Theoretical/Conceptual Framework

vgirldesir

financialliteracydissertationexample1.pdf

Home >Education homework help >Theoretical/Conceptual Framework

THE EFFECTS OF A FINANCIAL LITERACY INTERVENTION ON TEACHERS'

FINANCIAL LITERACY, AWARENESS, AND ADVOCACY

Janice Louise Little

A Dissertation Presented in Partial Fulfillment

Of the Requirements for the Degree

Doctor of Management

University of Phoenix

INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted.

In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed,

a note will indicate the deletion.

unauthorized copying under Title 17, United States Code

ProQuest LLC. 789 East Eisenhower Parkway

P.O. Box 1346 Ann Arbor, MI 48106 - 1346

UMI 3648824 Published by ProQuest LLC (2015). Copyright in the Dissertation held by the Author.

UMI Number: 3648824

iii

ABSTRACT

The problem in this quasi-experimental research study is the lack of certainty of whether a

relationship exists between a financial literacy intervention for teachers, which may result in a

positive change in financial literacy, financial awareness, and their subsequent advocacy for

financial literacy courses for elementary and middle school age students. The purpose of this

quantitative study was to examine the effects of a financial literacy intervention on teachers’

financial literacy, awareness, and advocacy. This study used an independent t-test, one-way

analysis of covariance, and chi-square to analyze the data. The results of the analysis showed

there was a statistically significant relationship between financial literacy intervention and

teachers’ financial literacy and teachers’ financial awareness. The results did not indicate a

relationship between the financial literacy intervention and advocacy; however, 69% of the

experimental group and 53.2% of the control group would advocate for financial literacy

courses. Results of this study can be used to provide educators, researchers, and government

officials a broader understanding of financial literacy, financial awareness, and advocacy of

financial literacy courses on the elementary and middle school level. Recommendations to

incorporate financial literacy into teachers’ professional development, a curriculum, an after-

school program and approaching the school board to explore incorporating financial literacy into

a school system were discussed.

DEDICATION

In God’s name, I dedicate this dissertation to my mother, who passed during this dissertation

experience. I will always remember her supportive attitude and belief that I can achieve

anything within Major League Baseball. My father, Henry and my brother, Rupert

who passed on long before this academic journey. I will always remember their entrepreneurial

spirit of chasing dreams and starting a new business. My family, Lindell, Shelia, Wayne,

Allan, Kedrick, Graham, Shonda, Betha, and Rita, continue to provide the motivation, support,

and encouragement for me to chase my dreams. My friend Erika, ongoing support,

encouragement, and displaying courage and persevering during a natural disaster (snow storm).

Angel completed the application for me to start this journey and as one of her role models, I am

including her in this dedication.

ACKNOWLEDGEMENTS

First, I want to acknowledge God for being the head of my life, giving me the strength,

wisdom, and endurance to complete the doctoral program. Second, I want to acknowledge my

mentor, Dr. Carla Lane-Johnson for her guidance, professionalism, expertise, patience and

willingness to provide exceptional mentorship. Thanks to Dr. Anthony Hamlet and Dr. Linda

Pates for accepting my invitation to be on my committee and providing feedback in a timely

manner. I would also like to thank Dr. Ronnie Davis for having the patience of an elementary

teacher, serving as my statistician and allowing me to attend numerous tutorial sessions. I have a

deep appreciation for understanding the numbers. A special thank you to my colleagues, Sandra

Thomas, Linda Coleman, Paulette Bray, Dr. Vonda Washington, Connie Sims, and Algrenon

Nelson for providing support, coverage, and encouragement throughout this journey. Thanks to

the many faculty and administrative staff of University of Phoenix (former Sugar Land and

Houston Central Campus) who encouraged and assisted me in every aspect of my dissertation

pursuit. I want to thank my doctoral peers who started this journey with me and continue to

support me as I make this dream a reality. Thank You, Lonnie Mathews for providing the

intervention in this study. Thank you to all the GOOD Divas who put up with me doing

homework and papers during our DIVAS’ adventures. ArLena Richardson, thank you for being

the best publicist and providing unconditional support throughout all of my educational and

career adventures. Thank you David Casserly and Jump$tart Coalition for allowing me to modify

and use the survey instrument.

TABLE OF CONTENTS

Contents Page

List of Tables……………………………………………………………………………………..x

Chapter 1: Introducation ................................................................................................................. 1

Statement of the Problem ...................................................................................................... 3

Purpose of the Study ............................................................................................................. 4

Significance of the Study ...................................................................................................... 4

Nature of the Study ............................................................................................................... 5

Overview of the Research Method ....................................................................................... 6

Overview of the Design ........................................................................................................ 6

Theoretical Framework ......................................................................................................... 8

Research Questions ............................................................................................................... 9

Hypotheses .......................................................................................................................... 10

Definition of Terms............................................................................................................. 10

Assumptions ........................................................................................................................ 11

Scope and Limitations......................................................................................................... 11

Delimitations ....................................................................................................................... 12

Summary ............................................................................................................................. 12

Chapter 2: Literature Review ........................................................................................................ 14

Title Searches, Articles, Research Documents, Journals Researched, Historical Overview,

and Current Findings........................................................................................................... 14

High School and Financial Literacy ................................................................................... 16

College Students and Financial Literacy ............................................................................ 19

vii

Theoretical Framework ....................................................................................................... 29

Integrating Financial Literacy into School Curriculum ...................................................... 32

Barriers to Integration ......................................................................................................... 32

Financial Literacy Influences .............................................................................................. 33

Advocacy ............................................................................................................................ 33

Summary ............................................................................................................................. 34

Chapter 3: Methodology ............................................................................................................... 36

Research Method and Design Appropriateness .................................................................. 36

Research Questions ............................................................................................................. 39

Hypotheses .......................................................................................................................... 39

Population and Sample ....................................................................................................... 40

Recruiting the Population ................................................................................................... 41

Informed Consent and Confidentiality................................................................................ 41

Geographical Location ........................................................................................................ 42

Data Collection ................................................................................................................... 42

Instrumentation ................................................................................................................... 44

Validity and Reliability ....................................................................................................... 45

Internal Validity and External Validity............................................................................... 46

Data Analysis ...................................................................................................................... 47

Summary ............................................................................................................................. 48

Chapter 4: Results ......................................................................................................................... 49

Statement of the Problem .................................................................................................... 50

Research Questions ............................................................................................................. 51

viii

Hypotheses .......................................................................................................................... 51

Data Collection Procedures ................................................................................................. 52

Data Analysis ...................................................................................................................... 54

Examination of Hypotheses ................................................................................................ 56

Conclusion .......................................................................................................................... 69

Chapter 5: Conclusions and Recommendations ........................................................................... 70

Limitations .......................................................................................................................... 73

Delimitations ....................................................................................................................... 74

Findings............................................................................................................................... 74

Hypothesis One ................................................................................................................... 74

Hypothesis Two .................................................................................................................. 75

Hypothesis Three ................................................................................................................ 76

Implications......................................................................................................................... 77

Implications for Leadership ................................................................................................ 77

Recommendations for Incorporating Financial Literacy .................................................... 79

Recommendations for Future Research .............................................................................. 80

Summary and Conclusion ................................................................................................... 81

References ..................................................................................................................................... 82

Appendix A: Jump$tart Coalition's College Questionnaire (Modified Version/Survey

Monkey) .................................................................................................................. 91

Appendix B: Informed Consent Form ........................................................................................ 108

Appendix C: Premise, Name And/Or Subjects ........................................................................... 110

Appendix D: Informational Email……………………………………………………...………112

Appendix E: Permission to Use An Existing Survey...…………………………………………114

AUTHOR BIOGRAPHY............................................................................................................ 115

LIST OF TABLES

Table 1. Independent t-Test Results/Teachers’ Pretest Financial Literacy

Table 2. Analysis of Covariance Results/ Teachers’ Posttest Financial Literacy

Table 3. Independent t-Test Results/Teachers’ Pretest Financial Awareness (Spending)

Table 4. Analysis of Covariance Results/ Teachers’ Posttest Financial Awareness (Spending)

Table 5. Independent t-Test Results/Teachers’ Pretest Financial Awareness (Saving)

Table 6. Analysis of Covariance Results/ Teachers Posttest Financial Awareness (Saving)

Table 7. Independent t-Test Results/Teachers’ Pretest Financial Awareness (Credit)

Table 8. Analysis of Covariance Results/ Teachers Posttest Financial Awareness (Credit)

Table 9. Chi Square Results of Advocacy (Financial Literacy)

Table 10. Teachers’ Responses to Advocating for Financial Literacy

Chapter 1

Introduction

A great concern among educators is the fact that America’s teenagers are not financially

literate (Varcoe, Martin, Devitto, & Go, 2005). Current educational academic stressors may

create difficulty for students to include financial literacy courses in their academic plan (Borden,

Lee, Sergio, & Collins, 2008). Individuals are finding that financial behaviors impede an

individual’s ability to accomplish long-term goals; for example, owning a home, obtaining a

higher education, and financial retirement (Rosacher, Ragothaman, & Gillispie, 2009).

One of the major problems in the United States is the large amount of consumer credit

card debt. A large number of Americans have deficiencies in managing their finance as

evidenced by a negative national saving rate, consumer debt over a trillion dollars, and

increasing number of individuals filing for bankruptcy (Pickard & Reichelt, 2008). Lucey and

Maxwell (2009) posited that developing financial literacy of youth requires preparing teachers to

teach these important skills. Leech and Fulton (2008) affirmed that educational leaders have to

support the idea of transformational leadership that inspires individuals by renewing their

dedication to the organization’s vision, which includes advocating for financial literacy training.

One of the primary hurdles for educators and financial trainings is teacher education programs

across the nation (Sasser & Grimes, 2010).

Chapter one addressed the problem of the lack of financial literacy, financial awareness,

and advocacy for elementary and middle school-aged students to receive financial literacy

courses by providing an overview of the background, purpose, significance of the study, and

nature of the study. The research problem, questions, and hypotheses were followed by the

conceptual and theoretical framework, definition, scope, limitation, and delimitation of the study.

In 1997, Jump$tart Coalition first survey discovered that only 57.3% of the participating

high school students correctly answered all 30 questions relating to financial literacy (Cory &

Pickard, 2008). Jump$tart conducted different surveys that documented the low level of

adolescent financial literacy. In 2008, the results reveal that financial literacy is even lower; now,

only 48.3% of the students answered all 30 questions correctly, which represents a decrease from

1997 (Cory & Pickard, 2008).

Davis and Durband (2008) asserted that a plausible explanation for the low scores in

America’s high school financial literacy is because of the national education legislation known

as “No Child Left Behind” and college preparation. The focus has not been on courses with

practical application such as financial literacy (Davis & Durband, 2008). “Despite the growing

emphasis on financial education, little attention has been paid to understanding the

characteristics and needs of the population that is pivotal to the implementation and success of

personal financial education --the teachers” (Way & Holden, 2009, p. 64).

Young adults are finding that having sizeable amounts of credit card debts or student

loans, which hinders the ability to accumulate wealth (Lusardi, Mitchell, & Curto, 2010).

Joireman, Kees, and Sprott (2010) posited that credit cards are mostly difficult for college

students, as 91% of the participating seniors had at least one credit card and 56% had four or

more credit cards. College students’ poor choices, lack of knowledge about debt, and not paying

card bills may cause them to withdraw from school (Dale & Bevill, 2007). A large number of

college students are having financial management problems, which include credit card debt that

carries over into their lives after college. Goetz, Mimura, Desai, and Cude (2008) affirmed that

little financial literacy and bad financial management adds to the problem of college students

having high debt levels.

Borden, Lee, Serido, and Collins (2008) asserted that financial institutions have targeted

college students as a source of revenue for a profitable market (Borden, Lee, Serido, & Collins,

2008). According to Grable and Joo (2006), students have an overflow of credit card offers with

special enticements to obtain debt. The mixture of credit card debt, student loans, and making

bad financial decisions are guiding students into a financial catastrophe (Grable & Joo, 2006).

These individuals may not understand the influence of using credit cards, the fees and penalties

associated with using the credit card (Joo, Grable, & Bagwell, 2003).

The total household debt grew four times faster between 2001 and the middle of 2006

than in the 1900s (Weller, 2007). Many adults do not have the basic skills of budgeting and

balancing their checkbook, which is evident in their financial illiteracy that manifest into a large

amount of credit card debt (Cory & Pickard, 2008). The original worldwide financial crisis of the

modern banking-financial era was in 2007, which started in the United States and every type of

financial market felt the impact (Rehman, 2010). The recent economic downturn is the direct

results of the devastations from top leaders misconduct and mismanagement of the firm’s assets

(Rakotobe-Joel & Sabrin, 2010).

Statement of the Problem

The root cause of many financial management problems is that the lack of personal

financial literacy and basic personal financial skills are not being taught in school system except

sporadically across the states (Wilhelm & Chao, 2005). Young people are acquiring huge amount

of student loans and credit card debts and one critical need is for researchers to explore students’

financial knowledge (Lusardi et al., 2010). Americans are overextended and deep in debt because

of consumers having readily accessible credit, insufficient emergency savings and not having

self-control. Consumers spending during the boom of 2002 to 2007 were a major issue that

influenced the domestic and international imbalances (Schneider & Kirchgassner, 2009). The

high levels of consumer debt, alarming rates of bankruptcy, poor financial management, and low

financial literacy needs demonstrates a need for financial education (Fox, Bartholomae, & Lee,

2005).

Individuals do not have the financial literacy that is needed to make crucial financial

decisions concerning their best interest (Perry, 2008). The specific problem is the lack of

certainty whether a relationship exists between a financial literacy intervention for teachers,

which may result in a positive change in financial literacy, financial awareness, and their

subsequent advocacy for financial literacy courses for elementary and middle school age

students.

Purpose of the Study

The purpose of this quantitative, quasi-experimental study was to examine whether a

financial literacy intervention can influence changes in teachers’ financial literacy, financial

awareness, and advocacy for elementary and middle school-aged students to receive financial

literacy courses. Quantitative research problems entailed showing the influence that one or more

sets of variables have on other variables. Creswell (2005) identified the four criteria to determine

the appropriateness of quantitative research. 1) measurement of the variables is possible, 2)

assessing the impact of the variable is possible, 3) results can be used to test theories or provide

explanations, and 4) the results can apply to a large group of people.

Significance of the Study

Low financial literacy and bad financial management behaviors are contributing factors

to the high consumer debt levels, disturbing rates of bankruptcy, and foreclosures. These

financial behaviors have proven a need for financial education (Fox et al., 2005). “Without a

collaborative financial literacy and social change effort combining the best thinking of financial

planners, business, government, employers, and mass media, at-risk middle America’s

undereducated choices and unfortunate decision in mismanaging their retirement years pose a

serious threat to the nation” (Neiser, 2009, p.57).

Rakotobe-Joel and Sabrin (2010) affirmed that the business world has not focused on

business leaders’ financial behaviors, which directly relates to top executive misconduct and

mismanagement of their firm’s assets. Economist, business owners, financial planners,

government officials, and educators may benefit from this study as it offers insight into how a

financial literacy intervention may influence teachers’ financial literacy, financial awareness, and

their advocacy for elementary and middle school aged students to receive financial literacy

courses as well as make recommendations for further research. The significance of the study was

that it may create new knowledge about financial literacy interventions, teachers’ financial

literacy, and awareness. Teachers may also advocate for elementary and middle school-aged

students to receive financial literacy courses. This study adds to previous research on the topic of

financial literacy, financial awareness, and advocacy. The research study contributes to the

knowledge participants could gain from the awareness of their financial literacy that may assist

with managing their personal and business finances. The results of this research study are useful

for the National Council on Economic Education, Jump$tart Coalition, and the President’s

Advisory Council on Financial Literacy.

Nature of the Study

Quantitative studies examine the relationship between variables using research questions,

hypotheses, and data collection with statistical tests (Neuman, 2003), whereas, qualitative studies

focus on perceptions and experiences (Sorin-Peters, 2004). A quasi-experimental design was

used in this study, which entailed using a pretest, an intervention, and a posttest. This design

showed the relationship between the financial literacy intervention and how it influenced

teachers’ financial literacy, financial awareness, and advocacy for students to receive financial

literacy courses. True experimental designs are the most rigorous experimental designs to show

causation, in education it is not always feasible to randomly select participants to treatments of

the independent variable (Creswell, 2005). Shuttleworth (2008) affirmed that a quasi-

experimental design is the most commonly used research design in educational environment.

Quasi-experiments entail choosing groups without any random pre-selection process and testing

a variable (Shuttleworth, 2008). This design used a sample of convenience.

Overview of the Research Method

Several research methods could be used to address the variables in this study, for

example mixed methods, qualitative, or quantitative. According to Howe (2004), the notion of

experimentation is problematic in qualitative research. Quantitative research attempts to examine

a cause-effect relationship through investigating the past factors and discovering the cause,

significant relationship, meaning and suggested characteristics (Simon & Francis, 2001). This

examination entails comparison of two groups.

Overview of the Design

This study used a non-equivalent control group design. A quasi-experimental design

involved individuals not be randomly assigning to the experimental or control groups. Salkind

(2009) asserted that non-equivalent control group design is the most frequently used design when

randomization is not possible. This design showed the relationship between the financial literacy

intervention, financial awareness, and advocacy for financial literacy courses for elementary and

middle school-aged students.

Both groups of suburban school district teachers were administered a pretest regarding

financial literacy, financial awareness, and advocacy before the treatment. At the onset, teachers

were informed that the materials would assist them in enhancing their financial knowledge.

Furthermore, those teachers who remained in the experimental and control groups received a

posttest.

