Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs

A recent meta-analysis of the effect of financial literacy and financial education on downstream financial behaviors has shown a weak collective impact of the work of financial education. While the findings are not stellar, they do not support a dismantling of financial education programs and funding. This paper examines the findings of the meta-analysis and discusses the implications for the field. In this discussion, a more thoughtful consideration of the ways to provide financial education and the manner about how to influence behavior is highlighted. In addition, this article proposes a systematic examination of why timely educational approaches should coexist with longer-term financial education programming. The field also needs a more rigorous examination of factors that impact intervention effectiveness, including a call for improved research protocol and evaluation and a plea for greater visibility between researchers and practitioners.

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Financial Literacy, Materialism and Financial Behavior

International Journal of Multicultural and Multireligious Understanding ◽

10.18415/ijmmu.v5i4.171 ◽

2018 ◽

Vol 5 (4) ◽

pp. 370

Author(s):

Anastasia Anggarkusuma Arofah ◽

Yunastiti Purwaningsih ◽

Mintasih Indriayu

Keyword(s):

College Students ◽

Financial Literacy ◽

Significant Contribution ◽

Financial Education ◽

Economic Education ◽

Financial Behavior ◽

Original Sample ◽

Education Programs ◽

Goods And Services ◽

Financial Behaviour

AbstractOtoritas Jasa Keuangan (OJK) focus on improving financial behavior is through financial education program. This study discusses the importance of financial literacy and materialism attitudes in affecting individual’s financial behaviour. Using survey on 129 undergraduates of Economic Education, financial literacy and materialism being factor in affecting behaviour finance. The result of research shows that financial literacy has positive and significant contribution on financial behaviour. It can be seen from the original sample value is 0.244 and t-value 2.319 > 1.96. In addition materialism has a positive and significant contribution on financial behaviour with the original sample value is -0.583 and t-value 6.666 > 1.96. Undergraduates with high financial literacy has good financial behaviour, and undergraduates with low materialism tends can hold an activity related to the purchase of consumer goods and services. Moreover, the significance of financial literacy and self-efficacy has important implications for the development of policies that aim to improve financial behaviour among college students in financial education programs. Keywords: Financial Literacy, Materialism, Financial Behaviour, Financial Education

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A review of financial-literacy education programs for children and adolescents

Citizenship Social and Economics Education ◽

10.1177/2047173417719555 ◽

2017 ◽

Vol 17 (1) ◽

pp. 56-80 ◽

Cited By ~ 25

Author(s):

Aisa Amagir ◽

Wim Groot ◽

Henriëtte Maassen van den Brink ◽

Arie Wilschut

Keyword(s):

Children And Adolescents ◽

Financial Literacy ◽

Financial Education ◽

Literacy Education ◽

Financial Behavior ◽

Education Programs ◽

Effective School ◽

Positive Effects ◽

School Based ◽

Key Characteristics

In this systematic literature review, we evaluate the effectiveness of financial-literacy education programs and interventions for children and adolescents. Furthermore, the key characteristics of the design of a successful financial-education curriculum are described. The evidence shows that school-based financial-education programs can improve children’s and adolescents’ financial knowledge and attitudes. Studies that assess the intention to practice good behavior and studies based on self-reported behavior also report positive effects. However, studies that assess the effects of financial education on children’s and adolescent’s actual financial behavior are scarce, and show hardly any effect. A promising method to teach financial literacy to children and adolescents in primary and secondary school is “experiential learning.” In college, the focus should be on specific “life events” of students. The findings may be useful for designing an effective school-based financial education program.

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Transnational financial education for Filipino migrant workers

Asian and Pacific Migration Journal ◽

10.1177/0117196819900420 ◽

2019 ◽

Vol 28 (4) ◽

pp. 457-468

Author(s):

Juyoung Jang ◽

Seori Choi ◽

Chang Won Lee ◽

Stella Go

Keyword(s):

Education Program ◽

Migrant Workers ◽

Financial Literacy ◽

Financial Services ◽

Financial Management ◽

Financial Education ◽

The Philippines ◽

Primary Data ◽

Education Programs ◽

Contract Of Employment

This exploratory study sought to identify relevant topics for financial education programs for Filipino Employment Permit System (EPS) workers in Korea. EPS workers are temporary migrant workers who return to their home countries after their contract of employment ends. The study reviewed existing financial education programs for migrants in Korea and the Philippines and collected primary data through surveys and focus group interviews to develop a suitable financial education program for Filipino EPS workers. The results revealed that Filipino EPS workers were passive users of Korean financial services and often lacked financial literacy. Also, they did not have much communication with their families in the Philippines about financial management. A forum about transnational financial education was organized to discuss the implications of the study findings and a pilot financial education program was developed.

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Student Teachers’ Capacity and Willingness to Teach Financial Literacy in Flanders

Journal of Financial Counseling and Planning ◽

10.1891/1052-3073.28.2.313 ◽

2017 ◽

Vol 28 (2) ◽

pp. 313-321 ◽

Cited By ~ 3

Author(s):

Lieven De Moor ◽

Lindsey Verschetze

Keyword(s):

Teacher Education ◽

Student Teachers ◽

Education Program ◽

Financial Literacy ◽

Teacher Education Program ◽

Financial Education ◽

Teacher Education Programs ◽

Education Students ◽

Education Programs ◽

Teacher Education Students

The purpose of this article is to assess the student teachers’ capacity and willingness to teach financial literacy in Flanders via on-site paper surveys of 368 final-year teacher education students. We argue that the Flemish teacher education program needs to be revised to introduce financial education in secondary schools. We find that revisions to the program can improve student teachers’ capacity and increase their willingness to teach for financial literacy. Moreover, student teachers support such reforms. Thus, policymakers and researchers can use this article as a guideline for revising teacher education programs with respect to financial education.

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