Chapter 2 dissertation
vgirldesir
chapter1revised1.15.22.docxThe Absence of Financial Literacy Taught in Schools using Qualitative Research Method
A Dissertation Presented in Partial Fulfillment
of the Requirements for the Degree
Doctor of Education
ABSTRACT
DEDICATION
[To be indented and completed upon full dissertation completion]
ACKNOWLEDGMENTS
[To be indented and completed upon full dissertation completion]
TABLE OF CONTENTS
Contents
Page
List of Tables................................................................................................................. x
List of Figures ................................................................................................................ x
Preface.............................................................................................................................. (optional)............................................................................................................ x
Chapter 1: Introduction.................................................................................................. x
Background of the Problem............................................................................... x
Problem Statement.............................................................................................. x
Purpose of the Study........................................................................................... x
Population and Sample....................................................................................... x
Significance of the Study.................................................................................... x
Nature of the Study............................................................................................. x
Research Questions/Hypotheses......................................................................... x
Theoretical or Conceptual Framework............................................................... x
Definition of Terms............................................................................................ x
Assumptions, Limitations, and Delimitations..................................................... x
Chapter 2: Literature Review ......................................................................................... x
Title Searches and Documentation..................................................................... x
Historical Content............................................................................................... x
Current Content.................................................................................................. x
Theoretical or Conceptual Framework Literature............................................... x
Methodological Literature.................................................................................. x
Research Design Literature................................................................................. x
Conclusions........................................................................................................ x
Chapter Summary............................................................................................... x
Chapter 3: Research Methodology.................................................................................. x
Research Method and Design Appropriateness................................................... x
Research Questions/Hypotheses......................................................................... x
Population and Sample....................................................................................... x
Informed Consent and Confidentiality................................................................ x
Instrumentation................................................................................................... x
Field Test or Pilot Test....................................................................................... x
Credibility and Transferability or Validity and Reliability................................. x
Data Collection................................................................................................... x
Data Analysis..................................................................................................... x
Chapter Summary............................................................................................... x
Chapter 4: Analysis and Results..................................................................................... x
Research Questions/Hypotheses......................................................................... x
Data Collection................................................................................................... x
Demographics..................................................................................................... x
Pilot Study.......................................................................................................... x
Data Analysis..................................................................................................... x
Results................................................................................................................ x
Chapter Summary............................................................................................... x
Chapter 5: Conclusions and Recommendations.............................................................. x
Research Questions/Hypotheses......................................................................... x
Discussion of Findings....................................................................................... x
Limitations......................................................................................................... x
Recommendations for Leaders and Practitioners................................................ x
Recommendations for Future Research.............................................................. x
Chapter Summary............................................................................................... x
References.................................................................................................................... x
Appendix A: Title......................................................................................................... x
Appendix B: Title......................................................................................................... x
Appendix C: Title......................................................................................................... x
LIST OF TABLES
Table 1: Title ................................................................................................................. x
Table 2: Title.................................................................................................................. x
[Only include a list of tables if there are two or more tables. Use title case, defined as capitalizing keywords, for table titles.]
LIST OF FIGURES
Figure 1: Title ............................................................................................................... x
Figure 2: Title ............................................................................................................... x
[Only include a List of Figures if there are two or more figures. Use title case, defined as capitalizing keywords, for figure titles.]
Introduction
Education about financial literacy is an important subject that could help students to handle money at school and in the professional world. Students who acquire this knowledge are different from those without because they would make sound financial decisions in an attempt to avoid common financial mistakes. The mistakes most people make while attempting to meet their financial needs are associated with a lack of financial literacy (Amagir et al., 2018). Therefore, this study will focus on the gaps that manifest in the schools regarding financial education, their impacts, and how they can be solved. This paper gives clear and described information on a study that focuses on the gap that is evident in schools on the incorporation of financial education.