Following the pretest, the experimental group of teachers received access to Alliance

Financial Ministries’ Money University webinars. Money University is a six-lessons money

management course designed to assist with improving an individual’s financial well being

(Mathews, 2012). Alliance Financial Ministries’ founder hosted the six sessions, which were

approximately 45 minutes per session. The topics included: 1) Organizing Your Financial Life,

2) Banking and Budgeting, 3) Loans and Credit Cards, 4) Debt and Debt Management, 5) Saving

and Investing, and 6) Understanding Interest and Insurances.

The control group of teachers (those teachers not exposed to Alliance Financial

Ministries’ webinar) did not receive the intervention. The sample selection was based upon a

group of teachers who were in a position to influence change in financial curricula for students.

Leadership influences change in the actions of others as an activity to achieve desired results

(Nowicki & Summers, 2007). The identifiable independent variable was financial literacy and

the dependent variables were financial awareness and advocacy for elementary and middle

school-aged students to receive financial literacy courses as measured by the pretest and posttest.

By raising awareness of financial literacy, teachers can advocate for students to receive financial

literacy courses.

Theoretical Framework

Teachers are in a position to influence change in students’ behaviors as well as their

peers’ behavior, which could be instrumental in leading change within the organization.

Nowicki and Summers (2007) affirmed that leadership influences change in the actions of others

as an activity to achieve desired results. The guiding premise for this study was Rogers’ (1995)

adoption and diffusion theory and Transtheoretical Model of Change. A basic understanding of

the theory includes defining innovation and diffusion. Innovation is introducing a new idea,

practice, or object to people or other units of adoption (Rogers, 1995). Diffusion is the way in

which the new idea, practice or object is communicated throughout the system (Rogers, 1995).

This system refers to the setting, culture, and environment in which people are involved. System

was defined as a set of interrelated units that are engaged in joint problem-solving to accomplish

a common goal (Rogers, 1995). Straub (2009) affirmed that social standards and structure

influences and affect how innovation penetrates a group or organization.

Xiao and Wu (2008) affirmed that it is necessary to identify a theory, because the theory

could assist with recognizing the key factors related to the targeted behavior. The relevant

theoretical framework was the Transtheoretical Model of Change (TTM), which studies methods

to motivate individuals to change unwanted behaviors and develop positive behaviors through

stage matched intervention (Schuchardt, Hanna, Hira, Lyons, Palmer, & Jing Jian, 2009).

Limited research has concentrated on measuring the effectiveness of an intervention or the

process of reducing debt research. Xiao, Newman, Prochaska, Leon, Bassett, and Johnson (2004)

conducted the first study using the transtheoretical model of change to measure consumers’

willingness to eliminate credit card debt. Shockey and Seiling’s study (2004) used the trans-

theoretical model of change to measure financial behavioral changes of participants who

participated in a financial education program.

This theory can also assist with understanding how individuals can use motivation to

reduce debt and increase savings (Schuchardt et al., 2009). The trans-theoretical model of change

key constructs includes the stages of change, processes of change, decision balance, and self-

efficacy (Xiao et al., 2004). When members of an organization participate in the planning and

implementation of change, meaningful change takes place during the process (Leech & Fulton,

2008). The basis for the conceptual framework includes financial literacy, financial awareness

and advocacy and their relationship.

Research Questions

The research question is the proposition that shapes a study’s object (Cooper &

Schindler, 2003). Research questions are the essential tools to find facts and collect information

(Cooper & Schindler, 2003). Identifying the problem and purpose statement, significance, and

nature of the study, leads to the following research questions:

1. Is there a significant difference in the financial literacy of teachers who receive a

financial literacy intervention and those teachers who will not receive a financial literacy

intervention?

2. Is there a significant difference in the financial awareness of teachers who receive a

financial literacy intervention and those teachers who will not receive a financial literacy

intervention?

3. Is there a significant difference in the advocacy of teachers who receive a financial

literacy intervention and those teachers who will not receive a financial literacy intervention?

Hypotheses

Ho1: A financial literacy intervention does not significantly increase teachers’ financial

literacy.

Ha1: A financial literacy intervention significantly increases teachers’ financial literacy.

Ho2: A financial literacy intervention does not significantly increase teachers’ financial

awareness.

Ha2: A financial literacy intervention significantly increases teachers’ financial literacy

awareness

Ho3: A financial literacy intervention does not significantly influence teachers so that

they advocate for elementary and middle school aged students to receive financial

literacy courses.

Ha3: A financial literacy intervention does significantly influence teachers so that they

advocate for elementary and middle school aged students to receive financial literacy

courses.

Definition of Terms

Alliance Financial Ministries (AFM): A non-profit organization whose mission is to

promote financial literacy (Mathews, 2013).

Advocacy: An approach where an individual goes beyond the traditional “give and take,”

based on theoretical premises and techniques. The individual have a nonjudgmental attitude,

patience and persistence, honest belief that change can be achieved for an individual, group, or

issue (Field & Baker, 2004).

Financial Awareness: Successful strategies and informed judgments for making

thoughtful spending, saving, and credit use decisions (Schagen, 2007, as cited in ANZ, 2013).

Financial Literacy: Relates to a person’s competency for managing money (Remund,

2010).

Money University Webinar: A money management course webinar that assists

individuals with improving their financial well-being (Mathews, 2013).

Teachers: Individuals who teach elementary and middle school courses within the

suburban school district.

Texas Suburban School District: A school district located outside of an urban area in

Texas.

Trans-Theoretical Model: TTM are stages of change, processes of change markers of

change, and context of change (Palmer, Bliss, Goetz, & Moorman, 2010).

Assumptions

The following assumptions are made regarding this study. One assumption was that all of

the teachers would complete the pretest, posttest, and participate in the financial literacy

intervention. The second assumption was that the selected population is a representation of

teachers across the school district. The third assumption was that the financial literacy

intervention would be user friendly. The fourth assumption was that participants would be

receptive to sharing information regarding their financial literacy, awareness, and willingness to

advocate for financial literacy.

Scope and Limitations

The scope of the study consisted of teachers who were employees of the suburban school

district. This was an experimental study to test whether or not a financial literacy intervention

has an influence on teachers’ financial literacy, financial awareness, and advocacy for

elementary and middle school aged students to receive financial literacy courses. The plan was to

use an experimenter who is unaware of the anticipated results to avoid experimenter bias.

Delimitations

The delimitation of this study consisted of elementary and middle school teachers who

teach kindergarten to eighth grade students in the state of Texas. Elementary and middle school

teachers were selected because of the United States’ mandate (President’s Advisory Council,

2008) for financial education for all Kindergarten through 12th grade students. In 2008, the

President’s Advisory Council on Financial Literacy recommended that the United States

congress or state legislatures must order financial education for all Kindergarten through 12th

grade students. Maloney (2010) affirmed that a small number of schools have addressed financial

literacy from Kindergarten to 12th grade. Elementary and middle school teachers are in a

position to build a foundation that impacts students’ financial literacy. Greenspan (2005) stated,

“improving basic financial literacy at the elementary and secondary levels could provide a

foundation of financial literacy that could help prevent young people from making poor financial

decision that could take years to overcome” (p. 65). The study was delimited to the examination

of teachers’ financial literacy, awareness, and advocacy. Teachers’ personal and business

financial behaviors were not considered.

Summary

Chapter One identified the specific problem as the lack of certainty whether a

relationship exists between a financial literacy intervention for teachers, which may result in a

positive change in financial literacy, financial awareness, and their subsequent advocacy for

financial literacy courses for elementary and middle school age students. An overview of

financial literacy background, purpose of the study, significance of the study, and nature of the

study provided insight into the development of the research questions and hypotheses. The

discussion of the conceptual and theoretical framework, definition, scope, limitation, and

delimitation of the study identified the relevance of the study among other studies, clarified the

terms used in the study and specified the limitation of the study. Additional relevant studies and

important issues are provided in chapter two.

Chapter 2

Literature Review

The purpose of chapter two was to identify the literature findings on the subjects of high

school students and financial literacy, college students and financial literacy, families and

financial literacy, teachers and financial literacy, theoretical framework, integrating financial

literacy into school curriculum, barriers to integration, financial literacy influences, and

advocacy. These subjects directly related to the purpose of the research study, which was to

examine whether a financial literacy intervention can influence changes in teachers’ financial

literacy, awareness, and advocacy.

Title Searches, Articles, Research Documents, Journals Researched, Historical Overview,

and Current Findings

A significant amount of information is available on financial literacy, high school and

college students’ financial literacy, but previous literature did not address the possible

relationship between financial literacy intervention and teachers’ financial literacy, financial

awareness, and advocacy. The literature review focused on the problem statement, purpose

statement, and variables. The search focused on three main areas, students and financial literacy,

teachers and financial literacy, and advocacy. The key terms consisted of financial literacy, high

school and financial literacy, college students and financial literacy, families and financial

literacy, teachers and financial literacy, integrating financial literacy, barriers and financial

literacy, financial literacy influences, and advocacy.

The search for relevant information required using many resources, which included peer

reviewed articles from the University of Phoenix’s EBSCOhost database, ProQuest database and

Business Source Complete database. Google and Yahoo search engine were resources used to

locate additional peer reviewed articles, books, and government reports.

The current increase of bankruptcies, consumer debt, and housing foreclosures has

prompted government to incorporate a mandate that requires students to be proficient in

economics and financial literacy (Yates & Ward, 2011). Hogarth (2002) asserted that the

previously, the subject of financial literacy has been on the agendas of government agencies,

community organizations, educators, businesses, and policy makers. It appears that everyone is

discussing financial literacy and creating substantial initiatives targeting addressing the issue

(Hogarth, 2002).

The No Child Left Behind Act of 2001 prompted many states to reevaluate their

academic standards in mathematics and reading (Maloney, 2010). This provided states an

opportunity to consider including financial education in mathematics and reading. High school

students are required to be proficient in financial literacy and economics in numerous states

(Maloney, 2010). In the United States, the Financial Literacy and Education Improvement act

was created to improve financial literacy and education, this was also part of the Fair and

Accurate Credit Transactions (FACT) Act of 2003 (Schuchardt et al., 2009).

In 2008, President George Bush created the first President’s Advisory Council on

Financial Literacy (Maloney, 2010) encouraging the American people to focus on financial

literacy and the government to create policies. The Council (2009) presented a report

recommending schools, workplaces, colleges and universities, non-profit organizations, and

government to improve financial literacy (Maloney, 2010). One of the first recommendations

from the Council (2009) was that the United States Congress and legislatures should order

financial education for all Kindergarten through 12 grade students. A large number of school

districts have financial literacy initiatives but a few states have ordered financial literacy for the

classroom (Maloney, 2010).

The National Council on Economic Education (NCEE) has the only national set of data

that tracks the progress of personal finance and economics (Yates & Ward, 2011). Thirteen states

graduation requirement includes students taking a personal finance or economics class before

graduating. In addition, nine states have a requirement to test the students’ knowledge on

personal finance (Yates & Ward, 2011). Lucey and Maxwell (2009) affirmed that developing

financial literacy of youth requires preparing teachers to teach these critical life skills.

High School and Financial Literacy

Financial literacy is having the knowledge and skills to make effective decisions

regarding the management and use of money (Noctor, Stoney, & Stradling, 1992; Beal &

Depachitra, 2003; ANZ, 2008). In 2007, Jump$tart Coalition for Personal Financial Literacy

published the National Standards in K-12 Personal Finance Education (Jump$tart Coalition,

2013). A resource that provides a program design and evaluation framework that combines

financial concepts into existing course (Maloney, 2010). In 2013, Khan Academy and Bank of

America developed a partnership to learn the “why” and “how” behind personal finance

(http://www.bettermoneyhabits.com/en/home.html#fbid=vbT36CTdPR-). This collaboration was

developed to assist with putting knowledge into practice. Casserly (2006, as cited in Jump$tart

Coalition for Personal Financial Literacy, 2013) reported that 17% of the high school senior

participants who took the 2006 Jump$tart survey, completed a money management or finance

course. Conversely, the high school participants scored an average of 52.4%.

Jump$tart 1997 survey results revealed that the average high school student could not

successfully complete an easy exam on financial literacy. The results of the 2000 and 2002

http://www.bettermoneyhabits.com/en/home.html#fbid=vbT36CTdPR-

showed a decline from that low level. The results of the 2004 and 2006 survey showed the

descending trend in financial literacy might have changed; however, the results in 2008 exposed

the lowest results, which indicated a need for improvement. The Jump$tart survey (2008) of high

school students revealed a decrease of 4.1% from the number of correct scores of the 2006

Jump$tart survey. This survey was categorized into four components, 1) money management, 2)

income, 3) saving and investing, and 4) spending.

The 2008 results revealed that the students scored the highest on the question relating to

income with an average of 56.1%. The students had the lowest scores on the questions relating to

money management with an average of 40.9%. The overall score for saving and investing was

43.2% and spending was 50.8% (Jump$tart, 2013). Norvilities, Merwin, Osberg, Roehling,

Young, and Kamas (2006) used the Jump$tart survey to decide whether or not college students

had more financial knowledge than high school students. Mandell (2006) asserted that generally

financial literacy has not improved with education based on the results of the first four Jump$tart

surveys.

Gratton-Lavoie and Gill’s (2009) study assessed the knowledge of students who had

received formal economic classes during their high school senior year. The sample in the study

included seven high schools in two large school districts in Orange, California. A semester of

economics was one of California High School graduation requirements. This study measured the

students’ economic knowledge before they received the required senior-year economics

instructions, it focused on the differences in students’ economic literacy based on their ethnicity

and gender.

Gratton-Lavoie and Gill (2009) analyzed improvements in economic knowledge among

students after they completed one-semester economics course by gender and ethnicity. The study

revealed that the students’ initial knowledge of economics was not strong. White students

obtained the highest pretest TEL score, followed by Asians, and Hispanics, and males out

performed females (Gratton-Lavoie & Gill, 2009). The post-test revealed that there was not a

significant difference on being Hispanic, relative to White, on post-test scores, once there was

control for differences in pretest scores. Asian students performed better on the post-test,

controlling for pretest scores, even though the sample size for Asians was small (Gratton-Lavoie

& Gill, 2009).

Valentine and Khayum (2005) conducted a study examining the relationship of economic

socialization factors, urban and rural high school students, and their financial literacy. The

economic socialization factors included the number of hours students worked, student car

ownership, students’ use of checking and savings accounts, the number of students’ credit cards,

and the amount students saved each week. The study’s questionnaire was divided into six

particular topics: 1) checking and savings, 2) credit cards, 3) food purchases, 4) automobile

insurance, 5) housing rental, and 6) car purchases. The economic socialization questions

pertained to the students’ family backgrounds, the students’ participation in financial decision-

making, education ambitions, projected family incomes, and the number of completed business

classes, and several other demographic characteristics.

The results revealed that none of the students scored above 53% on credit card questions,

none of the students scored above 47% on automobile questions, and none of the students scored

over 54% on food purchases question. The students who scored 60% on questions relating to

checking and savings accounts had parents who were both college graduates, had used four or

more credit cards, and projected family income between $50,000 and $75,000 or over $100,000.

The students who scored 60% on questions relating to car purchases had parents who had post-

secondary educations, lived with their biological father and step-mother, had projected family

income of $125,000 or more, and had completed three or four other business or economic

classes.

Valentine and Khayum’s (2005) study also revealed that there were not any significant

differences in overall financial literacy between urban and rural high school students. There was

a significant difference in knowledge between the two groups of students with regard to

automobile insurance, housing rental, and food purchases. In particular, the urban high schools

students’ scores were higher than the students from rural high schools in the housing rental and

food purchases categories. The rural high school students on average attained higher scores than

the urban students in the automobile insurance category. Some of the economic socialization

factors contribute to financial literacy, for example, working 10 to 20 hours a week, having a

savings account, and being a member of a family with income between $50,000 - $75,000. The

findings suggested an opportunity to use different economic socialization factors in pedagogical

techniques and in the design of personal finance curriculums (Valentine & Khayum, 2005).

College Students and Financial Literacy

Yates and Ward (2011) conducted a study to examine how financial knowledge transfers

from high school level to college level and to adult level. The goal of the study was to evaluate

the content areas of personal financial education and determine the alignment while examining

the competencies at the high school, college and adult levels. The results revealed there is a

societal deficiency in personal financial literacy and there was no evidence of any progression of

financial literacy being threaded from high school level through college and then into adulthood.

Yates and Ward (2011) stated, “financial educators, policy makers/state mandates, and course

curricula need to be better informed how knowledge is threaded through these levels” (p. 65).

Joo’s, et al. (2003) study found that multiple credit cards figure has increased, reporting

that 70% of all undergraduates at four-year institutions have at least one credit card. On the

collegiate level, students are expected to have the essential financial knowledge to handle a

difficult and stressful lifestyle with limited financial resources (Chen & Volpe, 1998). Their

parents’ finance support provided the financial safety net, which is often limited from many of

the first generational college students’ life (Kashworm, 2003). The students enter into a new

environment that exposures them to access to student loans, credit cards, financial aid, a different

set of peers, and employment without the necessary skills and knowledge that is required to

manage and succeed (Joo et al., 2003).

Volpe, Haiyang, and Pavlicko’s (1996) study examined college students’ personal

investment knowledge and the relationship between investment literacy levels, academic

discipline, experience and gender. They affirmed that personal investment decisions couldn’t be

exaggerated because these decisions directly impact on the person’s quality of life. The “What’s

Your Investment IQ?” was the instrument used because it covered a variety of personal

investment topics, for example, risk, stocks, bond mutual funds, financial advisor qualifications,

business math, global investing, diversification, tax planning and impact of interest rate change.

