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

Abstract

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.

Let’s Talk About it: Discussing Retirement with Multiple Sources is Associated with Retirement Preparation in Young Adults

“…Finance can be especially intimidating for young adults who are either nearing or are experiencing the transition into the workforce, as many have likely had little to no exposure to any formal financial education in their past (e.g., Brown et al, 2016 ; Kaiser & Menkhoff, 2019 ; McCormick, 2009 ; Sherraden et al, 2011 ). As a result, young adults may develop a poor understanding of finance (Beck & Garris, 2019 ).…”

The Role of Financial Education in Adolescent Consumers’ Financial Knowledge Enhancement

“…Thus, in future research elementary school students should be included as well. What is more, due to the importance of financial education at an early age, it should be implemented as a core subject in elementary school syllabi (Morton, 2005;Beck & Garris, 2019). Additionally, the absence of development control of financial literacy among respondents' years after the workshop (e.g.…”

“…and adolescents' financial knowledge and attitudes, thus it is essential that they start before high school. Financial education should be included as a core subject within elementary school syllabi(Morton, 2005;Beck & Garris, 2019). be performed at a younger age.…”

Conceptual Model of Schoolchildren’s Financial Literacy and Financial Capability Formation in the course of Mathematics

“…As part of the course, schoolchildren learn to make informed decisions on personal wealth management (Ho & Lee, 2020). The studies of the American scientist Joshua T. Beck are also devoted to the problem of teaching youth how to manage personal finances (Beck & Garris, 2019).…”