Both the youth and the community as a whole enjoy the benefits of understanding and applying the principles of financial literacy. The financial education principle gives the capability of making sound financial decisions. Teachings about financial education tools will help students become skillful and discrete when handling finances in schools. A great future is created when students are equipped with the knowledge of financial literacy (Amagir et al., 2018). With a financial education in place, the first thing students shall do before gambling with their money is to recall the essential concepts of financial management they will have learned from school. The main ticket towards living a debt-free life is being knowledgeable about financial management and that can only be achieved through lessons taught in classes. Youths have always manifested confidence in the way they use money and in fact, most of them believe they are knowledgeable concerning the use of money. However, in real life, the youth struggle with planning their finances and that predisposes them to a life full of debts while they are still young (Amagir et al., 2018). This excessive confidence and state of awareness held by individuals are barriers that need to be cleared out through the use of financial education. There are different programs that a typical school should implement to help train and educate students on matters related to finance. However, most schools focus on programs that emphasize didactics that are practical and theory-based (Blue & Grootenboer, 2019). Most of these didactics are based on benefit plans, which do not fully cover the main concepts of financial literacy. Both students and members (principals, administrators, teachers, housekeepers, secretaries, police officers, guidance counselors, cafeteria workers) of the school, hold some level of misconception about financial literacy.
Background of the Problem
Surveys and research show that teens and youths power the country’s economy at a higher percentage (Amagir et al., 2018). Lack of financial literacy exposes many youths to unending financial management problems. This leads to developing poor money spending habits, and unsuccessfully managing their customer credit. Poor financial habits caused by financial illiteracy always lead to poor budgets amongst teens. According to Amagir et al., (2018), 20% of the high school seniors with savings projects or saving accounts graduate with financial discipline and literacy. However, the fears of these youths getting into adulthood are that they do not understand the principles of saving, spending, earning, investing, or even balancing a checkbook (Faulkner, 2017). Hence, there is an increasing need for students to have financial literacy, which will help create some level of independence and a sense of self-sufficiency and responsibility. With financial literacy in place, students get to understand the basics of financial markets, investment choices, and financial budgeting. As a result, students will avert facing issues of debt, which is a phenomenal trend among adult youths. It is not hard to acknowledge some financial management techniques, especially when interacting with well-informed and planned professionals. Therefore, students with financial literacy will hold discussions with well-learned and informed individuals because they will foresee risks and argue-justify matters at hand (Amagir et al., 2018). Since the financial status of individuals contributes to the economy, there is an increased need to polarize financial literacy within schools.
It is very essential to incorporate the study of financial education in the system because this gives leeway to building and molding better financial accountants for the near future. The students in the learning institutions will become good economic moderators. There are different players in the financial sector whom financial educators would rely on. These include; Entrepreneurs being an originator, challengers, and drivers. They are the persons who create something new. It can be a corporation, an initiative, or a business. They combine land, labor, and capital in an investment (Kirkham, 2016).
Financial Savvy is a person that is well conversant in dealing with expenses, credit, and other money matters. At the same time, this term can mean many different things to different people; the overall idea of being savvy financially emphasizes one notion, hereby maintaining a healthy financial standing through proper planning and budgeting (Kirkham, 2016).
Problem Statement
The problem statement in this research paper defines financial illiteracy among the youth. A greater number of youths and teens lack the financial discipline which should have been taught in financial education. According to the article by Amager et al., 2020, there is a large gap in terms of financial education among teens and youth. The article focused on 15-year old15-year-old students in high school who did not have financial literacy. The revelations in the article call for urgency in introducing financial literacy programs in schools because financial literacy does not only steal from the youth and teens of their economic prosperity but also robs the nation (Lusardi, 2019). Most young adults ignore the importance of financial education and therefore schools should move a step further to introduce the necessary financial education programs.
Purpose of the Study
The purpose of this study is to use both qualitative and quantitative approaches in accomplishing research exploring the subject of financial literacy among youths and teenagers using a mixed-method. The research will take place within the school district of Palm Beach County, Florida. The objectives of the study on financial literacy are:
1. To identify the gaps in the financial literacy education in the schools within Palm Beach County, Florida.
2. To determine the long-term impacts of inadequate financial knowledge to youths and teens through savings and investments. The purpose needs clarity. Also, you need to state the research design.
Population and Sample
Data collected from interviews will be used in developing a thesis for the research topic. Principals from 20 schools around the district will be interviewed while only ten of the curriculum developers across the state of Florida will be interviewed. The school district of Palm Beach County, Florida has about 180 schools and a principal leads each school so that means only 11.1% of the principals will be involved. A random sampling method will be used to select the twenty principals from the schools within the district. In addition, the curriculum developers that will be involved in the research will be selected.