The results revealed that on average the individuals’ personal investment knowledge was

wholly insufficient (Volpe et al., 1996). Examining the responses showed illiteracy was spread

through different topics relating to personal investments basics. 59% of the participants correctly

answered questions relating to financial advisor qualification and 56% answered questions

relating to diversification and mutual fund performances. Only 53% answered questions

correctly on bonds and 52% on business math. A larger gap was revealed in the participants’

knowledge about risk, stock market valuation, global investing, impact of interest rate changes

and tax planning. 48% of the participants correctly answered question relating to risk, 33%

correctly answered questions relating to stock market valuation, 38% correctly answered

questions about global investment, 28% about interest rate changes, and 17% about tax planning

(Volpe et al., 1996).

Volpe’s et al. (1996) study investigated the differences between female and male

participants’ knowledge about investment basic. The results revealed that the correct number of

answers for female participants’ were lower than those of the male participants. The differences

were more evident in the areas of business math, stock valuation, mutual funds, and global

investment performances.

Volpe’s et al. (1996) study also attempted to show evidence about difference in

participants’ level of investment literacy. The sample population consisted of business and non-

business students. The business majors were also divided into finance and accounting majors and

non-finance and accounting majors. The results revealed that business majors had a higher IQ

score than those of non-business majors. The finance and accounting majors scored higher than

the marketing and management majors. The findings suggested that additional education in the

business field, particularly in finance and accounting areas could assist college students with

enhancing their investment knowledge (Volpe, et al., 1996).

Volpe’s et al. (1996) study investigated if there was a difference in the IQ scores of

students in terms of previous investment experience and age. Those students who had previous

investments experience in stocks, mutual funds, and bonds before participating in the study were

classified as prior investment experience and the others were classified as not having experience.

The results revealed generally low IQ scores, which suggested investment illiteracy existed

through all age groups with or without prior investment experience (Volpe et al., 1996).

Chen and Volpe (1998) conducted a study to examine college students’ personal financial

literacy, the association between students’ characteristics and literacy, and the influence of the

literacy on students’ decisions and opinions. This study had three purposes: 1) Provide evidence

of college students’ personal financial literacy, 2) test why some college students are

comparatively more knowledgeable than others, and test how students’ knowledge influences

their decisions and opinions relating to personal financial issues.

Chen and Volpe’s (1998) questionnaire was created to include main features on personal

finance, which includes general financial literacy information on borrowing, saving, investments,

and insurance. To refine the questionnaire, a pilot study was conducted. Chen and Volpe (1998)

affirmed that the most of the students were in the early stages of their financial life cycle. The

students were introduced to financial issues pertaining to basic financial literacy information,

borrowing, savings, investment, and insurance. Chen and Volpe (1998) asserted that the majority

of the students’ incomes were spent on consumption rather than investment.

The results of the study revealed that students’ educational background had a significant

influence on their knowledge. The business major students were more knowledgeable than the

non-business major students. Sixty point seventy-two percent of the business major students

answered the questions correctly; whereas, 49.94% non-business major students answered the

questions correctly. Graduate students knew more than the undergraduates, junior, and senior

students were more knowledgeable than sophomore and freshman students. The results also

revealed that female students scored 50.77% correct answers, which were lower than the 57.40%

of correct answers of the male participants. Participants from different ethnic backgrounds had

different financial knowledge levels. Chen and Volpe (1998) affirmed that none of the groups

could maintain the highest total through the four segments. Foreign students scored lower than

the Americans and African-American students scored the lowest through the different segments.

Chen and Volpe’s (1998) study also investigated college students’ ages and work

experience, the students who had more experience at work were more knowledgeable than those

with less experience at work. Students who were in the subgroup age of 23 to 29 and 40 or older

had more knowledge than the other groups. Students who were in the category of having higher

personal income correctly answered more questions than those with lower income. Overall, Chen

and Volpe’s (1998) study suggested that the need for college students to improve their personal

finance knowledge. Previous research has provided evidence and this study’s findings suggested

that our educational system has a lack of personal finance education (Chen & Volpe, 1998).

Maurer and Lee (2011) compared students’ learning gained from teaching financial

literacy using two approaches, peer financial counseling and traditional classroom instruction.

The participants received instructions through a family economic course or one hour per led

session. The results indicated similar learning improvements between the two methods on

planned financial behaviors and shared content.

Hayes (2012) identified numerous higher education programs that are spreading

awareness of good money management principles to students. Hampton University offers a

mandatory class on financial literacy to freshman students. Cal State Fullerton’s Mihaylo

College of Business and Economics has a program with a component that encourages middle

school students to save for postsecondary education. Clark Atlanta, Spelman, and other

Historical Black Colleges and Universities (HBCU) have partnered with Operation Hope to offer

Banking on Our Future, which is a curriculum based workshop that focuses on effective money

management. Hayes (2012) asserted that most universities are addressing financial literacy, loan

repayment, wealth building, home ownership, and credit management.

Families and Financial Literacy

Worthington (2006) studied the impact of financial literacy on employment status, family

and personal income, age of individual and motivation. The study used ordered logic models to

examine socioeconomic, demographics, financial characteristics, and financial literacy in adults

(Worthington, 2006). Males, older adults, professionals, executives, farm owners, semiskilled

trade, small business owners, university educated individuals, and those with a higher level of

income, mortgage debt and savings have a greater likelihood of a high level of financial literacy

(Worthington, 2006). Whereas, the unemployed, females, people with occupations of farm

workers, and individuals with an educational level that is year 10 or lower, year 12 or technical

college have a greater probability of a low level of financial literacy (Worthington, 2006).

The educational attainment (university) was incorporated in the study, but particulars

about the participants studied or the level of performance (other than completion) were not

known. Numerous financial covariants, such as savings, income, and debt, were included, but

limited details were known about their arrangement and if the arrangement contributes

differently over time (Worthington, 2006). Worthington (2006) affirmed that attempts have been

made to link financial literacy to financial behaviors and financial outcomes.

Since Worthington’s study (2006), several research studies have addressed financial

literacy and financial behaviors. Lusardi and Tufano’s study (2009) revealed that individuals

with low financial literacy are more likely to have debt problems. Their study found a strong

relationship between debt literacy, and debt burdens and financial experience. The individuals

who lack the knowledge and understanding of how the United States financial system works are

more likely to experience a larger debt burden and experience more high-cost debt services than

those with more knowledge (Lusardi & Tufano, 2009). Those individuals are less likely to invest

in the stock market (van Rooij, Lusardi, & Alessie, 2007), less likely to select mutual funds with

lower fees (Hasting & Tejeda-Ashton, 2008), less likely to build and manage wealth effectively,

(Stango & Zinman, 2007), and less likely to plan for retirement (Lusardi & Mitchell, 2009).

Hilgert, Hogarth, and Beverly (2003) discovered that financial education positively

influences consumer financial behaviors. Kim’s (2007) study revealed that workplace financial

education contributed to positive financial behaviors. Several studies attempt to demonstrate the

contributing factors on the effect of financial literacy. Bad financial choices harm productivity in

the workplace (Kim & Garman, 2004). Volpe, Chen, and Liu (2006) survey results indicated that

basic personal finance as a significant area in which employees’ knowledge was deficient and

suggested implementing educational programs that concentrate on improving basic personal

finance knowledge.

Schwab (2010, as cited in Schwab, 2013) affirmed that parents of children known as

Baby Boomers have been referred to as the “sandwich generation” reflecting the stress of caring

for elderly parents and raising children. Schwab’s Families & Money study (2010) revealed that

41% of “sandwich generation” parents continue to financially support to their adult children.

The parent participants cited that unemployment (31%) and college debt (32%) as the primary

reasons for supporting their children. These parents also believed that certain financial stressors

were within their children’s control (Schwab, 2013).

These parents also cited consumer debt (19%) and overspending (25%) as reasons for

their children late independence. This survey also indicated that parents whose children did

regular household chores growing up were more likely to believe their young adult children were

“very financially responsible” (53%) as compared to the parents whose children did fewer or no

household chores (46% and 39%). Those parents whose children did any regular chores also

viewed themselves as being poor financial role models (Schwab, 2013).

Schwab’s Families & Money study (2010) also revealed that parents believed main three

money management area that their children need to improve were: 1) budgeting and staying

within the budget (48%), saving money (42%), and investing wisely (33%). Two-thirds of

parents (66%) considered that the recent economic recession had a silver lining. The participants

learned two lessons, which included living within their means (49%) and being actively involved

with their finance (43%) (Schwab, 2013).

There were several significant differences in the relations to the women versus men

outlook. Women were more likely to have positive changes in their behavior, which included

discussing finance with their children (59% versus 47%). Women were less likely to reveal that

there has been any silver lining to the economic recession (29% versus 39%). Another prevalent

families and financial literacy study was the Financial Literacy Survey of adults.

The National Foundation for Credit Counseling, Inc. conducted the 2010 Financial

Literacy Survey of adults, which revealed that 34% of the participants gave themselves a C, D,

or F as a grade. Seventy-eight percent of the participants agreed that they could use the advice,

recommendation, and assistance from a financial expert, and 31% strongly agree. Forty-three

percent of the participants careful monitor their spending; however, 56% do not use a budget,

and 5% ignore their spending and do not understand how much they are spending on

entertainment, food, and housing.

Hogarth (2002) identified a consistent theme through the different definitions of financial

literacy. The themes include 1) being educated, knowledgeable, and informed on the issues of

banking, investments, taxes, credit, insurance, managing money and assets, 2) understanding the

fundamentals of money management and assets, and 3) using that knowledge and understanding

to plan and make informed financial decisions. Financial literacy is important to family

households and to the communities (Hogarth, 2002).

Hogarth (2002) asserted that numerous organization and agencies have initiatives for

financial literacy, which include government agencies, schools, military, faith-based

organizations, cooperative extension, colleges, employers, and others. These organizations have

an interest in sharing resources to address five broad categories. These categories include credit

management and repair, basic financial services and asset building programs, avoiding abusive

lending practice, homeownership counseling, small business and micro-enterprise technical

assistance (Hogarth, 2002).

Xiao, Newman et al. (2004) asserted that little research has concentrated on the process

of reducing debt and measuring the effectiveness of intervention to eliminate excessive debt and

change behaviors. They conducted a study using the Transtheoretical Model of Change (TTM) to

measure consumers’ willingness to eliminate consumers’ credit card debt. TTM key constructs

include the stages of change, decisional balance, self-efficacy (confidence), and the process of

change.

The measure included 24 items for process or change, eight items for decisional balance,

and six items for self-efficacy (Xiao, Newman et al., 2004). This instrument was developed to

measure individuals’ willingness to change their behaviors and could assist professionals with

understanding their clients’ intention to change. Xiao, Newman et al. (2004) recommends

considering the following to individuals who are interested in financial education programs: 1)

designing an educational program that targets behavioral change, 2) developing educational

components that match the stages of change, 3) discussing pros and cons of the target behavior,

4) using confidence items in case discussion, and 5) using data collection and program

evaluation.

Xiao, O’Neil, Pochaska, Kervel, Brennan, and Bristow (2004) conducted a study to

identify change procedures that are pertinent to an individuals’ goal achievement behavior and

the stages of change. The study results revealed that theory-based programs are productive and

worthwhile, the TTM is a valuable model for creating a financial education program, the TTM

defines several unique change strategies compared to other change theories. Their

recommendations consisted of focusing on saving and debt reducing behaviors separately and

developing a reliable and valid measure based on the TTM to measures each of those behaviors.

Teachers and Financial Literacy

The National Endowment for Financial Education conducted the Teachers’ Background

& Capacity to Teach Personal Finance study, which revealed that 89% of K-12 teachers concur

that a financial competency tests should be given to students or the students should pass a

financial education course for high school graduation. Some teachers believed they are

sufficiently ready to teach financial courses. This study found that prospective teachers and K-12

teachers are developing limited formal education in financial courses through credit or non-credit

offerings. The study revealed that only a handful of prospective teachers and K-12 teachers had

completed any formal training to teach financial courses. Merely 11.6% of the K-12 teachers had

attended a workshop that prepares them to teach personal finance.

The study indicated that the state mandates did not have any influence on student teachers

and regular teachers whether the teachers had taken a finance class, taught a finance class, or

thought they were competent to teach a finance class. Over 60% of the teachers did not feel

qualified to teach students their state’s educational standards on finances. A positive conclusion

of this study is that most of the teachers were receptive to receiving additional education

pertaining to financial literacy (two-thirds of the student teachers and three-fourths of the regular

teachers said they would be at least “somewhat likely” to participate in further education on

teaching financial courses).

Theoretical Framework

Teachers are in a position to influence change in students’ behaviors as well as their

peers’ behavior, which can be instrumental in leading change within the organization. Nowicki

and Summers (2007) asserted that leadership influences change in the actions of others as an

activity to achieve desired results. The theoretical framework of the research study directly

relates to Rogers’ (2003) Diffusion of Innovation Theory and Transtheoretical Model of Change

(TTM). The Diffusion of Innovation theory is a theory of communication, which has been

studied lengthily from different disciplines and with detail to different services, products and

ideas (Cheng, Kao, & Julia Ying-Choa, 2004).

Cheng et al. (2003) noted that Rogers identified diffusion in innovation adoption

framework into five phases: 1) innovators, 2) early adopters, 3) the early majority, and 4)

laggards. Rogers (2003) believed that four elements significantly affect adopting innovation,

which include the innovation itself, communication channels, time, and the social system. The

social system refers to the context, culture, and environment of individuals. Rogers (1995)

classified it as “a set of inter related units that are engaged in joint problem-solving to

accomplish a common goal” (p. 23). Straub (2009) asserted that social norms and structure

influences and affect how innovation penetrates a population.

Xiao and Wu (2008) asserted that a theory is important because it would recognize key

factors connected with the target behavior. The Transtheoretical Model of Change (TTM) is also

a relevant theory, which studies ways to inspire consumers to acquire positive behaviors through

stage-matched interventions and eliminate undesirable behaviors (Schuchardt et al., 2009).

Limited research has addressed the effectiveness of intervention and the process of reducing

debt. Xiao et al. (2004) conducted the original study to measure the readiness to eliminate

consumers’ credit card debt using the trans-theoretical model of change to assess change in

financial behaviors of participants enrolled in a financial education program.

This theory can also assist with understanding how individuals can use motivation to

reduce debt and increase savings (Schuchardt et al., 2009). The trans-theoretical model of change

key constructs includes the stages of change, processes of change, decision balance, and self-

efficacy (Xiao et al., 2004). Meaningful change in an organization’s culture is possible through

the participation of the organization’s members during the planning and implementation of the

change (Leech & Fulton, 2008).

Several behavior theories are prevalent when addressing financial behaviors. The trans-

theoretical model of change (TTM) is appropriate to use when studying ways to encourage

individuals to eliminate unwanted behaviors and to develop positive behaviors (Schuchardt et al.,

2009). Examining previous literature identifies gaps in research in financial behaviors, financial

literacy, and financial education. Bristow suggested that TTM could be used to change people’s

financial behaviors in Money 2000, a USDA extension program on financial education.

Kerkman (1998) presented a case to demonstrate using TTM in financial counseling. Shockey

and Seiling (2004) incorporated the framework of TTM with the Independent Development

Account financial education program for low-income individuals.

Suggestions were given to financial advisors and counselors on how to utilize concepts of

the TTM to help individuals’ behavior change regardless of their current practices (Loibl & Hira,

2007). Xiao, O’Neil et al. (2004) supports TTM intervention strategies and affirms that the TTM

was effective in forecasting behavior change processes related to credit and debt.

Trans-theoretical model of behavior change consists of different ranges of readiness to change a

problem behavior or develop a desirable behavior through the stages of change.

Schuchardt, et al. (2007) identified the stages of change as pre-contemplation,

contemplation, preparation, action and maintenance. During the pre-contemplation stage the

person’s intention is to change the undesirable behavior. During the contemplation stage of

change, the person realizes the problem, but has not committed to changing the behavior. During

the preparation stage of change, the person has a plan to change. During the action stage of

change, the person has implemented several strategies to change the undesirable behavior.

Finally, during the maintenance stage of change, the person implements a prevention strategy to

avoid relapsing. The process of change is influenced by the individuals’ desire to change the

undesirable behavior (Schuchardt et al., 2007).

There is a need to use theory-based research to discover the associations between

financial behaviors. Relevant behavior theories are necessary to define sought after financial

behaviors by taking into account the specific life cycle stages, contexts, and macroeconomic

environment (Schuchardt et al., 2007). Schuchardt et al. (2007) asserts that research is needed to

get a clearer interpretation of the financial education process that influence modifying

individuals’ decision-making and financial behaviors. Limited researchers have examined the

relationship between financial education and effective intervention. Schuchardt et al. (2007)

established that additional studies are needed to decide whether financial education is an

effective tool at getting individuals to participate in some financial habits.

Integrating Financial Literacy into School Curriculum

After the No Child Left Behind Act of 2001, several states revisit their academic

standards in mathematics and reading, providing an opportunity for states to consider the

inclusion of financial education in mathematics and reading standards (Maloney, 2010).

Standards could dictate test content and curriculum; this inclusion would help ensure financial

education in the classroom (Maloney, 2010). In 2007, Jump$tart Coalition for Personal

Financial Literacy published the National Standards in K-12 Personal Finance Education as a

resource for organization to facilitate the inclusion of the standards (Jump$tart, 2013). This

resource provides a program design and evaluation framework to integrate financial concepts

into existing courses (Jump$tart, 2013).

Barriers to Integration

Godsted and McCormick’s (2007) study examined barriers to implementing financial

literacy into the classroom. The results revealed that the majority of the teachers thought it was

important to teach financial literacy in classroom, only half of K-12 teachers indicated they

taught some type of financial literacy. The teachers acknowledge that their financial literacy

knowledge was lacking in some areas (Godsted & McCormick, 2007). The issue of financial

literacy has received state and national levels attention. Department of education and state

legislatures are increasingly interested in providing financial education in the classroom

(Maloney, 2010). Maloney (2007) affirmed that many states are reluctant to mandate a stand-

alone financial literacy course due to financial and curriculum constraints.

