The Role of Undergraduate Personal Finance Education in Financial Literacy, Financial Attitudes and Financial Behaviours

2014 ◽  
Author(s):  
Paul Gerrans ◽  
Richard A. Heaney
Keyword(s):  
Financial Literacy ◽  
Personal Finance ◽  
Financial Attitudes ◽  
Personal Finance Education ◽  
Finance Education

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.

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

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 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.

The Changing Landscape of K–12 Personal Finance Education

2015 ◽  
pp. 3-22
Author(s):  
Bonnie Meszaros ◽  
Mary Suiter
Keyword(s):  
Personal Finance ◽  
Personal Finance Education ◽  
K 12 ◽  
Finance Education

scholarly journals Managing Personal Finance Literacy in the United States: A Case Study

2019 ◽  
Vol 9 (2) ◽  
pp. 129 ◽  
Author(s):  
Joshua J. Beck ◽  
Richard O. Garris
Keyword(s):  
United States ◽  
Generation X ◽  
Financial Literacy ◽  
The United States ◽  
Personal Finance ◽  
Generation Z ◽  
The Future ◽  
Personal Finance Education ◽  
Collegiate Level ◽  
K 12

This study investigates the perspectives and impact that personal finance education had on participants in Western Pennsylvania. The researchers begin with a literature review of personal finance courses in the United States (U.S.). The U.S. housing market collapse is also discussed as a key component of the financial crisis that is often overlooked and can be partly attributed to the lack of financial literacy. The findings of this study indicate that participants want personal finance courses offered in K-12 schools and at the collegiate level. They also want personal finance elements to be co-curricular in the K-12 setting. A recommendation based on responses from participants is that co-curricular teaching of personal finance should be tied in with math courses. The participants of this study either have benefited from personal finance lessons themselves or are a strong advocate for the teaching of personal finance in the future. The financial future does also bring worry to the different generations. Generation X is more worried about the financial choices of the upcoming generations, while Millennials and Generation Z are concerned about the future of the economy and how this will affect them.

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