Which Students are More Likely to Experience Financial Socialization Opportunities? Exploring the Relationship Between Financial Behaviors and Financial Well-Being of College Students

Gutter, Michael S.; Çopur, Zeynep; Garrison, Selena

doi:10.2139/ssrn.1432523

Cited by 21 publications

(29 citation statements)

References 35 publications

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“…Many studies report an association between participation in financial education and improved financial knowledge, but the effects tend to be modest and long-term retention is usually untested. For example, Gutter, Copur, and Garrison (2009) compared states that did and did not offer financial education courses and found that students from the former performed better on tests of financial knowledge. Walstad, Rebeck, and MacDonald (2010) found that a DVD-based financial education curriculum led to significant gains in high school students' financial knowledge.…”

Section: Pathways To Developing Conscious Financial Decision Makingmentioning

confidence: 99%

Foundations of Financial Well‐Being: Insights into the Role of Executive Function, Financial Socialization, and Experience‐Based Learning in Childhood and Youth

Drever

Odders-White²,

Kalish³

et al. 2015

Journal of Consumer Affairs

196

171

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During childhood and youth we build the foundations for financial well‐being later in life, acquiring the knowledge, skills, attitudes, and personality traits that enable us to manage our finances as adults. This article reviews literature from consumer science, developmental psychology, and allied fields to gain insight into moments during youthful development when interventions are likely to have greatest impact. We find promising avenues for influence during each developmental life stage. Many present truly novel approaches to financial education—such as focusing on improving executive function in young children (critical despite lacking apparent “financial content”), emphasizing financial attitude development through dual‐generation financial modeling for elementary and middle school students and their parents, or intentionally teaching financial heuristics and other practical skills to later adolescents and young adults. Overall, this article proposes a range of innovative strategies to improve financial education, from early childhood through young adulthood.

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Section: Pathways To Developing Conscious Financial Decision Makingmentioning

confidence: 99%

Foundations of Financial Well‐Being: Insights into the Role of Executive Function, Financial Socialization, and Experience‐Based Learning in Childhood and Youth

Drever

Odders-White²,

Kalish³

et al. 2015

Journal of Consumer Affairs

196

171

View full text Add to dashboard Cite

show abstract

“…Yet studies show that risk literacy worldwide is very low: for instance, an international survey showed that when compared to understanding of other financial concepts, knowledge of risk was by far the lowest (Lusardi, 2015). Self-efficacy with regard to financial decision-making also plays a role in the likelihood that an individual will follow through with retirement planning (Gutter, Copur, and Garrison, 2009;Shockey and Seiling, 2004). As employers move to give employees more responsibility for their own financial security in retirement, ensuring that workers are well-equipped to make financial decisions becomes increasingly important.…”

Section: Introductionmentioning

confidence: 99%

Visual tools and narratives: new ways to improve financial literacy

Glinert¹,

Heinberg²,

Hung³

et al. 2015

Journal of Pension Economics and Finance

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We developed and experimentally evaluated four novel educational programs delivered online: an informational brochure, a visual interactive tool, a written narrative, and a video narrative. The programs were designed to inform people about risk diversification, an essential concept for financial decision-making. The effectiveness of these programs was evaluated using the American Life Panel. Participants were exposed to one of the programs, and then asked to answer questions measuring financial literacy-in particular, risk literacy-and self-efficacy. All of the programs were found to be effective at increasing self-efficacy, and several improved financial literacy, providing new evidence for the value of programs designed to improve financial decision-making.JEL Classifications: C83, D14, G11

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“…The males are viewed as bread earners and are charged with the role of providing for the family (Falahati & Paim, 2011). As such, they are encouraged by society to engage in financial management behavior such as investing, saving and budgeting (Newcomb & Rabow, 1999;Gutter, Copur & Garrison, 2009;Hira & Mugenda, 2000;Falahati & Paim, 2011). Accordingly, males are expected to be assertive and independent.…”

Section: Literature Reviewmentioning

confidence: 99%

Gender differences in Working Capital Management amongst Small Business Owners in Uganda

Orobia¹

2013

JEBS

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The purpose of this study is to examine gender differences on the effect of individual attributes on working capital management amongst small business owners. Based on a sample of 360 owner-managers of small businesses in the central business district of Kampala, the results show as follows. There are significant gender differences in perceived usefulness and attitude. Secondly, males and females do not statistically differ in terms of impulsivity. Thirdly, perceived usefulness significantly influences working capital management for females but not males. Fourthly, attitude significantly influences working capital management for males but not females. Lastly, the effect of impulsivity on working capital management is stronger for females than males. However, paucity of studies on the input perspective of working capital management limited crossvalidation of the findings with previous research. Future studies should be conducted to confirm the results. At policy level, understanding gender differences on the effect of the identified driving forces should be of interest to practitioners and policy makers in their effort to enhance small business management through developing appropriate gendered policies. This study contributes to the dearth of evidence of working capital management literature by investigating the effect of individual attributes as opposed to the conventional financial ratios.

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Which Students are More Likely to Experience Financial Socialization Opportunities? Exploring the Relationship Between Financial Behaviors and Financial Well-Being of College Students

Cited by 21 publications

References 35 publications

Foundations of Financial Well‐Being: Insights into the Role of Executive Function, Financial Socialization, and Experience‐Based Learning in Childhood and Youth

Foundations of Financial Well‐Being: Insights into the Role of Executive Function, Financial Socialization, and Experience‐Based Learning in Childhood and Youth

Visual tools and narratives: new ways to improve financial literacy

Gender differences in Working Capital Management amongst Small Business Owners in Uganda

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