Financial Literacy Influences

One important agent of socialization for emotional and factual uses of money is the

family. The children’s primary influence on how they handle money is their parents. Children

observe their parents and learn financial management behaviors as well as through participation

and intentional socialization with their parents (Rettig & Mortenson, 1986, as cited in

Schuchardt, et al., 2009). Whereas, Bachmann, John, and Rao’s (1993) study examined the role

of how peers influence children’s purchasing decisions.

Advocacy

Increasing property taxes and restricted school budgets is the unfortunate reality that

school districts encounters during a budget crisis and school boards cut funding for programs or

specialized courses to address the budget crisis (Elpus, 2008). Individuals tend to organize

groups to support a particular cause during a crisis state. Elpus (2007) affirmed that it is

important that supporters of the threatened programs be organized before the budget cuts and

program elimination for advocacy to be successful. A well-organized group can do aggressive

advocacy to the school board for a particular program or course. Elpus (2007) supports and

encourages advocacy groups to develop a non-profit organization to take advantage of tax-

exempt status.

Kaplan (2003) posited that the advocating process could be achieved through different

perspective and roles. The perspective and role of the teacher is important but is sometimes

overlooked. Kaplan (2003) affirms that teachers as advocates demand using educational skills

relating to learning principles. Applying these principles to the process of advocacy shifts the

message and type of communication (Kaplan, 2003). Teachers should incorporate different

strategies that include the principles of learning, such as motivation, scaffolding, metacognition,

and transfer.

Motivational strategies allow teachers to clarify the practicality and purposes motivating

the demanded activity and identify the way to achieve the objective and lead the development of

communication between the advocates and constituents (Kaplan, 2003). Scaffolding strategies

allow teachers as advocates an opportunity to build the advocacy message on the assessed

background knowledge of the selected individuals. Kaplan (2003) affirms that individuals who

are familiar with the cause in which to build advocacy best implement action on the students’

behalf.

Metacognition strategies allow teachers to look at their behavior and reflect as they

advocate for the educational needs of gifted students (Kaplan, 2003). The transfer strategy allows

the teachers an opportunity to pressure the different contexts that information assimilated can be

transferred during the advocacy process. Kaplan (2003) posited that teachers as advocate to

facilitate transfer includes making information clear and challenging enough to motivate the user

to transfer it to other situations.

Kaplan (2003) also identifies a checklist or lesson plan for advocates. The checklist

includes: 1) Define the objectives and how to achieve the objectives. 2) Assess the background

knowledge of the individuals supporting the idea. 3) Assist the individual with reflecting and

monitoring their own thinking and behaviors so they can be successful advocates. 4) Present the

information communicated and the need to transfer it to other situations and programs.

Summary

Chapter two provides literature findings on the subjects of high school students and

financial literacy, college students and financial literacy, families and financial literacy, teachers

and financial literacy, theoretical framework, integrating financial literacy into school

curriculum, barriers to integration, financial literacy influences and advocacy. Based on the

literature reviewed, the need for the current study was established. There is a lack of information

on the relationship between financial literacy interventions and financial literacy, financial

awareness, and advocacy. The Council (2009) submitted a report recommending improving

financial literacy through different venues, such as schools, colleges and universities,

workplaces, non-profits, and government (Maloney, 2010).

Chapter 3

Methodology

A non-equivalent control group design was used in this research study. This quantitative,

quasi-experimental study examined whether a financial literacy intervention can influence

changes in teachers’ financial literacy, financial awareness, and advocacy for elementary and

middle school-aged students to receive financial literacy courses. Quantitative research problems

entailed showing the influence that one or more sets of variable have on other variables. The

purpose of this study was to see whether a financial literacy intervention can have an influence

on teachers’ financial literacy, financial awareness, and advocacy for elementary and middle

school-aged students to receive financial literacy courses. Gelo, Braakman, and Benetka (2008)

affirmed that gathering and investigating data are the actual steps that provide answers to the

research questions.

Chapter three included a discussion of the rationale for using a quantitative, quasi-

experimental design, the appropriateness of the design, the research questions, sample and

population, geographical location, informed consent, and confidentiality. Additionally, within the

chapter there was a discussion of the instrumentation, data collection, data analysis, and the

validity and reliability of the study.

Research Method and Design Appropriateness

Creswell (2003) identified the four criteria to determine the appropriateness of

quantitative research. 1) Measurement of the variables is possible, 2) assessing the impact of the

variable is possible, 3) results can be used to test theories or possible, and 4) the results can apply

to a large group of people. Quantitative studies examine the relationship between variables using

research questions, hypotheses, and data collection with statistical tests (Neuman, 2003),

whereas, qualitative studies focus on perceptions and experiences (Sorin-Peters, 2004).

A quasi-experimental design entailed using a pretest, an intervention, and a posttest,

which shows the relationship between the financial literacy intervention and how it influences

teachers’ financial literacy, financial awareness, and advocacy for students to receive financial

literacy courses. True experimental designs are the most rigorous experimental designs to show

causation, in education it is not always feasible to randomly select participants to treatments of

the independent variable (Creswell, 2005). Shuttleworth (2008) asserted that a quasi-

experimental design is the most commonly used research design in educational environment.

Quasi-experiments entail choosing groups and testing a variable without the randomly pre-

selection processes (Shuttleworth, 2008). This design uses a sample of convenience. Salkind

(2009) affirmed that when randomization is not possible, a non-equivalent control group design

is the most often used design.

The pretest and posttest included questions from Jump$tart Coalition’s College survey

(modified version) (Appendix A). A pretest and posttest was administered to the suburban school

district’s elementary and middle school teachers. Following the pretest, the experimental group

of teachers received access to Alliance Financial Ministries’ Money University webinars. Money

University is a six-lessons money management course designed to assist with improving an

individual’s financial well-being (Mathews, 2012). Alliance Financial Ministries’ founder hosted

six sessions that were approximately 45 minutes per session. The topics included: 1) Organizing

Your Financial Life, 2) Banking and Budgeting, 3) Loans and Credit Cards, 4) Debt and Debt

Management, 5) Saving and Investing, and 6) Understanding Interests and Insurances.

The Organizing Your Financial Life session focused on the eight basic areas to

organizing your financial life. Mathews (2012) asserted that organizing finances assist

individuals with making better decisions about money. The Banking and Budgeting session

focused on the basics of banking, which included checking account and savings accounts. The

lesson included understanding opening an account, using the account, managing and balancing a

checking account properly. This session also included understanding and creating a budget with

a spending plan. The Loan and Credit Cards session focused on understanding the terms of a

loan and different types of credit and credit cards. This session also included understanding your

credit report and using credit wisely.

The Debt and Debt Management session focused on understanding the consequences of

debt as well as the different types of debt. This session also included debt management

strategies, which include understanding debt ratios and how unpaid debts impact their financial

future. The Saving and Investing session focused on the different ways to save and invest for the

future. This discussion included emergency fund, retirement, college savings, stocks, and bonds.

The Understanding Interest and Insurance session focused on understanding credit card interest

and compound interest. This session also included a discussion on the different types of

insurances and coverage. The control group of teachers (those teachers not exposed to Alliance

Financial Ministries’ webinar) did not receive an intervention.

The identifiable independent variable was financial literacy and the dependent variables

were financial literacy, awareness, and advocacy for elementary and middle school aged students

to receive financial literacy courses as measured by the pretest and posttest. By raising awareness

of financial literacy, teachers can increase their financial literacy, financial awareness, and

advocacy for students to receive financial literacy courses.

Research Questions

The research question is the proposition that shapes a study’s objective (Cooper &

Schindler, 2003). Research questions are the essential tools to find facts and collect information

(Cooper & Schindler, 2003). Identifying the problem and purpose statement, significance and

nature of the study leads to the following research questions:

1. Is there a significant difference in the financial literacy of teachers who receive a

financial literacy intervention and those teachers who did not receive a financial

literacy intervention?

2. Is there a significant difference in the financial awareness of teachers who

received a financial literacy intervention and those teachers who did not receive a

financial literacy intervention?

3. Is there a significant difference in the advocacy of teachers who received a

financial literacy intervention and those teachers who did not receive a financial

literacy intervention?

Hypotheses

Ho1: A financial literacy intervention does not significantly increase teachers’

financial literacy.

Ha1: A financial literacy intervention significantly increases teachers’ financial

literacy.

Ho2: A financial literacy intervention does not significantly increase teachers’

financial awareness.

Ha2: A financial literacy intervention significantly increases teachers’ financial

awareness.

Ho3: A financial literacy intervention does not significantly influence teachers so

that they advocate for elementary and middle school aged students to receive

financial literacy courses.

Ha3: A financial literacy intervention does significantly influence teachers so that

they advocate for elementary and middle school aged students to receive financial

literacy courses.

Population and Sample

The suburban school district’s general population consisted of 8500 full-time employees,

600 part-time employees, 3929 teachers, and 1,300 substitutes. Nineteen of the suburban schools

were designated to participate in the study. The suburban district has 944 middle school teachers

at 14 middle schools and 1220 elementary teachers at 45 elementary schools. Twenty schools

participated in the research study.

Gay (1995) affirmed that the minimum acceptable sample size depends on the type of

research: descriptive research should be 10% of the population; correlational research should be

30 subjects; causal-comparative research should be 30 subjects in determining the sample size,

and experimental research should be 15 subjects per group. The sample size should be as large as

possible so that the results are more likely to be generalizable (Gay, 1995). Using a calculation of

5% margin of error, 95% confidence level, and 350 teachers, Raosoft’s website calculator

assisted with identifying that a sample size of 184 was necessary to represent the suburban

school district (Raosoft, 2013). It was assumed that participants would opt out of the study,

participants would start and not complete the study, and recruiting additional participants would

be needed to have an appropriate number of participants. The sample population for this study

consisted of 207 teachers.

Recruiting the Respondents

All of the selected suburban school district’s elementary and middle school teachers

received an informational email from their campus principal explaining the research study

and selection process. The informational email included information regarding the sample

population, and type of research design, which included experimental group and control group.

The email also informed participants that materials used in the research study could enhance

their financial knowledge. The eligible participants had an opportunity to express their

interest in participating in the research study.

The teachers who expressed an interest to participate in the study received the

informed consent form, which required an authentic signature. They were instructed to

return the signed informed consent form via fax, interoffice mail or pick up. Once the consent

form was returned, the consenting participants received an individual email with the pretest.

The first 110 participants who returned the consent form were assigned to the experimental

group and the next 97 participants were assigned to the control group. The experimental group

received an informational email with the registration instructions for the Money University

webinar hosted by Alliance Financial Ministries. This organization was selected for the

intervention because of the founder’s extensive financial background and experience.

Informed Consent and Confidentiality

All participants received the informed consent form (Appendix B), which required an

authentic signature. The consenting participants were instructed to return the signed consent

form via fax, their organization’s interoffice mail, or pick up. The consent form explained that

their participation was voluntary. The informed consent form stated that the participants were at

least 18, described the research study, identified any foreseeable risk, discussed the

confidentiality of the participants, and discussed publications. The informed consent also stated

that participants who decided to withdraw from the study would not receive any negative

consequences for their decision to withdraw from the study. The participants were instructed to

email or telephone researcher to withdraw from the study.

All participants’ identities remained confidential and anonymous throughout the research

study. Participants identifying information was not disclosed to any publications or outside party.

The data were securely maintained using Survey Monkey’s password protected website and will

be deleted after three years.

Geographical Location

The teachers participating in this study were Texas residents who work in a suburban

school district. The districts’, schools’, teachers’, or principals’ names did not appear in the study

to assist in ensuring anonymity for the participants. The district’s 2011-2012 operating budget

was over $481,382,227.00 with 64% of the budget allotted to instruction. The district serves over

69,000 students at 74 campuses. The district is a majority minority school district, which

includes 29.5% of African Americans 19.48% Caucasian, 26.23% Hispanic, 21.82%

Asian/Pacific Islander, and .51% American Indian. The city is an affluent area and one of the

fastest growing cities in Texas with an estimated population of 84, 511.

Data Collection

Gelo, Braakman, and Benetka (2008) asserted that gathering and investigating data are

steps that provide answers to research questions. Surveys, tests, questionnaires, interviews, and

closed end protocols are the primary tools for quantitative research (Neuman, 2006). Qualitative

research uses interviews, observations, case studies, and focus groups (Salkind, 2011). The

difficulties of conducting face-to-face interviews include the high cost of transportation, training

staff, supervision, and face-to-face interviews are the high cost of training staff, supervising staff,

and travel costs (Neuman, 2006). The difficulty of using telephone interviews is that participants

without telephones may be difficult to contact and may call back at a difficult time (Neuman,

2006).

This research study used online instruments to collect information from participants.

Neuman (2006) affirmed that a survey instrument is an excellent tool to answer research

questions about behaviors and self-reported beliefs. Surveys allow researchers to measure

multiple variables and examine multiple hypotheses in one survey (Neuman, 2006). Salkind

(2011) identified four steps to collecting data, which includes creating a form to collect the data,

developing a coding system, gathering the data, and inputting the data into a system or onto a

form.

A copy of the research proposal was emailed to the research department of the suburban

school district. The letter explained the purpose and logistics of conducting the research (see

Appendix C). Once the authorization letter was received from the research department, the

researcher submitted proposal to University of Phoenix, after obtaining approval, the researcher

began the selection process. The potential participants in the study received an informational

email from their campus principal requesting their assistance to participate in the research study

(see Appendix D).

The informational email included information regarding the sample population and type

of research design, which included experimental group and control group. The email also

informed participants that materials used in the study could enhance their financial knowledge.

The information email also explained the research study requirements of teachers who agree to

participate. The participants who replied to the email received the informed consent form to

confirm participation, which required an authentic signature (see Appendix B). The consenting

participants were instructed to return the form via fax, interoffice mail, or pick up.

All consenting participants received an individual email with the pretest, which was the modified

version of Jump$tart Coalition’s College survey. The first 110 participants were assigned to

receive the intervention, which included access to six Money University’s webinars. The

consenting participants who were selected to participate in the intervention received the schedule

for the Money University’s webinars. These sessions were also recorded so that participants

would have access to preview any missed sessions. The next 97 participants were assigned to the

control group. At the completion of the study, all participants received the posttest.

Instrumentation

The pretest and posttest questions included questions from 2008 Jump$tart Coalition’s

College Survey of Personal Financial Literacy, (Jump$tart, 2013) and additional questions

developed by the researcher. The instruments combined to capture data regarding financial

literacy, financial awareness, and advocacy. The experimental group of teachers received access

to Alliance Financial Ministries’ Money University webinars. Money University is a financial

literacy program for adults. Alliance Financial Ministries’ founder hosted six sessions that were

approximately 45 minutes per session. The topics included: 1) Organizing Your Financial Life,

2) Banking and Budgeting, 3) Loans and Credit Cards, 4) Debt and Debt Management, 5) Saving

and Investing, and 6) Understanding Interests and Insurances.

The control group of teachers (those teachers not exposed to Money University webinar)

did not receive the intervention. Both groups of teachers were administered a pretest regarding

financial literacy before the treatment began. At the onset, teachers were informed that the

materials they had access to could enhance their financial knowledge. Furthermore, those

teachers who remained in the experimental and control groups received the posttest.

Validity and Reliability

A threat to validity consists of issues that may influence the outcomes of the pretest and

posttest scores (Creswell, 2008). A pilot study was necessary to ensure the data collection

instrument was valid and reliable. The pilot study participants consisted of nine of the suburban

school district counselors and social workers, who had previously participated in Dave Ramsey’s

Financial Peace University. The participants received the pretest and posttest questions to assist

with content validity and a reliable process for taking the online survey. The questions consisted

of questions from Jump$tart Coalition’s College Survey (see Appendix A) and additional

questions, which made the instrument a modified version of Jump$tart Coalition’s College

Survey. The 2008 Jump$tart Coalition’s survey instrument has been well tested and given to

6,586 high school students and 1,030 college students (Jump$tart, 2013). This survey is believed

to have established content, predictive, and construct validity through its prior use (Lucey, 2005).

The internal consistency reliability procedure was used to establish reliability for the

modified version of 2008 Jump$tart Coalition College Survey. The Cronbach’s Alpha and split

half reliability procedures were used to establish internal consistency on the investigative

instrument. An alpha coefficient of .793 and a split half with Spearman-Brown application of

.830 were computed for the test as a whole. Bruning and Kintz (1997) affirmed that a reliability

coefficient of .70 is considered reliability. Thus, the investigative survey was found to be reliable

for this investigation.

Internal Validity and External Validity

A possible threat to validity consists of unclear pretest and posttest questions. A pilot

study was necessary to validate the pretest and posttest in this research study. Neuman (2006)

believed that it is necessary to have pilot tests for an effective survey design. It reduces costs and

requires the least effort and time from respondents. The pilot study assisted with identifying

questions that needed clarifying, grammatical and typographical errors, troubleshooting and

navigating the online survey instrument. Simon (2011) posited that a number of logistical issues

could be addressed with a pilot. Several factors could be addressed before the main study. For

example, making sure that the instructions are clear and concise, the wording of the survey are

spelled correctly, ensuring the reliability and validity of results, and testing the statistical and

analytical procedures (Simon, 2011). A key advantage of performing a pilot study is that it can

provide advance notice as to whether the instrument is inappropriate or too complicated (Simon,

2011). Arain, Campbell, Cooper, and Lancaster (2010) asserted that a pilot study tests whether

the study’s components work together. The pilot study focuses on the processes of the actual

research study, to safeguard recruitment, randomization, intervention, and follow up run easily

(Arain et al., 2010).

