):  
United States ◽  
High School ◽  
Social Studies ◽  
Financial Literacy ◽  
Global Financial Crisis ◽  
The United States ◽  
Literacy Education ◽  
Economic Security ◽  
Financial Outcomes ◽  
Literacy Standards

Background In the wake of the 2007–2008 global financial crisis, calls for financial literacy education increased dramatically. In both the United States and Canada, the financial collapse and its aftermath saw a resurgence of personal finance programs and initiatives in schools. While financial literacy education continues to be introduced in U.S. and Canadian high schools through the implementation of financial literacy standards into social studies curricula, few studies have focused on the content and ideology of these standards. This study is the first to provide a systematic review of all available high school financial literacy standards across the United States and Canada. Purpose The purpose of this research was to render visible the hidden ideological underpinnings of financial literacy standards. Specifically, the study investigated what the discourse in the standards implied about individuals’ financial outcomes and what was made invisible about the ways in which people achieve or fail to achieve economic security and wealth. Research Design This study employed critical discourse and ideological analysis to examine state-sanctioned financial literacy standards from 43 high school social studies curriculum documents in the United States and Canada. Findings The analysis revealed that, overall, financial literacy standards framed financial wellbeing as a personal doing while neglecting to consider the broader social, economic, and political forces influencing financial outcomes. This research demonstrates how financial literacy discourses, rooted in ideologies of merit, often tell an incomplete story about the origins and determinants of both wealth and poverty. Conclusions The results from this study offer insight into how deficit thinking about economically marginalized individuals and groups continues to permeate educational discourse. In examining financial literacy standards in particular, this study contributes to existing research problematizing financial literacy initiatives and calling for more critical, inclusive, and nuanced approaches. This research also adds to scholarship unpacking the ideological assumptions embedded in state-mandated academic standards concerning wealth and poverty.

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