Financial literacy

Abstract

The CFA Society Pittsburgh launched a high school financial literacy campaign resulting in sig- nificant improvements in financial behavior, subjective and objective financial knowledge, and self- esteem. Before the campaign, male students and students with higher grade point averages (GPAs) show better objective knowledge. In addition, we find disconnect between actual and perceived fi- nancial knowledge. Students exhibited gains in all aspects after completing the program. The subca- tegories with the lowest pre-survey scores or female students show the greatest improvements in the post-survey. Students with lower GPAs experienced greater improvement in financial behavior and objective knowledge, while higher GPA students improved more in subjective knowledge.

Financial literacy during a pandemic

“…The in-person instruction data are collected during 2017-2019, while the virtual/hybrid instruction data are during 2020-2021. This paper extends work done by Filbeck et al (2020) by including a teacher survey to assess the modality of the courses taught in 2020-2021. Our hypotheses are as follows:…”

“…We also conducted a teacher survey during 2020-2021 to obtain information about the individual financial education programs, including program length, modality, and resources used to teach the material. The surveys distributed were extensions of the work conducted by Filbeck, Zhao, and Pettner (2020). The three surveys can be found in Appendixes A, B, and C.…”

“…The surveys are modified based on Filbeck, Zhao, and Pettner (2020) based on the framework established by Tang and Baker (2016), using path models to analyze the relationship Note. Table 1 shows the number of students across different grade levels and favorite subjects for the whole sample (Panel A) and the test sample (Panel B).…”

“…We create preand post-surveys to assess four key factors of financial success: self-esteem, perceived (subjective) knowledge, behavior, and objective numeracy. The surveys reflect the work of Filbeck, Zhao, and Pettner (2020), which were motivated by previous works by Mitchell (2008, 2011) and Lusardi, Mitchell, and Curto (2010).…”