Cooper and Schindler (2006) affirmed that a pilot test intends to reveal errors in design

and improper control of extraneous or environmental condition. Neuman (2006) affirms that

effective survey questions provide the researcher with valid and reliable measures. Creswell

(2008) affirms that threats to internal validity are important to consider because the possible

threats may compromise the experiment. The non-equivalent control group design like other

kinds of research paradigms has its methodological weaknesses. One of the key weaknesses is

the lack of randomizations randomly assigning participants to groups (Sapp, 2002). Although,

this design has its limitations, it is one of the strongest quasi-designs and is widely used in

educational research where the participating population consists of naturally assembled groups

(Gould, 2002).

“External validity is the ability to generalize experimental findings to events and settings

outside an experiment itself. If a study lacks external validity, its findings hold true only in

experiments, making them useless in both basic and applied science” (Neuman, 2003, p. 251).

Data Analysis

Quantitative data analysis includes data coding, entering data, cleaning, and measuring

data with statistical programs (Neuman, 2003). The statistical tool used was the “statistical

package for the social science (SPSS)” (Levesque, 2007, p.1). At the completion of the study, the

data were analyzed using SPSS Statistic GradPack 18 for Mac. This research study also used

inferential and descriptive statistics to analyze the data.

Quantitative research uses descriptive statistics to indicate general tendencies in the data

and allows a comparison of how one score relates to all other (Creswell, 2008). Descriptive

statistics summarize the general data obtained, measure certain characteristic that appear to be on

average, examine the variability that exists among the data, and measure how closely two or

more characteristics are related (Leedy & Ormond, 2010).

“Inferential statistics help the researcher make decisions about the data. For example,

they help decide whether the differences observed between two groups in the experiment are

large enough to be attributed to the experimental intervention rather than to a once-in-a-blue

moon fluke” (Leedy & Ormond, 2010, p. 31). Inferential statistics allows us to make inferences

about large populations based on a smaller sample set of data (Leedy & Ormond, 2010). This

study used the measure of central tendency and one-way analysis of covariance to see if a

financial literacy intervention has an effect on teachers’ financial literacy, financial awareness,

and advocacy for financial literacy courses. The mean was used as the measure of central

tendency.

Neuman (2003) affirmed that a measure of central tendency is a single number that

provides information about the entire group examined. Ritchey (2008) asserted that the one-way

analysis of variance is a statistical technique, which examines the independent effects of an

independent variable on a dependent variable utilizing mean differences. Qualitative analysis

was not appropriate for this study because it requires data notes to be read and reread, reflect

on what is read, and make a comparisons based on logic and judgment (Neuman, 2003).

Summary

Chapter three included a discussion of the method, design, design appropriateness,

research questions, hypotheses, geographical information, population and sample, data

collection, instrumentation, and data analyses. Quantitative research was to determine the

validity of the stated hypotheses through an analysis of variables interactivity (Creswell, 2008).

Quantitative research examines measurable and quantifiable variables and their interaction

(Gaytan, 2007). This quantitative, quasi-experimental study investigated whether a financial

literacy intervention could influence changes in teachers’ financial literacy, financial awareness,

and advocacy for elementary and middle school-aged students to receive financial literacy

courses.

Chapter 4

Results

The purpose of this quantitative, quasi-experimental research study was to investigate the

effects of a financial literacy intervention program on teachers’ financial literacy, financial

awareness, and advocacy for elementary and middle school-aged students to receive financial

literacy courses. Chapter one revealed that the root cause of many financial management

problems is that personal financial literacy and basic personal financial skills are not being taught

in school systems except sporadically across the states (Wilhelm & Chao, 2005). Collins (2012)

affirmed that a lack of financial literacy can hinder an individual from making well informed

financial decisions. Chapter two addressed the literature pertaining to the research hypotheses,

independent and dependent variables, current findings, and delineated gaps in the literature.

Chapter three outlined the methodology for the study and established supporting literature for

three hypotheses, which guided the research study.

The study included participants of a suburban school district who had access to Alliance

Financial Ministries’ Money University webinars. Two hundred and seven participants

consented to participating in this research study. One hundred and four participants completed

the study. The study examined survey data of a control group, which consisted of 62 teachers’

surveys and an experimental group of 42 teachers’ surveys. This study was conducted by

analyzing teachers’ financial literacy, awareness, and advocacy answers in the control group,

which the teachers did not have access to six Money University webinars and analyzing teachers’

financial literacy, awareness and advocacy answers in the experimental group where the teacher

had access to Money University webinars. The t-test of independent samples, analysis of

covariance, and chi square of independence statistical procedures were used to examine the

teachers’ responses of each group.

Chapter four expounds on the findings of this research study’s statistical analysis. This

chapter includes the statement of the problem, a review of the data collection process, a detailed

analysis of the collected data, the findings of the research study, and end with a summary of the

chapter. Quantitative results of the study are presented in Chapter four using statistical formulas

and tables.

Statement of the Problem

The problem addressed by this quantitative, quasi-experimental research study was the

lack of certainty as to whether a relationship exists between a financial literacy intervention for

teachers, which may result in a positive change in financial literacy, financial awareness, and

their subsequent advocacy for financial literacy courses for elementary and middle school age

students. Wilhelm and Chao (2005) affirmed that the root cause of many financial management

problems is that personal financial literacy and basic personal financial skills are not being taught

in school systems except sporadically across the states.

Young people are discovering that they are acquiring a large amount of student loans or

credit card debt and one critical need is for researchers to explore students’ financial knowledge

(Lusardi et al., 2010). Xiao, Newman et al. (2004) asserted that Americans are overextended and

deep in debt because of the easily accessible consumer credit, insufficient savings, and inability

to control one’s behavior. The consumers spending boom from 2002 to 2007 was a major issue

that influenced the domestic and international imbalances (Schneider & Kirchgassner, 2009).

Fox et al. (2005) posited that high consumer debt levels, alarming rates of bankruptcy, and other

negative outcomes that may results of poor financial management and low financial literacy

demonstrates the need for financial education.

Perry (2008) posited that individuals are not making good financial decision because they

do not have the basic financial literacy. This quantitative quasi-experimental research study used

dependent and independent samples of one-way analysis of covariances to determine the answer

to the research questions and to reject or fail to reject the null hypothesis.

Research Questions

The identifiable independent variable of this study was financial literacy and the

dependent variables were financial literacy, financial awareness, and advocacy for elementary

and middle school aged students to receive financial literacy courses as measured by the pretest

and posttest of Jump$tart Coalition’s College Questionnaire (See Appendix A). The research

questions to be answered in this study were:

1. Is there a significant difference in the financial literacy of teachers who received a

financial literacy intervention and those teachers who did not receive a financial literacy

intervention?

2. Is there a significant difference in the financial awareness of teachers who received a

financial literacy intervention and those teachers who did not receive a financial literacy

intervention?

3. Is there a significant difference in the advocacy of teachers who received a financial

literacy intervention and those teachers who did not receive a financial literacy intervention?

Hypotheses

The study investigated the effects of a financial literacy intervention on teachers’

financial literacy, awareness, and advocacy. The study examined the differences in mean survey

answers to identify the relationship of a financial literacy intervention to financial literacy,

awareness, and advocacy.

Ho1: A financial literacy intervention does not significantly increase teachers’ financial

literacy.

Ha1: A financial literacy intervention significantly increases teachers’ financial literacy.

Ho2: A financial literacy intervention does not significantly increase teachers’ financial

awareness.

Ha2: A financial literacy intervention significantly increases teachers’ financial literacy

awareness.

Ho3: A financial literacy intervention does not significantly influence teachers so that

they advocate for elementary and middle school aged students to receive financial

literacy courses.

Ha3: A financial literacy intervention does significantly influence teachers so that they

advocate for elementary and middle school aged students to receive financial literacy

courses.

Data Collection Procedures

Data were collected and analyzed to determine the answer to the research questions and

to reject or fail to reject the null hypothesis. The use of data were approved by the participating

organization (see Appendix C) prior to the research study. Written permission was obtained to

use Jump$tart Coalition’s College Questionnaire in this research study (see Appendix E). A

pretest was administered to the control group and experimental group to collect data before the

experimental group received the intervention. The pretest was a modified version of the

Jump$tart Coalition College Survey, which has been used to discover how financial literacy

develops as young individuals get older and enhance their education (Jump$tart, 2013). The first

110 participants were assigned to the experimental group and the remainder 97 participants were

assigned to the control group.

After the pretest data was collected, the treatment group received the intervention, which

was access to six Money University webinars hosted by Alliance Financial Ministries. Money

University webinars consisted of six-lessons money management designed to assist with

improving an individual’s financial well-being (Mathews, 2013). The sessions were

approximately 45 minutes. The topics included: 1) Organizing Your Financial Life, 2) Banking

and Budgeting, 3) Loans and Credit Cards, 4) Debt and Debt Management, 5) Saving and

Investing, and 6) Understanding Interest and Insurance.

The session about Organizing Your Financial Life focused on the eight basic areas to

organizing one’s financial life. The Banking and Budgeting session focused on the basics of

banking, which included checking and saving accounts. The Loans and Credit Cards session

focused on understanding the terms of loans, different types of credit and credit cards. The Debt

and Debt Management session focused on understanding the consequences of debt as well as the

different types of debt. The Saving and Investing session focused on the different ways to save

and invest for the future. The discussion included retirement, emergency fund, college savings,

stocks and bonds. The Understanding Interest and Insurance session focused on understanding

credit card interest and compound interest. The discussion also included the different types of

insurance and coverage.

The intervention was used to assist participants with learning the materials. The

participants received a schedule of the webinars. Participants were sent an electronic invitation

and a reminder email to attend the live webinar. If the participants were unable to attend the

scheduled sessions, a link was provided to listen to the recorded sessions. Participants were sent

reminder emails to preview the recorded sessions. The attendance of the live webinars and

viewing of recorded sessions were tracked using Anymeeting.com tracking system. Participants

were informed of the deadline for completing the study.

The posttest was administered to the control group and administered to the experimental

group after the verification was received that the experimental group had completed the six

Money University webinars. A total of 207 teachers consented to participating in this study.

One-hundred and ten participants were assigned to the experimental group and 97 participants

were assigned to the control group. The 110 experimental group participants and 97 control

group participants completed the pretest. Seventeen experimental group participants previewed

one to four recorded webinars. A total of 68 experimental group participants and 35 control

group participant did not complete the study. A total of 42 experimental group participants

completed the pre-test, all six of the Money University webinars, and the post-test. Whereas, 62

control group participants completed the pre-test and the post-test, which were required to

participate fully in the study. The Money University webinars had milestones that indicated

when each participant had completed section and this was used to track completions and non-

completions by all of the original participants.

Data Analysis

The statistical analysis consisted of employing an independent t-test, a one-way analysis

of covariances and chi-square of independence. An independent t-test was used to examine the

initial differences between the means of the two groups. A one-way analysis of covariance was

used to see if the financial literacy intervention had an effect on teachers’ financial literacy,

financial awareness, and advocacy for financial literacy courses. Hartman (2011) asserted that

the analysis of covariance is a general linear model, which tests whether certain variables have

an effect on the outcome variable. The mean was used as the measure of central tendency.

Creswell (2008) affirmed that descriptive statistics were to be used to specify general tendencies

in the data such as mean and standard deviation.

After the pretest was administered, the teachers in the experimental group received access

to six Money University webinars. At the completion of the intervention, the teachers in the

control group and the experimental group received the posttest.

The following questions on the Jump$tart Coalition College Survey (modified version)

were used to measure financial literacy: Questions 1, 2, 7, 8, 13, 14, 17, 18, 21, 22, 24, and 26

(see Appendix A). The 12 questions were selected from Jump$tart Coalition’s survey because

these questions directly related to Remund’s (2010) concept of financial literacy. Thus, the raw

score ranging from zero to 12 was calculated for the financial literacy component of the

Jump$tart Coalition survey. These questions were chosen to measure financial literacy. Remund

(2010) identified financial literacy as an individual’s capability for managing money.

The following questions on the Jump$tart Coalition College Survey (modified version)

were used to measure financial awareness: Questions 3, 4, 6, 9, 10, 11, 12, 15, 16, 19, 20, 23, 25,

27, 28, 30, and 31 (see Appendix A). The 17 questions were selected Jump$tart Coalition’s

survey because these questions directly related to Schagen’s definition of financial awareness.

The questions were divided into three categories: 1) spending, 2) saving, and 3) credit. Four

questions were used to measure spending, eight questions were used for measuring savings, and

five questions were used for credit. These questions were chosen to measure financial awareness.

Schagen (2007, as cited in ANZ, 2013) defined financial awareness as successful strategies and

informed judgments for making careful decisions relating to saving, spending, and credit use.

The following questions on the Jump$tart Coalition College Questionnaire (modified

version) were used to measure advocacy: Question numbers 56 and 57 (see Appendix A). These

two questions were chosen to measure advocacy because the questions directly related to

advocating for financial literacy courses for students.

Examination of Hypotheses

The following three hypotheses were tested in this investigation.

Hypotheses One

Ho1: A financial literacy intervention does not significantly increase teachers’ financial

literacy.

An independent t-test was computed to examine the differences in the pretest financial

literacy scores of the experimental and control groups. This was done to establish initial

equivalence of the groups on the pretest. The more similar the experimental and control groups

are at the beginning of the experiment, the more this similarity is confirmed by the similar

groups means on the pretest. Consequently, the more credible the results on this non-equivalency

control group study. The t-test results shown in Table 1 revealed that no statistically significant

differences were found between the pretest scores. Thus, the groups were determined to be

equivalent on the pretest.

Table 1

Independent t-Test Results/Teachers’ Pretest Financial Literacy

Groups N Mean SD df t p

Experimental 42 9.10 1.64

102 .765 .446

Control 62 8.84 1.74

Once the independent t-test indicated no difference on the pretest financial literacy

scores, the one-way analysis of covariance was computed to remove the effects of any other

related extraneous variables to statistically equate the groups and test the hypotheses for

significance. The mean and adjusted mean results of the pretest and posttest financial literacy

scores of teachers who were exposed to the financial literacy intervention of Money University

webinars and those who were not exposed to the financial literacy intervention of Money

University webinars. Mertler and Vannatta (2010) affirmed that tables and figures are used to

support the results of analysis of covariance, which includes a table comparing unadjusted and

adjusted group means.

The 12 questions that were selected from Jump$tart Coalition’s survey directly related to

Remund’s (2010) concept of financial literacy. A total raw score ranging from zero to 12 was

calculated for the identified financial literacy component of Jump$tart Coalition’s survey.

The mean pretest financial literacy score of teachers who were exposed to the financial literacy

intervention of Money University webinars was 9.71 and the mean pretest of financial literacy

score of teachers who were not exposed to the financial literacy intervention of Money

University webinars was 8.89. Whereas, the adjusted posttest mean financial literacy scores of

teachers who were exposed to the financial literacy intervention of Money University webinars

was 9.60 and the adjusted posttest mean financial literacy scores of teachers who were not

exposed to financial literacy intervention of Money University was 8.96.

The result of the one-way analysis of covariance of teachers’ financial literacy scores is

shown in Table 2. The results include those teachers who were exposed to the financial literacy

intervention of Money University webinars and the teachers who were not exposed to the

financial literacy intervention of Money University webinars. A statistically significant

difference was found between the mean financial literacy scores of teachers who were exposed to

the financial literacy intervention and not exposed to the financial literacy intervention F (1, 101)

= 4.644, p = .05 at the .05 level. Thus, the null hypothesis for Ho1, was rejected, the alternate

hypothesis was accepted, and it can be concluded that those teachers who received the financial

literacy intervention of Money University had a statistically significant higher financial literacy

than those who did not have the financial literacy intervention of Money University. On average,

teachers who were exposed to the financial literacy intervention exhibited more financial literacy

knowledge than those who were not exposed to the financial literacy intervention.

Table 2

Analysis of Covariance Results /Teachers’ Posttest Financial Literacy

Source

Variance

Sum

Squares

Df Ms F p

Group 10.185 1 10.185 4.644 .034*

Pretest 157.245 1 157.245 71.689 .000

Error 221.536 101 2.193

Total 395.913 103

Pretest scores are the covariates

*Significant at the .05 level

Hypotheses Two

Ho2: A financial literacy intervention does not significantly increase teachers’ financial

awareness.

Financial awareness (spending) was formulated by summating four questions selected

from Jump$tart Coalition’s College survey. These questions directly related to Schagen’s

definition of financial awareness, which included spending. A total raw score ranging from zero

to four was calculated for the identified financial awareness (spending) component of Jump$tart

Coalition’s College survey. An independent t-test was computed to examine the differences in

the pretest financial awareness (spending) scores of the experimental and control groups. This

was done to establish initial equivalence of the groups on the pretest. The more similar the

experimental and control groups are at the beginning of the experiment, the more this similarity

is confirmed by the similar groups means on the pretest. Consequently, the more credible the

results on this non-equivalency control group study. The t-test results (see Table 3) revealed that

a statistically significant difference was found between the pretest scores at the .001 level. Thus,

the groups were determined not to be equivalent on the pretest.

Table 3

Independent t-Test Results/ Teachers’ Pretest Financial Awareness (Spending)

Groups N Mean SD df t p

Experimental 42 3.57 .590

102 5.09 .000

Control 62 2.82 .820

Once the independent t-test indicated differences on the pretest financial awareness

(spending) scores, the one-way analysis of covariance was computed to remove the effects of

pretest difference and other relevant extraneous variables to statistically equate the groups

and test the hypotheses for significance. The mean pretest financial awareness (spending) scores

of teachers who were exposed to Money University webinars was 3.47 and the mean pretest

financial awareness (spending) scores of teachers who were not exposed to Money University

webinar was 2.82. Whereas, the adjusted mean financial awareness (spending) posttest scores of

the teachers who were exposed to the financial literacy intervention of Money University

webinars was 3.31 and the adjusted mean financial awareness (spending) posttest scores of the

teachers who were not exposed to the financial literacy intervention of Money University

webinars was 2.93. There was a relative limited change in mean values for spending. When a

comparison group has an above-average mean on the control variable, then that group’s mean

score on the dependent variable will be lowered. Whereas, any group that has a below-average

mean on the covariate will have its mean score on the dependent variable raised. To bring about

the desired control, ANCOVA adjusts each group mean on the dependent variable (Huck, 2004).