Significance of the Study
The study on financial literacy is very important to an individual, the state, and the US national government. The economy of the US depends much on proper financial planning. If the youth are equipped with the relevant knowledge about how to manage funds, it is a plus for the economy of the United States and the state of Florida because proper financial education leads to informed financial planning which prompts economic development (Amagir et al., 2018). Further, the study of financial literacy gaps in the schools will help the policymakers in curriculum development to plan on introducing holistic financial literacy programs in these schools (Bakar and Bakar, 2020). The financial education programs are aimed at benefiting the teens and the youth as they will be able to acquire immense knowledge on financial management, which will help them become responsible citizens and parents financially (Amagir et al., 2018). The study on financial illiteracy is aimed to pioneer more research into the field of financial literacy.
Add more to the discussion here. Start with significance to participants, and then to policymakers. The discussion here has both individual and policy mixed in the same paragraph.
Nature of the Study
The qualitative research method will be used to collect, compare and interpret different information that will be collected through interviews (Hennink et al., 2020). The qualitative method is appropriate because data for the study will be collected through interviews observations. A narrative design for data analysis will be used to analyze the collected data (Hennink et al., 2020). Narratives will include analyzing the words or stories shared during the interviews to identify the gaps in financial education within the school district of Palm Beach County, Florida.
The advantage of using qualitative research in analyzing financial literacy in education is that it has the power to generate adequate information which is required to answer the research questions on financial education (Hennink et al., 2020). Secondly, the use of qualitative data will ensure that the information provided is specific to the qualitative field of financial education. Lastly, the qualitative approach is a subjective method of research and thus, will answer the question of why there is financial illiteracy among youths and teens in the US (Hennink et al., 2020).
To answer the research questions on financial literacy, a qualitative research method shall be used. The qualitative method is most relevant for this study because it shall provide contexts and an overview of financial literacy in schools. An ethnographic design will be used. This is because it allows first-hand information to be collected. Direct observation and questionnaire interviews shall be used to collect (Jamshed, 2014). The participants will answer interview questions on the state of financial literacy in their schools and what they believe are implications of lack of financial literacy
The qualitative research method shall be used in answering questions on financial literacy because it will lead to deep insights about financial literacy and its impacts on teenagers and youths. Also, the qualitative research method will save money because information shall be collected through interviews and direct observations. The main setback is that, even though the grounded method shall be used to analyze the data, the factor of bias is hard to overcome. Therefore, the findings and conclusions on financial literacy in schools and how it affects youth and teenagers may not be accurate due to the bias factor.
Research Questions
There are three research questions.
1. What gaps are found in financial education among the schools in Palm Beach County, Florida?
2. Are there evident effects of financial illiteracy on the youth and teens within the state?
3. What actions should be taken to address the gaps witnessed in financial education among schools in Florida and nationally?
Theoretical Framework
College students in the United States continue to struggle with massive debt. A majority of adults live from paycheck to paycheck, implying that there are a vast majority of financially illiterate persons. Entrepreneurs in the economy are extremely disappointed with the lack of preparation and financial savvy of recent graduates and prospective candidates. The concept of financial literacy is just a normal unit for most students. Students are learning to pass the examination, only to live beyond their monthly income, cannot purchase a home, cannot subscribe to a monthly insurance plan, and cannot even save for retirement due to the lump sum debt (Draper, 2019).
It is estimated that 44% of Americans can’t cover a $400 emergency without debt. 56% of Americans have less than $10,000 in savings for their retirement (FederalReserve, 2018). Some of these skills should be taught by parents to their children; however, many parents live in great debt. If students are not learning financial skills at home, then it is expected that financial illiteracy will be a norm for many persons. Schools should only facilitate what is being taught at home. Research on financial literacy showed that 27 states received a “C” or lower grade. While students learn mathematics in schools, most schools are not required to teach finance-related curriculum like the concept of compound interest and how to complete a tax return (Champlain, 2019). Teaching personal finance is not just the responsibility of learning institutions as it is not just effective to teach personal finance in a condensed format and expect significant results. The behavior of students learning to save their pocket money should be applied in a manner that enables students to apply what they learn in school. This is because it goes a long way in improving financial literacy in schools (Kirkham, 2016).
