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A Dissertation Presented in Partial Fulfillment

of the Requirements for the Degree

Doctor of Education

The Dissertation Committee for certifies approval of the following dissertation:

The Absence of Financial Literacy Taught in School:

The Requirement for Financial Literacy and the Significance of Joining Financial Literacy into School Educational Programs

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Historical Content x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

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 key words, for figure titles.]

UNIVERSITY OF PHOENIX

January 2010

iv

Education about financial literacy is an important subject that helps students handle money at school and in the working world. Students who acquire this knowledge are different from those without because they can make proper financial decisions while avoiding common financial mistakes made by uneducated students. The struggles most people make while attempting to meet their financial needs are associated with a lack of education on finances (Amagir et al., 2018). Therefore, this current work (study) will focus on the background and issues linked with financial literacy with high-school and college students before and after their graduation.  

Both the youth and the community as a whole enjoy the benefits of understanding and applying the principles of financial literacy because this principle gives the capability of making sound financial decisions. Teachings about this vital tool will help students become skillful and discrete when handling finances both in school and at home. A great future is created when students are equipped with the knowledge of financial literacy. The first thing students should do before making decisions concerning the monetary issues, is to grasp the essential lessons and financial principles that will create a conscious state of mind for making essential considerations on the available alternatives on finance when issues arise. The entry card into this world of living a debt-free life and achieving security in finance is the stipulation of financial literacy – a study on financial literacy discovered that the “young respondents” mainly “wish(ed) they had more financial knowledge” (Lusardi, Mitchell, & Curto, 2010, p. 360). This statement from the young respondents would mean they faced financial issues, which might have included debt. Another study conducted by de Bassa Scheresberg (2013) found that the “respondents scored and rated their financial understanding as being high, but their scores on the survey did not demonstrate this high understanding”. This excessive confidence and state of awareness held by individuals are barriers that needs to be cleared out before any form of financial literacy education can have an impact. 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 does not fully cover the main concepts of financial literacy. “With a shift from defined benefit plans to defined contribution plans, many today are responsible for deciding how to save for their retirement and how much they should invest in their chosen plan” (Bumcrot, Lin, & Lusardi, 2013). 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

Currently, many teens and youths who are illiterate about financial management and statistics show that it is now an endemic issue because most youths are struggling to achieve their financial independence (Faulkner, 2017). Another recent survey by the RAND Group in 2015 revealed that teen youth powers most of the country’s economy by about $91 billion, though money management remains the most significant issue to these teens (Amagir et al., 2018). Lack of financial literacy exposes many young teen youths to unending financial management problems, developing poor money spending habits, and unsuccessfully managing their customer credit. Poor financial habits always lead to unwise spending amongst teens. According to Amagir et al. (2018), 20% of the three-quarters of the high school seniors with saving and/or saving accounts graduate with formal knowledge about formal finance. The worries of these young generations getting into adulthood is that they do not understand the principles of saving, spending, earning, investing, or even balancing a checkbook (Faulkner, 2017). In a study by Tennyson and Nguyen (2001), it was suggested that “coupled with Americans’ low rates of saving, heavy use of credit and high rates of bankruptcy, have fueled public concerns that teens need educational preparation to successfully manage their finances in adulthood” (p. 241). Hence, there is an increasing need for students to have financial literacy, which will help create some level of independency and a sense of self-sufficiency and responsibility. Students get to understand the basics of financial markets, investment choices, and financial budgeting. As a result, students will escape from facing issues of debt, as young adults are found to be “characterized increasingly by high levels of debt” (Lusardi, Mitchell, & Curto, 2010, p. 359). 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, its raises an increasing need for financial literacy in schools, as it will affect the state of any nation’s economy.

Problem Statement

The lack of financial literacy is an issue that mostly affects young adults who are just starting to make financial decisions that will impact their lives both in school and later in their future. The lack of financial literacy is even more problematic in young adults between the ages of 23 and 25 (De Bassa Scheresberge & Lusardi, 2014, p. 4). This problem suggests that it is becomes very important to educate younger generations even as they are growing, on the basics of financial principles which will help create a consciousness about the risks or issues that comes with financial problems. Because financial literacy does not only affect individuals but also affect the economy negatively. Not all young adultadults understand their need for understanding the knowledge financial concepts, Hence the need for educational programs on financial literacy. Comment by Patricia Akojie: Need source that is less than 5 years old.

Purpose of the Study

This study aims at assessing the requirement for financial literacy and the significance of incorporating financial literacy into school educational programs. The specific objectives of this study are to: Comment by Patricia Akojie: Needs rephrasing. Significance cannot be a purpose a study.