Table 4 shows the one-way analysis of covariance results pertaining to posttest financial

awareness (spending) scores of teachers who were exposed to the financial literacy intervention

and those who were not exposed to the financial literacy intervention. A statistically significant

difference was found between the mean financial awareness spending scores of teachers who

were exposed to the financial literacy intervention and those teachers who were not exposed to

the financial literacy intervention F(1, 101) = 6.763, p = .011 at the .05 level. Thus, the null Ho2

was rejected, the alternate hypothesis was accepted, and it can be concluded that those teachers

who received the financial literacy intervention had significantly higher financial awareness

(spending) than those who did not have the financial literacy intervention. On average, teachers

who were exposed to the financial literacy intervention exhibited more financial awareness

(spending) knowledge than those who did not have the financial literacy intervention.

Table 4

Analysis of Covariance Results /Teachers’ Posttest Financial Awareness (Spending) by

Groups

Source

Variance

Sum

Squares

Df Ms F P

Group 2.802 1 2.802 6.763 .011*

Pretest 7.684 1 7.684 18.548 .000

Error 41.841 101 .414

Total 395.913 103

Pretest scores are the covariates

*Significant at the .05 level

Financial awareness (savings) for this study was formulated by summating eight

questions from Jump$tart Coalition College survey. The eight questions were selected because

these questions directly related to Schagen’s definition of financial awareness, which included

saving. A total raw score ranging from zero to eight was calculated for the identified financial

awareness (saving) component of Jump$tart Coalition’s survey. An independent t-test was

computed to examine the differences in the pretest financial awareness (saving) scores of the

experimental and control groups. The t-test results shown in Table 5 revealed that no statistically

significant differences were found between the pretest scores. Thus, the groups were determined

to be equivalent on the pretest.

Table 5

Independent t-Test Results/ Financial Awareness (Saving)

Groups N Mean SD df t p

Experimental 42 4.52 1.15

102 .984 .327

Control 62 4.77 1.35

Once the independent t-test indicated no difference on the pretest financial awareness

(saving) scores, the one-way analysis of covariance was computed to remove the effects of

pretest differences and other relevant extraneous variables to statistically equate the groups and

test the hypotheses for significance. The mean pretest financial awareness (saving) score of

teachers who were exposed to the financial literacy intervention of Money University webinars

was 5.07 and the mean pretest of financial literacy score of teachers who were not exposed to the

financial literacy intervention of Money University webinars was 4.32. Whereas, the adjusted

posttest mean financial awareness (saving) scores of teachers who were exposed to the financial

literacy intervention of Money University webinars was 5.16 and the adjusted posttest mean

financial awareness (saving) scores of teachers who were not exposed to financial literacy

intervention of Money University was 4.26.

Table 6 reveals the one-way analysis of covariance results of the financial awareness

(saving) posttest scores of teachers who were exposed to the financial literacy intervention of

Money University and the teachers who were not exposed to the financial literacy intervention of

Money University.

A statistically significant difference was found between the mean financial awareness

(savings) scores of teachers who were exposed to the financial literacy intervention and not

exposed to the financial literacy intervention F(1, 101) = 13.886, p =.000 at the .05 level. Thus,

the null Ho2 (savings) was rejected and it can be concluded that those teachers who received the

financial literacy intervention had significantly higher financial awareness (savings) scores than

those who did not have the financial literacy intervention. On average, teachers who were

exposed to the financial literacy intervention exhibited more financial awareness (savings)

knowledge than those teachers who were not exposed to the financial literacy intervention.

Table 6

Analysis of Covariance Results /Teachers’ Posttest Financial Awareness (Saving)

Source

Variance

Sum

Squares

Df Ms F P

Group 20.168 1 20.168 13.886 .000*

Pretest 61.639 1 61.639 42.439 .000

Error 146.695 101 1.452

Total 222.375 103

Pretest scores are the covariates

*Significant at the .05 level

Financial awareness (credit) for this study was formulated by summating five questions

from Jump$tart Coalition’s College survey. These five questions were selected because the

questions directly related to Schagen’s definition of financial awareness, which included credit.

A total raw score ranging from zero to five was calculated for the identified financial awareness

(credit). An independent t-test was computed to examine the differences in the pretest financial

awareness (credit) scores of the experimental and control groups. This was done to establish

initial equivalence of the groups on the pretest. The t-test results shown in Table 7 revealed that

no statistically significant differences were found between the pretest scores. Thus, the groups

were determined to be equivalent on the pretest.

Table 7

Independent t-Test Results/ Financial Awareness (Credit)

Groups N Mean SD df t p

Experimental 42 3.55 .59

102 .386 .674

Control 62 3.61 .98

Once the independent t-test indicated no difference on the pretest financial awareness

(credit) scores, the one-way analysis of covariance was computed to remove the effects of pretest

differences and other relevant extraneous variables to statistically equate the groups and test the

hypotheses for significance. The mean pretest financial awareness (credit) scores of teachers who

were exposed to Money University webinars was 3.95 and the mean pretest financial awareness

(credit) scores of teachers who were not exposed to Money University webinar was 3.50.

Whereas, the adjusted mean financial awareness (credit) posttest scores of the teachers who were

exposed to the financial literacy intervention of Money University webinars was 3.82 and the

adjusted mean financial awareness (credit) posttest scores of the teachers who were not exposed

to the financial literacy intervention of Money University webinars was 3.58.

Shown in Table 8 was the one-way analysis of covariance results of posttest financial

awareness (credit) scores. The results include the teachers who were exposed to the financial

literacy intervention of Money University webinars and the teachers who were not exposed to the

financial literacy intervention of Money University webinars.

A statistically significant difference was found between the mean financial awareness

(credit) scores of teachers who were exposed to the financial literacy intervention and not

exposed to the financial literacy intervention F(1, 101) = 5.726, p =.019 at the .05 level. Thus,

hypothesis two was rejected, the alternate hypothesis was accepted, and it can be concluded that

those teachers who received the financial literacy intervention of Money University webinars had

significantly higher financial awareness (credit) score than those who did not have the financial

literacy intervention of Money University webinars. On average, teachers who were exposed to

the financial literacy intervention exhibited more financial awareness (credit) knowledge than

those teachers who were not exposed to the financial literacy intervention.

Table 8

Analysis of Covariance Results /Teachers’ Posttest Financial Awareness (Credit)

Source

Variance

Sum

Squares

Df Ms F P

Group 5.807 1 5.807 5.726 .019*

Pretest 14.981 1 14.981 14.772 .000

Error 102.424 101 1.014

Total 122.529 103

Pretest scores are the covariates

*Significant at the .05 level

Hypotheses Three

Ho3: A financial literacy intervention does not significantly influence teachers so that

they advocate for elementary and middle school aged students to receive financial literacy

courses.

The chi-square of independence results of advocacy (financial literacy) of teachers who

were exposed to the financial literacy intervention of Money University and the teachers who

were not exposed to the financial literacy intervention of Money University. A statistically

significant difference was not found between advocacy (financial literacy) responses of teachers.

Thus, null hypothesis three was accepted and it can be concluded that a financial literacy

intervention does not influence teachers so that they advocate for elementary and middle school

students to receive financial literacy courses.

Table 9

Chi Square Results of Advocacy (Financial Literacy) of Teachers

Group Advocacy

Yes

Advocacy

Total

Number

Control Group

Percent

53.2

46.8

100.0

Number

Experiment Group

Percent

Number

Total

Percent

69.0

59.6

31.0

40.4

100.0

104

100.0

X2 = 2.603, df = 1, p =.107

Question 57 was used to determine how teachers would advocate for financial literacy.

Table 11 presents the teachers’ responses to advocating for financial literacy. Thirteen

participants stated that they would talk with administrators to advocate for financial literacy. Six

participants stated that would vote or contact politicians to advocate for financial literacy.

Fourteen participants stated that they would advocate having financial literacy as a junior high or

middle school course. Seven participants stated that they would advocate having financial

literacy as a high school course. Whereas, 14 participants stated that they would advocate having

financial literacy provided by other resources.

Table 10

Teachers’ Responses to Advocating for Financial Literacy

School

Administrators

and other

school staff

Policy/Legislature General

Courses

Middle

School

Course

High School

Course

Other

participants

would talk

with

administrators

participants

would vote or

contact politicians

participants

would

encourage to

have

financial

literacy as a

general

course

participants

would

encourage to

have

financial

literacy as a

junior high

or middle

school

course

participants

would

encourage to

have

financial

literacy as a

high school

course

participants

would

encourage to

have

financial

literacy

provided by

other

resources

Conclusion

Chapter four described the statement of the problem, research questions, hypotheses, data

collection procedures, data analysis, results, an independent t-test, non-correlated t-test,

independent and dependent one-way analysis of covariances, chi square of independence and

discussed the relevance of the theoretical framework. The methodology in chapter three was

implemented and the results were displayed in tables and narrative in chapter four. Chapter five

reports the importance, meaning and significance of the findings in chapter four (Creswell,

2008). Chapter five also reports the significance of the findings with respect to the research

hypotheses, conclusions, implications of the finding, and future recommendation.

Chapter 5

Conclusions and Recommendations

The Financial Literacy and Education Improvement act, which was part of the Fair and

Accurate Credit Transactions (FACT) Act of 2003, was created to improve financial literacy and

education in the United States (Schuchardt et al., 2009). In 2008, President George Bush created

the first President’s Advisory Council on Financial Literacy (Maloney, 2010) encouraging

financial literacy among American people as a rule of the government. The Council (2009)

presented a report suggesting improving financial literacy through different venues, such as

schools, workplaces, non-profits, colleges and universities, and government (Maloney, 2010).

One of the first recommendations from the Council (2008) was that the United States

Congress and legislatures must order financial education for all students in Kindergarten through

12 grade schools. While many school districts have financial literacy initiatives, a few states

have ordered financial literacy in the classroom and a small number have addressed financial

literacy from Kindergarten to 12th grade (Maloney, 2010). School districts are exploring ways to

integrate financial literacy into the curriculum and classroom. Kaplan (2003) asserted that people

who are familiar with the situation could develop advocacy and best implement action on behalf

of the students. Supon (2012) stated that as teachers and educators, it is the responsibility of the

teachers to enhance learning in the classroom and prepare the students. It is necessary to explore

the opportunities and strategies to teach student to be money smart (Supon, 2012). Teachers have

a frame of reference and can facilitate knowledge by creating and delivering clear, concise, and

provocative information, so that it motivates the students to use it in different situations.

The purpose of this quantitative, quasi-experimental study was to examine whether a

financial literacy intervention can influence changes in teachers’ financial literacy, financial

awareness, and advocacy for elementary and middle school-aged students to receive financial

literacy courses. The outcomes were described in terms of financial literacy, financial awareness,

and advocacy. The results were collected from a suburban school district in Texas. The study

involved the use of an independent t-test, a non-correlated t-test, one-way analysis of covariance,

cross tabulations, and descriptive statistics to determine whether a statistically significant

relationship existed between financial literacy intervention, financial literacy, financial

awareness and advocacy.

Three hypotheses established the basis for testing the theoretical relationship between

financial literacy intervention and financial literacy, financial awareness, and advocacy for

elementary and middle school students to receive financial literacy courses. The null and

alternative hypotheses concerning financial literacy intervention and teachers’ financial literacy,

awareness and advocacy was the general framework for the dissertation. The results of the

independent t-test and non-correlated t-test indicated that no statistically significant differences

were found between the pretest scores. Consequently, the groups were considered to be

equivalent on the pretest. The results of the one-way analysis of covariance did establish a

relationship between a financial literacy intervention and teachers’ financial literacy.

The first hypothesis was tested using an independent t-test to determine the differences in

the pretest financial literacy scores. After which, one-way analysis of covariance was used to

determine whether a statistically significant difference existed as measured by teachers’ financial

literacy answers to questions 1, 2, 7, 8, 13, 14, 17, 18, 21, 22, 24, and 26 (see Appendix A) prior

to receiving the financial literacy intervention. These 12 questions were chosen to measure

financial literacy because the questions directly related to an individual’s competency for

managing money (Remund, 2010). Testing this hypothesis established a scale to determine the

treatment’s success or failure. This analysis indicated that a statistically significant difference

existed between the financial literacy intervention and teachers’ financial literacy.

The second hypothesis was tested using an independent t-test to determine the differences

in the pretest awareness scores. After which, one-way analysis of covariance was used to

determine whether a statistically significant difference existed as measured by teachers’ financial

awareness answers to questions 3, 4, 6, 9, 10, 11,12, 15, 16, 19, 20, 23, 25, 27, 28, 30, and 31

(see Appendix A) after receiving the financial literacy intervention. These 17 questions were

chosen to measure financial awareness because the questions directly related to Schagen’s (2007,

as cited in ANZ, 2013) definition of financial awareness, which is successful strategies and

informed judgments for making careful decision relating to spending, saving, and credit use. The

questions were divided into three categories: 1) spending, 2) saving, and 3) credit. Four

questions were used to measure spending, eight questions were used for measuring saving, and

five questions were used for credit. Testing this hypothesis established a scale to determine the

treatment’s success or failure. This analysis indicated that a statistically significant difference

existed between the financial literacy intervention and teachers’ financial awareness.

The third hypothesis was tested using a non-correlated t-test to examine the differences in

the pretest advocacy scores. After which, chi square of Independence was used to determine

whether a statistically significant difference existed as measured by teachers’ advocacy answers

to question 56 (see Appendix A) after receiving the financial literacy intervention. This question

was chosen to measure advocacy because the question directly related to advocating for financial

literacy courses. Testing this hypothesis established a scale to determine the treatment’s success

or failure. This analysis indicated that a statistically significant difference did not exist between

the financial literacy intervention and teachers’ financial advocacy. Question 57 was used to

determine how teachers would advocate for financial literacy. There were 59.6% of the

participating teachers who made suggestions on how that they would advocate for financial

literacy.

The generalizability and validity of the findings of the study were subject to several

limitations and delimitations. The following sections contain a review of these limitations and

delimitations, followed by a presentation of the implications, findings, and recommendations

based on the analysis of data in the study. Chapter five also contains possible areas for further

research as well as a summary and conclusion.

Limitations

Creswell (2005) identified limitations as the problems underlying any research design.

Specific limitations may include weaknesses in the measurement instruments and errors in site-

level data collection (Creswell, 2005). This research study was limited to one financial literacy

intervention in one Texas school district. There was no random assignment to groups, limiting

the generalizability of the results. A non-equivalent design was used in this study. One of the

primary weaknesses of this design is not assigning participants to groups (Sapp, 2002). The first

110 participants were assigned to the experimental group and 97 were assigned to the control

group. Only two weeks was allowed to recruit participants and for participants to consent to

participate. The participants were not informed of the group assignment. While this design has its

limitations, it is one of the strongest quasi-designs used in educational research where

participating population consists of a naturally assembled group (Gould, 2002).

The Jump$tart Coalition College Survey (2008) is one instrument and may not measure

or provide a complete and thorough representation of financial literacy and financial awareness.

Delimitations

The delimitation of this study consisted of teachers’ personal and business financial

behaviors. Several areas limited the generalizability of the research, data, conclusion, and

findings. The study findings only apply to the specific school district selected for the study in

Texas. The study was limited to one school district. The sample population was limited to

elementary and middle school teachers.

Financial literacy, awareness and advocacy were measured by one instrument, the

modified version of Jump$tart Coalition College survey, which may or may not have been the

most effective instrument to focus on multiple areas. Lucey (2005) asserted that an instrument

must be reliable to be valid and a reliable instrument delivers the same results over replicated

assessment efforts. The internal consistency reliability procedure was used to establish reliability

for the modified version of 2008 Jump$tart Coalition College Survey. The Cronbach’s Alpha and

split half reliability measures were used to establish internal consistency on the investigative

instrument. An alpha coefficient of .793 and a split half with Spearman-Brown application of

.830 were computed for the test as a whole. Bruning and Kintz (1997) affirmed that a reliability

coefficient of .70 is considered reliability. Thus, the investigative survey was found to be reliable

for this investigation. The scope is limited to one distinct suburban school district. This area will

be beneficial for future research.

Findings

Hypothesis One

Three null hypotheses were tested in this research study. Hypothesis one was analyzed

using one-way analysis of covariance to determine whether a statistically significant difference

existed as measured by teachers’ financial literacy answers to questions 1, 2, 7, 8, 13, 13, 17, 18,

21, 22, 24, and 26 (see Appendix A) prior to receiving the financial literacy intervention. These

12 questions were chosen to measure financial literacy because the questions directly related to

an individual’s competency for managing money (Remund, 2010). Testing this hypothesis

established a scale to measure the success or failure of the treatment. The results of this analysis

indicated that a statistically significant difference existed between financial literacy intervention

and teachers’ financial literacy. The alternate hypothesis one was accepted and it can be

concluded that a financial literacy intervention increased teachers’ financial literacy

Hypothesis Two

Hypothesis two was tested using one-way analysis of covariance to determine whether a

statistically significant difference existed as measured by teachers’ financial awareness answers

to questions 3, 4, 6, 9, 10, 11, 12, 15, 16, 19, 20, 23, 25, 27, 28, 30, and 31 (see Appendix A)

prior to receiving the financial literacy intervention. These 17 questions were chosen to measure

financial awareness because the questions directly related to Schagen’s (2007, as cited in ANZ,

2013) definition of financial awareness, which is successful strategies and informed judgments

for making careful decisions relating to spending, saving, and credit use. The questions were

divided into three categories: 1) spending, 2) saving, and 3) credit. Four questions were used to

measure spending, eight questions were used for measuring saving, and five questions were used

for credit. Testing this hypothesis established a scale to measure the success or failure of the

treatment. The results of this analysis indicated that a statistically significant difference existed

between financial literacy intervention and teachers’ financial awareness. Thus, the alternate

hypothesis two was accepted and it can be concluded that a financial literacy intervention

significantly increased teachers’ financial awareness.

