Financial Literacy WashU

International Journal of Interdisciplinary Social Sciences. 2011, Vol. 6 Issue 3, p245-260. 16p. 2
Authors: Williams, Darryl; Grizzell, Brian; Burrell, Darrell Norman

A recent Charles Schwab study uncovered that most parents felt more equipped to provide their teenage children sex education advice than insight on savings, money management, and investing. The study results might shed light on why average Americans are so unskilled when it comes to significant financial and important money matters (Palmer, 2008). This applied research case study explores the value and potential impact of financial literacy training on adolescents through the use of a resource booklet and supporting course materials with special emphasis on African-American and Latino American communities. The absence of financial literacy along with the foreclosure crisis threatens the financial health of US families. Moreover, it has become predominantly destructive to African- American and Latino families, of which whom already lag behind their white counterparts in terms of education, generational wealth, and income. Furthermore, the indirect loss in wealth that results from foreclosures and depreciation will excessively influence minority communities. The Center for Responsible Lending estimates that between 2009 and 2012, $194 million and $177 billion will be loss from Latino and African- American communities (Lowery, 2010). [ABSTRACT FROM AUTHOR]

New York Times ,Volume: 149, Issue: 51472 , August, 6, 2000 Page: 12-13.
Author: Altschuler, Glenn C.

Discusses student adaptation to college life. Anxiety of freshman about financial responsibilities and inadequate high school preparation; Mental illness in students which can be triggered by academic pressure; Activities and services provided for students in an attempt to minimize the trauma of freshman year; Suggestions for students on reducing stress.

College Student Journal, Vol 43(2), Jun, 2009. pp. 616-630.
Authors: Eitel, Susan J.. Texas Woman's University, TX, US Martin, Jennifer. Texas Woman's University, TX, US

First-generation female college students (FGFCS) make up a large portion of the diversity in higher education. Unfortunately 'access' to education does not translate to success. Persistence and degree completion for these students is often undermined by seemingly insurmountable obstacles. The purposes of this study were to identify the financial literacy needs of FGFCS and determine how they relate to persistence and degree completion. Participants were 204 FGFCS from one university. Quantitative analysis was used to explore financial literacy using the 2006 Jump$tart survey, and qualitative analysis uncovered perceived financial literacy needs. The participants were not financially literate; and, although they had considerable perceived needs relating to financial literacy, those needs did not result in information-seeking behavior. Age, ethnicity, and student classification were predictors of higher financial literacy. The study supports a need for financial literacy education as an integrated component of higher education, as well as a need for professional personal financial planners to ensure future financial stability and success for those who graduate and those who do not. In addition, a comprehensive exploration of the gaps in financial literacy between White students and students of Color demands immediate action. (PsycINFO Database Record (c) 2016 APA, all rights reserved)

International Journal of Consumer Studies, Vol 38(6), Nov, 2014. pp. 593-601.
Authors: Seyedian, Mojtaba. Department of Business Administration, SUNY Fredonia, Fredonia, NY, US, Mojtaba.Seyedian@fredonia.edu
Yi, Taihyeup David. Department of Business Administration, SUNY Fredonia, Fredonia, NY, US

Financial literacy has become more important than ever as an increasing number of college students are relying on credit cards to finance their education. We examine whether college students are knowledgeable about finance, whether they improve upon that knowledge, and whether their demographic profile, financial backgrounds, and engagement/motivation level affect their financial knowledge and learning. Recruiting students who voluntarily participated in the pre- and post-tests of personal finance and managerial finance, and using multiple regression and the results of student course evaluations, we find that using finance courses positively affect the students' financial literacy. Moreover, we find that gender difference is found only in the pre-test of managerial finance, that female students significantly improved learning, and that students in the upper level of finance courses overall outperformed those in the lower level in both tests of personal finance and managerial finance. We also find that students' job experiences, financial background, attitude and behavior, and class participation and motivation determine the amount of their learning. (PsycINFO Database Record (c) 2016 APA, all rights reserved)

High School Journal. Summer2015, Vol. 98 Issue 4, p316-336. 22p.
Authors: Greenfield, Jeremy S.

In the United States there are significant gaps in college-going between high-income and low-income students and between White students and African American and Latino/a students. A number of factors contribute to this persistent gap. Among these factors are the rising cost of college attendance and the complexity of the financial aid process. The present study describes how a group of low-income students of color at a New York City high school learned about the costs associated with college attendance and participated in the financial aid process. Drawing on data collected during a one-year ethnographic study, this article examines what students initially believed about the cost of college and the availability of financial aid, how the students' high school supported them through the financial aid process, and challenges students faced. Results from the study suggest that the textual complexity of the financial aid process, uneven support from counselors, and the high cost of college posed challenges for many students. However, those students who formed relationships with trusted advisors or "literacy sponsors" were more likely to successfully complete the financial aid process and enroll in college. The article ends with a discussion of implications for theory and practice. [ABSTRACT FROM AUTHOR]

Source: College Student Journal. Sep2005, Vol. 39 Issue 3, p478-488. 11p.
Authors: Murphy, Angela J.

This exploratory research examined 277 survey responses to assess the influence of race, gender, age,major and parental educational level on the financial knowledge of undergraduate students attending a predominantly Black institution. The overall level of financial literacy was only about 3 correct questions out of10. Analysis of variance results showed valuable differences in the mean financial literacy scores for all variables, except race. The logistic regression had somewhat different results; race, major, and parental educational level were important factors in explaining whether students would have higher or lower levels of financial acumen. Age and major did not have noteworthy results in the logistic regression. Overall, the findingssuggest that majority Black universities have an opportunity to more intentionally expose their students to a broad range of financial literacy topics so they are better prepared to meet the financial challenges of living as completely independent adult professionals. [ABSTRACT FROM AUTHOR]