Definition of Terms
College students are individuals who have been enrolled in tertiary learning institutions. They majorly pursue degree courses. In this research, they are faced with different financial constraints during their period f study. College students are at a higher risk of getting into depression and stress due to poor financial budgets.
Paycheck to paycheck is a terminology used o define people who would not meet their financial errands without jobs. They highly depend on the salaries and if the salary is not available then they get depressed. They commit their earnings to expenditure.
Financial Literacy entails understanding and effectively using various financial skills, including personal financial management, budgeting, and investing. Financial literacy is the basis of the association with money, and it is an enduring erudition voyage (Lusardi, 2019).
Assumptions
The notion that financial information can be supernumerary for low levels of financial literacy rests on the supposition that less well-informed persons face higher footraces regarding the assortment and dispensation of information and thereby save more on data and search costs when revolving to an advisor. The assumption disregards literature from the study of adult teaching, psychology and behavior change, and the socio-cultural factors that disturb learners (Lusardi, 2019).
Another assumption seems to be that anybody with complications connected to money must have insufficiency in financial knowledge, or the problems would not have happened. The answer is to offer knowledge in individual accountability for one’s achievements and disappointments, which is a vital part of American philosophy. Another supposition is the anticipation that education in financial substances will surge individuals’ literateness and, by allowance, advance their monetary well-being. This assumption disregards non-fiction from the study of adult education mindset and behavior variation (Lusardi, 2019).
Limitations
Based on the discussion under the dissertation, research states that public-choice researchers sought innovative approaches to curb opportunistic behaviors in the absence or limitation of government regulation. Smith capitalism has been criticized by socialist economists. According to ethics scholars, public trust in American business leadership is eroding. Researchers linked a transgression of leadership ethics to a loss of confidence. A research study's limitations are flaws that could prevent the findings from being generalized to other populations. A time constraint was one of the study's limitations. The investigation focused primarily on historical data from 2005 to 2010. Gross profit margin and after-tax profit margin were used to assess economic success. These financial ratios are generated using data from the income statements of the business under consideration. Furthermore, the financial records and regulatory reports that were archived may have been unreliable. As a result, another study restriction was the possibility of incorrect data leading to inaccurate results. The cause-and-effect relationship between variables is reflected in a causal explanation. Statisticians who use a multivariate model get a better estimate of the criterion and predictor variables than those who use a single-variable analytical perspective. The ability of descriptive-correlation researchers to infer causality is restricted. The use of correlation by statisticians does not indicate causality (Hennink, 2020). However, quantitative researchers must determine the sources of a variable's variation to analyze it scientifically. Because the qualitative technique is a subjective research method, it will provide an answer to the question about why there is financial illiteracy amongst teens and youths in the United States. The research method's limitation is that it does not address how these issues began or came to be.
Delimitations
The purpose of research delimitations is to define where a study's scope ends. The study's boundaries will be established. An example is a situation where thousands of securities are listed on three stock exchanges. Even though the study examined a sample of 74 financial services companies classified as SIC 6211, the demographic and industry classification might restrict the generalizability of the findings to other firms in other countries. The purpose of utilizing qualitative research to analyze financial literacy in education is that it can provide enough content to address the financial literacy research questions. Using qualitative data will help ensure that the information presented is relevant to the area of education.
The research study is based on seeking the importance of seeking the value in the incorporation of financial education into the learning program. It analyses the importance and the benefits that are likely to accrue in the teaching of financial education.
Summary
Evidence of the impact of regulatory compliance or misconduct on economic performance has been overlooked in present empirical research (Suparno, 2018).
Educators should thus use the research findings to support the financial education policy. This would provoke a better understanding and knowledge for better economic performance. The theoretical framework gives a comprehensive revelation of financial education. Other supports such as the financial regulatory system are also essential. The financial regulatory system played a major role in the 2008 financial crisis. It was also engaged during the failure of several financial institutions that followed. Personal Finance is a term that covers the concepts of managing money, saving, and investing. It also includes banking, budgeting, mortgages, investments, insurance, retirement planning, and tax planning. An illustration of personal finance knows how to budget, balance a checkbook, obtain funds for major purchases, save for retirement, plan for taxes, purchase insurance and make profits (Lusardi, 2019).
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