Hypothesis Three

Hypothesis three was tested using cross tabulation to determine whether a statistically

significant difference existed as measured by teachers’ advocacy answers to question number 56

prior to receiving the financial literacy intervention. Testing this hypothesis established a scale to

determine the treatment’s success or failure. This analysis indicated that a statistically significant

difference did not exist between financial literacy intervention and teachers’ advocacy. Thus,

hypothesis three was accepted and it can be concluded that a financial literacy intervention does

not significantly influence teachers so they advocate for elementary and middle school students

to receive financial literacy courses; however, 69% of the experimental group and 53.2% of the

control group responded that they would advocate for financial literacy. These percentages

indicate that teachers believe financial literacy is important and might advocate for financial

literacy if asked. Teachers are required to meet state mandates, such as No Child Left Behind.

These mandates include implementing required curricula and instruction programs, strict time

allocation for reading and writing, high stakes standardized tests, frequent classroom

assessments, and professional development initiatives (Hayes, 2006).

Teachers are overwhelmed with mandates of testing and tend to focus on students’

performance due to NCLB accountability measures. It is difficult to fit teaching financial literacy

into the existing curriculum because of the high stakes of teaching testing content. Minarechova

(2012) affirmed that most teaching time is dedicated to preparing for testing and doing testing.

This could have impacted the teachers’ willingness to advocate for additional courses. Some

teachers believed that financial literacy should be taught on the high school level, which could

have impacted their response. The structure of the question relating to advocating for financial

literacy could have also influenced the participants’ response. Perhaps, adding the word

“courses” to the survey question could have had a significant impact on the chi square of

independence analysis.

Implications

The implications of this research confirmed that an intervention can enhance teachers’

financial literacy and awareness, which can assist teachers with educating students about

financial literacy. The intervention in this study increased teachers’ financial literacy as well as

teachers’ financial awareness in spending, saving, and credit. This new knowledge could be

shared through formal teaching in the classroom and informal interaction with students outside

the classroom. Similar studies have shown that financial education improves financial knowledge

(Chen &Volpe, 1998; Fox et al., 2005; Maurer & Lee, 2011)

Implications for Leadership

Financial literacy issues have increased on the agendas of policy makers, government

agencies, educators, community groups, and community organizations. It appears that everyone

is discussing financial literacy and creating substantial initiatives targeting addressing the issue

(Hogarth, 2002). Recently, Khan Academy and Bank of America developed a partnership to

learn the “why” and “how” behind personal finance

(http://www.bettermoneyhabits.com/en/home.html#fbid=vbT36CTdPR-). Their collaboration

could assist with putting knowledge into practice. This study provided valuable information for

economists, business owners, financial planners, educators, and government officials. The

Council (2009) recommended that the United States Congress and legislatures should order

financial education for all students in Kindergarten through 12 grade schools. While a large

number of school districts have financial literacy initiatives, a few states have mandated financial

literacy in the classroom and a small number have focused on addressing financial literacy from

http://www.bettermoneyhabits.com/en/home.html#fbid=vbT36CTdPR-

Kindergarten to 12th grade (Maloney, 2010). Thirteen states graduation requirements require

students to have completed a personal finance or economics class. In addition, nine states require

testing the student’s knowledge on personal finance (Yates & Ward, 2011). The legislative

recommendations and state requirements demonstrate a need for providing a resource to address

students’ financial literacy. This study focused on providing an intervention to teachers, which

concentrated on financial literacy, awareness, and advocacy because teachers are a vital resource

to educating children.

This study showed that a financial literacy intervention had a significant impact on

teachers’ financial literacy and awareness. However, it did not show a significant impact on

teachers’ advocacy for students to receive financial literacy courses in elementary and middle

school. There are several reasons that teachers would not advocate for financial literacy. For

example, teachers stated that they were overwhelmed with mandates of testing and the NCLB

accountability measures and did not have the time to advocate, they did not have the knowledge

about how to advocate, and did not feel comfortable advocating for something they were not

knowledgeable. Contrary to this finding, over 69% of the experimental group and 53.2% of the

control group responded that they would advocate for financial literacy.

Lucey and Maxwell (2009) asserted that developing financial literacy of youth requires

preparing teachers to teach these critical life skills. The role and perspective of the teacher is

important but is sometimes overlooked. Supon (2012) affirmed that the role of teachers has

transformed to include more than academic content and mentoring. Teachers have the important

duty to prepare students to be informed citizens in the community. Kaplan (2003) posited that

teachers as advocates demand using educational skills relating to principles of learning, which

improves the foundation of advocacy. Educational leaders must promote, conduct and respond to

internal and external data regarding financial literacy, financial awareness, and advocacy for

financial literacy. Advocating for financial literacy growth in education requires leaders to have

evidence that supports the need for reform and to fully understand the nature of incorporating

change into the educational system. Participants in this study offered numerous suggestions on

ways to advocate for financial literacy in the educational system.

Recommendations for Incorporating Financial Literacy

Fifty-eight participants in this study offered suggestions on ways to advocate for financial

literacy that should be considered when incorporating financial literacy into an educational

system. The suggestions included contacting school administrators and other staff members,

contacting politicians and voting for financial literacy, offering financial literacy as a general

course, offering financial literacy as a junior high/middle school course, offering financial

literacy as a high school course, and allowing others to teach financial literacy courses.

The following steps are recommended ways to incorporate financial literacy courses into

teachers’ professional development: 1) identify and provide face-to-face financial literacy

training, 2) identify and provide online financial literacy training and 3) identify and provide

support to teachers who desire to receive out of the district financial literacy training. The

following steps are recommended ways to incorporate financial literacy courses into a

curriculum: 1) Identify the state legislative mandates and align the financial literacy component

of the course around the recent mandates. 2) Clearly identify an area that directly relates to

financial literacy such as fifth grade math or social studies courses. 3) Provide professional

development opportunities to teachers to enhance their financial literacy knowledge. 4) Design

lesson plans that include the financial literacy component. 5) Establish a timeline for students to

develop financial literacy content knowledge. 6) Provide students with an opportunity to utilize

project-based learning activities that incorporates real world experiences and 7) Assess students’

knowledge using traditional assessment tools such as quizzes, exam, and standardized test.

The following steps are recommended for incorporating financial literacy through an

After-School Program. 1) Develop or identify a program that specifically focuses on financial

literacy. 2) Develop or identify a curriculum to use during the program such as Jump$tart

Coalition. 3) Identify the key stakeholders for integrating the after-school program into a school

(principal, assistant principal, parents, teachers, and counselor). 4) Schedule a meeting to share

the after-school program goal, activities, and curriculum that will be used. 5) Identify needed

resources for implementations such as staff (teachers, volunteers, parents), transportation (school

or parents) and snacks (donation or purchased). 6) Set timeline for implementation (start date and

completion date). 7) Present the after-school program goal, activities, curriculum, needed

resources, and timeline for implementing to the stakeholders.

The following steps are recommended for approaching the school board to explore

incorporating financial literacy into the school system. 1) Research the board procedures for

open forum, 2) prepare a financial literacy presentation within the time limit of the board, 3)

complete a participation request form or application, and 4) present the financial literacy

presentation and stay within the time limit designated by the board.

Recommendations for Future Research

Additional research involving financial literacy is necessary. This study focused

primarily on teachers’ financial literacy, awareness, and advocacy for elementary and middle

school students to receive financial literacy courses. Replication of the current research study

with a focus on providing a financial literacy intervention that includes advocating for financial

literacy courses might provide further insights into the effects of financial literacy intervention

on teachers’ financial literacy, awareness and advocacy. Future researchers may also explore

further the effects of financial literacy interventions on elementary and middle school students’

financial literacy.

Summary and Conclusion

The purpose of this quantitative, quasi-experimental study was to examine whether a

financial literacy intervention can influence changes in teachers’ financial literacy, financial

awareness, and advocacy for elementary and middle school-aged students to receive financial

literacy courses. The results were described in terms of financial literacy, financial awareness,

and advocacy for elementary and middle school students to receive financial literacy courses as

measured by the modified 2008 Jump$tart Coalition College Survey. The results were collected

from a suburban school district in Texas.

The independent variable was financial literacy. The dependent variables were financial

awareness and advocacy for elementary and middle school-aged students to receive financial

literacy courses as measured by the pretest and post-test. By raising awareness of financial

literacy, teachers can advocate for students to receive financial literacy courses. This research

study offers recommendations to incorporate financial literacy into teachers’ professional

development, a curriculum, an after-school program and approaching the school board to explore

incorporating financial literacy into a school system. These recommendations contribute to the

body of knowledge and add value to individuals interested in financial literacy. Hogarth (2002)

asserted that financial literacy has increased on the agendas of educators, government agencies,

community organizations, business, community groups, and policy makers.

References

ANZ. (2013). Survey of adult financial literacy. Retrieved from

http://www.anz.com/resources/5/4/54a7b400413360d8b5d8bda2fd298cdf/Survey-Adult-

Financial-Literacy-2008.pdf

Arain, M., Campbell, M., Cooper, C., & Lancaster, G. (2010). What is a pilot or feasibility

study? A review of current practice and editorial policy. BMC Medical Research

Methodology, 1067-73. Retrieved from http://www.biomedcentral.com

Bachmann, G., John, D., & Rao, A. (1993). Children’s susceptibility to peer group purchase

influence: An exploratory investigation. Retrieved from

http://www.acrwebsite.org/search/view-conference-proceedings.aspx?Id=7492

Beal, D., & Depachitra, S. (2003). Financial literacy among Australian university students.

Economic Papers, 22(1), 65-78. Retrieved from

http://av4kc7fg4g.search.serialssolutions.com

http://www.bettermoneyhabits.com/en/home.html#fbid=vbT36CTdPR-

Borden, L. M., 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. doi:http://dx.doi.org/10.1007/s10834-007-9087-2

Bruning, J., & Kintz, B. (1997). Computational handbook of statistics (4th ed.). Upper Saddle

River, NJ: Pearson

Chen, H., & Volpe, R. (1998). An analysis of personal financial literacy among college students.

Financial Services Review, 7(2), 107-128. Retrieved from http://search.proquest.com

Cheng, J., Kao, L., & Julia Ying-Chao, L. (2004). An investigation of the diffusion of online

games in Taiwan: An application of Roger’s Diffusion of Innovation Theory. Journal of

American Academy of Business, Cambridge, 5(1/2), 439-445. Retrieved from

http://search.proquest.com

Cooper, D., & Schindler, P. (2006). Business research methods (9th ed.). New York, NY:

McGraw Hill Publishing Company.

Cooper, D., & Schindler, P. (2003). Business research methods (8th ed.). Boston: Irwin.

Collins, J. (2012). Financial advice. A substitute for financial literacy? Financial Services

Review, 21(4), 307-322. Retrieved from http://search.proquest.com

Cory, S., & Pickard, A. (2008). 2+2=?. Strategic Finance, 89(11), 49-52. Retrieved from

http://web.ebscohost.com

http://www.anz.com/resources/5/4/54a7b400413360d8b5d8bda2fd298cdf/Survey-Adult-Financial-Literacy-2008.pdf

http://www.biomedcentral.com/

http://av4kc7fg4g.search.serialssolutions.com/

http://search.proquest.com/docview/1243038885?accountid=458

Creswell, J. (2003). Research design: Qualitative, quantitative and mixed methods approaches

(2nd ed.). Thousand Oaks, CA: Sage.

Creswell, J. (2005). Educational research: Planning, conducting, and evaluating quantitative

and qualitative research (2nd ed.). Upper Saddle River, NJ: Prentice-Hall

Creswell, J. (2008). Research design: Qualitative, quantitative and mixed methods approaches

(3rd ed.). Thousand Oaks, CA: Sage.

Dale, L., & Bevill, S. (2007). An analysis of the current status of student debt: Implications for

helping vulnerable students manage debt. Academy of Educational Leadership Journal,

11(2)-127. Retrieved from http://search.proquest.com

Davis, K., & Durband, D. (2008). Valuing the implementation of financial literacy education.

Financial Counseling and Planning, 19(1), 20-30. Retrieved from

http://search.proquest.com

Elpus, K. (2007). Improving music advocacy. Arts Education Policy Review, 108(3), 13-18.

Retrieved from http://search.proquest.com

Elpus, K. (2008). Organizing your parents for effective advocacy. Music Educators Journal,

95(2), 56-60. doi:10.1177/0027432108325688

Field, J.E., & Baker, S. (2004). Defining and examining school counselor advocacy. Professional

School Counseling, 8(1), 56-63. Retrieved from http://search.proquest.com

Fox, J., Bartholomae, S., & Lee, J. (2005). Building the case for financial education. The Journal

of Consumer Affairs, 39(1), 195-214. Retrieved from http://search.proquest.com

Gay, L.R. (1995). Educational research: Competencies for analysis and application (5th ed.).

Princeton, NY: Princeton Hall

Gaytan, J. (2007). Qualitative research: Emerging opportunities in business education. Delta Phi

Epsilon Journal, 49(2), 109-127. Retrieved from

http://av4kc7fg4g.search.serialssolutions.com

Gelo, O., Braakman, D., & Benetka, G. (2008). Quantitative and qualitative research: Beyond

the debate. Integrative Psychological & Behavioral Science, 42(3), 266-290. doi:

10.1007/s12124-008-9078-3

Godsted, D., & McCormick, M. (2007). National k-12 financial literacy research overview

(Networks Financial Institute Report 2007 NFI-03). Retrieved from

http://www.networksfinancialinstitute.org/Lists/Publication%20Library/Attachments/86/

2007-NFI-03_Godsted-McCormick.pdf

Goetz, J., Mimura, U., Desai, M., & Cude, B. (2008). Hope or no-hope: Merit-based college

http://search.proquest.com/

http://www.networksfinancialinstitute.org/Lists/Publication%20Library/Attachments/86/

scholarship status and financial behaviors among college students. Financial Counseling

and Planning, 19(1), 12-19. Retrieved from http://search.proquest.com

Gould, J. (2002). Concise Handbook of Experimental Methods for Behavior and Biological

Sciences. Boca Raton, FL: CRC Press.

Grable, J., & Joo, S. (2006). Student racial differences in credit card debt and financial behaviors

and stress. College Student Journal, 4(2), 400. Retrieved from http://search.proquest.com

Gratton-Lavoie, C., & Gill, A. (2009). A study of high school economic literacy in Orange

County, California. Eastern Economic Journal, 35(4), 433-451.

doi:http://dx.doi.org/10.1057/eej.2008.25

Greenspan, A. (2005). The importance of financial education today. Social

Education, 69(2), 65. Retrieved from http://search.proquest.com

Hartman, J. (2011). ANCOVA (A GLM Approach) PowerPoint slides. Retrieved from

http://bama.ua.edu/~jhartman/689/ancovaglm.ppt

Hastings, J., & Tejeda-Ashton, L. (2008). Financial literacy, information, and demand elasticity:

Survey and experimental evidence from Mexico. Retrieved from

http://www.nber.org/papers/w14538

Hayes, D. (2012). Higher education and financial literacy- A new paradigm. Diverse Issues in

Higher Education, 29(5), 8-9. Retrieved from http://search.proquest.com

Hayes, W. (2006). The progressive education movement: Is it still a factor in today’s school?

New York, NY: Rowman & Littlefield Education.

Hilgert, J., Hogarth, J., & Beverly, S. (2003). Household financial management: The connection

between knowledge and behavior. Federal Reserve Bulletin, 89, 309-322. Retrieved from

http://search.proquest.com

Howe, K. (2004). A critique experimentalism. Qualitative Inquiry, 10, 42-61. Retrieved from

http://qix.sagepub.com

Hogarth, J. (2002). Financial literacy and family and consumer sciences. Journal of Family and

Consumer Sciences, 94(1), 14-28. Retrieved from http://search.proquest.com

Huck, S.W. (2004). Reading statistics and research. (4th ed.). Boston, MA: Allyn and Bacon.

Joireman, J., Kees, J., & Sprott, D. (2010). Concern with immediate consequences magnifies the

impact of compulsive buying tendencies on college students’ credit card debt. Journal of

Consumer Affairs, 44(1), 155-178. Retrieved from

http://av4kc7fg4g.search.serialssolutions.com

http://bama.ua.edu/~jhartman/689/ancovaglm.ppt

http://search.proquest.com/

Joo, S., Grable, J., & Bagwell, D. (2003). Credit card attitudes and behaviors of college students.

College Student Journal, 37(3), 405-419. Retrieved from http://search.proquest.com

Jump$tart Coalition for Personal Financial Literacy (2013). Jump$tart Coalition High School and

College survey. Retrieved from http://www.jumpstart.org/survey.html

Kaplan, S. (2003). Advocacy as teaching: The teacher as advocate. Gifted Child Today, 26(3),

44-45. Retrieved from http://search.proquest.com

Kashworm, C. (2003). Setting the stage: Adults in higher education. New Directions of Student

Services, 103(2), 3-10. doi: 10.1002/ss.83

Kerkman, B. (1998). Motivation and stages of change in financial counseling: An application of

a transtheoretical model from counseling psychology. Financial Counseling and

Planning, 9(1), 13-20. Retrieved from http://search.proquest.com

Kim, J. (2007). Workplace financial education program: Does it have an impact on employees’

personal finances? Journal of Family and Consumer Sciences, 99(1), 43-47. Retrieved

from http://search.proquest.com

Kim, J., & Garman, E. (2004). Financial stress, pay satisfaction, and workplace performance.