(ii) Determine whether there exists a correlation between personal finance courses in secondary schools and a high level of financial literacy. Comment by Patricia Akojie: Sounds ambitious to complete both a and b purpose.

Population and Sample

Information will be gathered through an online survey in the form of a structured questionnaire from the participants who are currently employed all through school districts inside the United States . The survey will consist of a minimum of 50 people. The study will consist of grades 7-12 students (i.e., late middle school and high school students) and members (principals, administrators, teachers, housekeepers, secretaries, police officers, guidance counselors, cafeteria workers etc.) who are presently employed within the school districts in Phoenix, Arizona. Comment by Patricia Akojie: Specifically, who? . . . . principals, administrators, teachers, housekeepers, secretaries, police officers, guidance counselors, cafeteria workers? How do you intend to go about interviewing everyone in the UNITED STATES??? This is not a manageable topical issue.

You also need the population size.

Significance of the Study

The significance of the study is that it can develop budgetary capabilities or it can promote money related artistic classes that teach students on the basics of finance management arranging, saving, contributing, investing, and giving. This data builds up a system for students to create strong money penchants from the start and remain safe from countless wrong activities that lead to lifelong fiscal issues. Most financial literacy research is based on evaluating survey results that measure the amount of financial literacy students have at a single point in time. These measures may have flaws or limitations in identifying the true amount of financial literacy possessed by the students. While many studies make a call to action to improve financial literacy by creating educational programs for college students. A study on “seminar-based financial education program” – which was termed ‘Credit Wise Cats’ – conducted by Borden et al. (2008) for college students, showed that the seminar effectively increased students’ financial knowledge, increased responsible attitudes toward credit, and decreased avoidant attitudes toward credit from pretest to posttest. At posttest, students reported intending to engage in significantly more effective financial behaviors and fewer risky financial behaviors” (Borden et al., 2008, p. 23). However, little has been published that identifies the specific need to incorporate financial literacy early on in the school curriculum. It is found that students lack financial literacy and that impacts graduation rates, particularly for minority students and/or students from low-socioeconomic backgrounds (Borden et al., 2008, p. 23). The purpose of this research effort is to identity the need for incorporating financial literacy as early as possible.

References

Amagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56-80.

Arnett, J. J. (2000). Emerging adulthood: A theory of development from the late teens through the twenties. American Psychologist, 55, 469–480. doi:10.1037//0003-066X.55.5.469.

Baum, S.; Schwartz, S. Student Aid, Student Behavior, and Educational Attainment; George Washington University: Washington, DC, USA, 2013; pp. 1–2

Blue, L. E., & Grootenboer, P. (2019). A praxis approach to financial literacy education. Journal of curriculum studies, 51(5), 755-770.

Boissin, J. P., Branchet, B., Emin, S., & Herbert, J. I. (2009). Students and entrepreneurship: a comparative study of France and the United States. Journal of Small Business & Entrepreneurship, 22(2), 101-122. DOI: 10.1080/08276331.2009.10593445

Borden, L., Lee, S., Serido, J., & Collins, D. (2008). Changing college students’ financial knowledge, attitudes and behavior through seminar participation. Journal of Family and Economic Issues, 29(1), 23–40.

Bumcrot, C., Lin, J., & Lusardi, A. (2013). The geography of financial literacy. Numeracy, 6(2), Article 2.

Campbell, J. L. The U.S. financial crisis: Lessons for theories of institutional complementarity. Socio-Econ. Rev. 2011, 9, 211–234.

Cieslick, J., & van Stel, A. (2017). Explaining university students’ career path intentions from their current entrepreneurial exposure. Journal of Small Business and Enterprise Development, 24(2), 313-332

De Bassa Scheresberg, C. (2013). Financial literacy and financial behavior among young adults: evidence and implications. Numeracy, 6(2), Article 5, 1-21.

De Bassa Scheresberg, C., & Lusardi, A. (2014). Gen y personal finances: A crisis of confidence and capability. Madison, WI: Filene.

Wk 2 – Problem Statement, Purpose of Study, and Population and Sample DOC 715

Comment: Thanks for submitting for review. Use this feedback to guide your writing of Chapter 1. Feedback provided in the body of the paper and below.

1. Chapter 1: Problem statement - Literature too old. Need to update sources.

3. Chapter 1: Identify a manageable, clearly defined research problem.

7. Chapter 1: Work on stronger alignment of the problem statement and purpose statement.

8. Work on sentence clarity throughout the document.

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