Compensation and Benefits Review, 69-76. Retrieved from http://search.proquest.com

Leech, D., & Fulton, C. (2008). Faculty perceptions of shared decision-making and the principals

leadership behaviors in secondary school in a large urban district. Education, 128(4),

630-644. Retrieved from http://search.proquest.com

Leedy, P., & Ormond, J. (2010). Practical Research: Planning & Design. New York: NY:

Macmillan.

Levesque, R. (2007). SPSS programming and data management: A guide for spss and sas users.

(4th ed.), SPSS Inc., Chicago.

Loibl, C., & Hira, T. (2007). New insights to advising your female clients on investment

decisions. Journal of Financial Planning, 20(3), 68-75. Retrieved from

http://search.proquest.com

Lucey, T. (2005). Assessing the reliability and validity of the Jump$tart survey of financial

literacy. Journal of Family and Economic Issues, 26(2), 283-394.

doi:http://dx.doi.org/10.1007/s10834-005-3526-8

Lucey, T., & Maxwell, S. (2009). Preservice elementary teachers’ confidence teaching about

money. Curriculum & Teaching Dialogue, 11(1/2), 221-237. Retrieved from

http://av4kc7fg4g.search.serialssolutions.com

Lusardi, A., & Tufano, P. (2009). Debt literacy, financial experiences, and overdebtedness,

http://search.proquest.com/

NBER working paper n. 14808. Retrieved from http://www.nber.org/papers/w14808

Lusardi, A., & Mitchell, O. (2009). How ordinary consumers make complex economic decisions:

Financial literacy and retirement readiness. (Master's thesis, Dartmouth University).

Retrieved from

http://www.dartmouth.edu/~alusardi/Papers/LusardiMitchellOrdinaryConsumers.pdf

Lusardi, A., Mitchell, O., & Curto, V. (2010). Financial literacy among the young. Journal of

Consumer Affairs, 44(2), 358-380. Retrieved from

http://av4kc7fg4g.search.serialssolutions.com

Maloney, P. (2010). Financial literacy: A practitioner’s update on the status of integration in

school curricula. Journal of Personal Finance, 9, 11-29. Retrieved from

http://search.proquest.com

Mandell, L. (2006). Does just-in-time instruction improve financial literacy? Credit Union

Magazine, 72(1), 7A-9A. Retrieved from http://search.proquest.com

Mathews, L. (2013). Alliance financial ministries. Retrieved from

http://www.financialministries.org

Mathews, L. (2012). Money University. Houston, Texas: Alliance Financial Ministries.

Maurer, T., & Lee, S. (2011). Financial education with college students: Comparing peer-led and

traditional classroom instruction. Journal of Family and Economic Issues, 32(4), 680-

689. doi:10.1007/s10834-011-9266-z

Mertler, C., & Vannata, R. (4th ed.) (2010). Advanced and multivariate statistical methods:

Practical applications. Glensdale, CA: Pyrczak Publishing

Minarechova, M. (2012). Negative impacts of high-stakes testing. Journal of Pedagogy, 3(1), 82.

doi:http://dx.doi.org/10.2478/v101-012-0004-x

Neiser, B. (2009). Averting at-risk middle America’s retirement crisis. Journal of Financial

Planning, 22(7), 56-62. Retrieved from http://search.proquest.com

Neuman, W. (2006). Basic of social research: Qualitative and quantitative approaches.

Boston, MA: Allyn & Bacon, Incorporated.

Neuman, W. (2003). Social research methods: Qualitative and quantitative approaches. (5th

ed.). Upper Saddle River, NJ: Prentice-Hall.

Noctor, M., Stoney, S., & Stradling, R. (1992). Financial literacy, National Foundation for

Educational Research, Slough.

Norvilitis, J., Merwin, M., Osberg, T., Roehling, P., Young, P., & Kamas, M. (2006). Personality

http://www.nber.org/papers/w14808

http://av4kc7fg4g.search.serialssolutions.com/

factors, money attitudes, financial knowledge, and credit-card debt in college students.

Journal of Applied Social Psychology, 36(6), 1395-1413. doi:10.1111/j.0021-

9029.2006.00065.x

Nowicki, M., & Summers, J. (2007) Changing leadership styles. Healthcare financial

management: Journal of Healthcare Financial Management Association, 61(2), 118.

Retrieved from http://search.proquest.com

Palmer, L., Bliss, D., Goetz, J., & Moorman, D. (2010). Improving financial awareness among

college students: Assessment of a financial management project. College Student

Journal, 44(3), 659-676. Retrieved from http://search.proquest.com

Perry, V. (2008). Is ignorance bliss? Consumer accuracy in judgments about credit rating. The

Journal of Consumer Affairs, 42(2), 189-205. Retrieved from http://search.proquest.com

Pickard, M., & Reichelt, S. (2008). Consumer economics and family resources: Internet delivery

of consumer economics and family resource management courses. Journal of Family &

Consumer Sciences Education, 26(2), 1-13. Retrieved from http://web.ebscohost.com

President’s Advisory Council on Financial Literacy. (2008). 2008 Annual report. Retrieved from

http://jumpstart.org/assets/files/PACFL_ANNUAL_REPORT_1-16-09.pdf

Raosoft. (2013). Raosoft calculator. Retrieved from http://www.raosoft.com

Rakotobe-Joel, T., & Sabrin, M. (2010). An outcome-based perspective of leadership:

Investigating the direct effects of corporate leaders on the firm’s financial outcome.

Journal of Business & Economic Research, 8(11), 113-123. Retrieved from

http://search.proquest.com

Rehman, S. (2010). The Obama administration and the U.S. financial crisis. Global Economy

Journal, 10(1), 1-22. Retrieved from http://web.ebscohost.com

Remund, D. (2010). Financial literacy explicated: The case for a clearer definition in an

increasing complex economy. Journal of Consumer Affairs, 44(2), 276-295. Retrieved

from http://av4kc7fg4g.search.serialssolutions.com.

Ritchey, F. (2008). The statistical imagination: Elementary statistics for the social sciences. New

York: McGraw Hill.

Rogers, E. (1995). Diffusion of innovation (4th ed). New York: Free Press.

Rogers, E. (2003). Diffusion of innovation (5th ed). New York: Free Press

Rosacher, K., Ragothaman, S., & Gillispie, M. (2009). Financial literacy of freshman business

school students. College Student Journal, 43(2), 391-399. Retrieved from

http://search.proquest.com

http://search.proquest.com/

http://web.ebscohost.com/

http://av4kc7fg4g.search.serialssolutions.com/

Salkind, N. (2011). Exploring research (8th ed). Upper Saddle-River, New Jersey: Pearson.

Salkind, N. (2009). Statistic for people who think they hate statistics excel 2007 edition. Sage

Publication.

Sapp, M. (2002). Psychological and educational test scores: What are they?. Springfield, Ill:

C.C. Thomas.

Sasser, S., & Grimes, P. (2010). Personal financial literacy: A baseline analysis of teacher

knowledge in Oklahoma. Franklin Business & Law Journal, 3(5), 68-82. Retrieved from

http://web.ebscohost.com

Schneider, F., & Kirchgassner, G. (2009). Financial and world economic crisis: What did

economists contribute? Public Choice, 140(3-4), 319-327.

doi:http://dx.doi.org/10.1007/s11127-009-9479-y

Schuchardt, J., Hanna, S., Hira, T., Lyons, A., Palmer, L., & Jing Jian, X. (2009). Financial

literacy and education research priorities. Financial Counseling & Planning, 20(1), 84-

95. Retrieved from http://search.proquest.com

Schwab. (2013). Families money factsheet. Retrieved from

http://www.aboutschwab.com/images/uploads/2010Families_Money_Factsheet.pdf

Shockey, S., & Seiling, S. (2004). Moving into action: Application of the transtheoretical model

of behavior change to financial education. Journal of Financial Counseling & Planning,

15(1), 41-52. Retrieved from http://search.proquest.com

Shuttleworth, M. (2008). Quasi-experimental design. Retrieved from

http://www.experiment-resources .com/quasi-experimentl-design.html

Simon, K. (2011). Dissertation and scholarly research: Recipes for success (2011 ed.). Seattle,

WA: Dissertation Success, LLC.

Simon, M., & Francis, B. (2001). The dissertation and research cookbook from soups to nuts: A

practical guide to help you start and complete the dissertation or research project. (3rd

ed.) Kendal Hunt Pub Co.

Sorin-Peters, R. (2004). The evaluation of a learner center training programme for spouses of

adults with chronic aphasia using qualitative case study methodology. Aphasiology,

18(10), 951-975. doi: 10.1080/02687030444000453

Stango, V., & Zinman, J. (2007). Fuzzy math, disclosure, regulation, and market outcomes:

Evidence from truth-in-lending reform. The Review of Financial Studies, 24(2), 506-534.

Retrieved from http://av4kc7fg4g.search.serialssolutions.com

Straub, E. (2009). Understanding technology adoption: Theory and future directions for informal

learning. Review of Educational Research, 79(2), 625-649. Retrieved from

http://search.proquest.com

Supon, V. (2012). Helping students to become money smart. Journal of Instructional

Psychology, 39(1), 68-71. Retrieved from http://search.proquest.com

Valentine, G., & Khayum, M. (2005). Financial literacy skills of students in urban and rural high

school. Delta Phi Epsilon Journal, 47(1), 1-11. Retrieved from

http://av4kc7fg4g.search.serialssolutions.com

van Rooij, M., Lusardi, A., & Alessie, R. (2007). Financial literacy and stock market

participation. National Bureau of Economic Research Working Paper No. 13565,

Cambridge, MA: NEBR

Varcoe, K., Martin, A., Devitto, Z., & Go, C. (2005). Using a financial education curriculum

for teens. Financial Counseling and Planning Education, 16(1), 63-71. Retrieved from

http://search.proquest.com

Volpe, R., Chen, H., & Liu, S. (2006). An analysis of the importance of personal finance topics

and the level of knowledge possessed by working adults. Financial Services Review,

15(1), 81-99. Retrieved from http://www2.stetson.edu

Volpe, R., Chen, H., & Pavlicko, J. (1996). Personal investment literacy among college students:

A survey. Financial Practice and Education, 6(2), 86-94. Retrieved from

http://web.ebscohost.com

Way, W., & Holden, K. (2009). 2009 Outstanding afcpe conference paper teachers’ background

and capacity to teach personal finance: Results of a national study. Journal of Financial

Counseling and Planning, 20(2), 64-78. Retrieved from http://search.proquest.com

Weller, C. (2007). Need or want: What explains the run-up in consumer debt?. Journal of

Economic Issues (Association for Evolutionary Economics), 41(2), 583-591. Retrieved

from http://www.jstor.org.ezproxy.apollolibrary.com

Wilhelm, W., & Chao, C. (2005). Personal financial literacy: Shaping education policy. The

Delta Pi Epsilon Journal, 47(1), 20-35. Retrieved from http://eric.ed.gov/?id=EJ735858

Worthington, A. (2006). Predicting financial literacy in Australia. Financial Service Review,

15(1), 59-79. Retrieved from http://search.proquest.com

Xiao, J., Newman, B., Prochaska, J., Leon, B., Bassett, R., & Johnson, J. (2004). Applying the

transtheoretical model of change to consumer debt behavior. Financial Counseling and

Planning Education, 15(2), 89-100. Retrieved from http://search.proquest.com

Xiao, J., O’Neil, B., Prochaska, J., Kerbel, C., Brennan, P., & Bristow, B. (2004). A consumer

http://search.proquest.com/

education programme based on transtheoretical model of change. International Journal

of Consumer Studies, 28(1), 55-65. doi:10.1111/j.1470-6431.2004.00334.x

Xiao, J., & Wu, J. (2008). Completing debt management plans in credit counseling: An

application of the theory of planned behavior. Financial Counseling & Planning, 19(2),

29-45. Retrieved from http://search.proquest.com

Yates, D., & Ward, C. (2011). Financial literacy: Examining the knowledge transfer of personal

finance from high school to college to adulthood. American Journal of Business

Education, 4(1), 65-78. Retrieved from http://search.proquest.com

Appendix A

Jump$tart Coalition’s College Questionnaire (Modified Version/Survey Monkey) (Jump$tart,

2013)

Jump$tart College Questionnaire (Modified Version/Survey Monkey) (Jump$tart, 2013)

Thank you for agreeing to take this survey. The survey consists of two parts; part one has 31

questions and part two has 26 classifying questions, please answer all the questions. To advance

to the next question, click the next button.

The questions with:

* measured financial literacy

** measured financial awareness and

*** measured advocacy

Jump$tart (2013) “*1. Inflation can cause difficulty in many ways. Which group would have

the greatest problem during periods of high inflation that last several years?

a) Older, working couples saving for retirement.

b) Older people living on fixed retirement income.

c) Young couples with no children who both work.

d) Young working couples with children.

*2. Which of the following is true about sale taxes?

a) The national sales tax percentage rate is 6%.

b) The federal government will deduct it from your paycheck.

c) You don’t have to pay the tax if your income is very low.

d) It makes things more expensive for you to buy.

**3. Rebecca has saved $12,000 for her college expenses by working part-time. Her plan

is to start college next year and she needs all of the money she saved. Which of the

following is the safest place for her college money?

a) Locked in her closet at home.

b) Stocks.

c) Corporate bonds.

d) A bank savings account.

**4. Which of the following types of investment would best protect the purchasing power

of a family’s savings in the event of a sudden increase in inflation?

a) A 10-year bond issued by a corporation.

b) A certificate of deposit at a bank.

c) A twenty-five year corporate bond.

d) A house financed with a fixed-rate mortgage.

5. Under which of the following circumstances would it be financially beneficial to you

to borrow money to buy something now and repay it with future income?

a) When you need to buy a car to get a much paying better job.

b) When you really need a week vacation

c) When some clothes you like go on sale.

d) When the interest on the loan is greater than the interest you get on your savings.

**6. Which of the following statements best describes your right to check your credit

history for accuracy?

a) Your credit record can be checked once a year for free.

b) You cannot see your credit record.

c) All credit records are the property of the U.S. Government and access

is only available to the FBI and Lenders.

d) You can only check your record for free if you are turned down for credit based on

a credit report.

*7. Your take home pay from your job is less than the total amount you earn. Which of

the following best describes what is taken out of your total pay?

a) Social security and Medicare contributions.

b) Federal income tax, property tax, and Medicare and social security Contributions.

c) Federal income tax, social security and Medicare contributions.

d) Federal income tax, sales tax, and social security contributions.

*8. Retirement income paid by a company is called:

a) 401 (k).

b) Pension.

c) Rents and profits.

d) Social Security.

**9. Many people put aside money to take care of unexpected expenses. If Juan and Elva

have money put aside for emergencies, in which of the following forms would it be of

LEAST benefit to them if they needed it right away?

a) Invested in a down payment on the house.

b) Checking account.

c) Stocks.

d) Savings account.

**10. David just found a job with a take-home pay of $2000 per month. He must pay $900

for rent and $150 for groceries each month. He also spends $250 per month on

transportation. If he budgets $100 each month for clothing, $200 for restaurants and

$250 for everything else, how long will it take him to accumulate savings of $600.

a) 3 months.

b) 4 months.

c) 1 month.

d) 2 months

**11. Sara and Joshua just had a baby. They received money as baby gifts and want to put

away for the baby’s education. Which of the following tends to have the highest

growth over periods of time as long as 18 years?

a) A checking account.

b) Stocks.

c) A U.S. Govt. saving bond.

d) A savings account.

**12. Barbara has just applied for a credit card. She is an 18-year-old high school graduate

with few valuable possessions and no credit history. If Barbara is granted a credit

card, which of the following is the most likely way that the credit card company will

reduce ITS risk?

a) It will make Barbara’s parents pledge their home to repay Karen’s credit card debt.

b) It will require Barbara to have both parents co-sign for the card.

c) It will charge Barbara twice the finance charge rate it charges older cardholders.

d) It will start Barbara out with a small line of credit to see how she handles the

account.

*13. Chelsea worked her way through college earning $15,000 per year. After graduation,

her first job pays $30,000. The total dollar amount Chelsea will have to pay in

Federal Income taxes in her new job will:

a) Double, at least, from when she was in college.

b) Go up a little from when she was in college.

c) Stay the same as when she was in college.

d) Be lower than when she was in college.

*14. Which of the following best describes the primary sources of income for most people

age 20-35?

a) Dividends and interest.

b) Salaries, wages, tips.

c) Profits from business.

d) Rents.

**15. If you are behind on your debt payments and go to a responsible credit counseling

service such as the Consumer Credit Counseling Services, what help can they give

you?

a) They can cancel and cut up all of your credit cards without your permission.

b) They can get the federal government to apply your income taxes to pay off your

debts.

c) They can work with those who loaned you money to set up a payment schedule

that you can meet.

d) They can force those who loaned you money to forgive all your debts.

**16. Rob and Mary are the same age. At age 25 Mary began saving $2,000 a year while

Rob saved nothing. At age 50, Rob realized that he needed money for retirement and

started saving $4,000 per year while Mary kept saving her $2,000. Now they are

both 75 years old. Who has the most money in his or her retirement account?

a) They would each have the same amount because they put away exactly the same.

b) Rob, because he saves more each year.

c) Mary, because she has put away more money.

d) Mary, because her money has grown for a longer time at compound interest.

*17. Many young people receive health insurance benefits through their parents. Which

of the following statement is true about health insurance coverage?

a) You are covered by your parents’ insurance until you marry, regardless of your

age.

b) If your parents become unemployed, your insurance coverage may stop,

regardless of your age.

c) Young people don’t need health insurance because they are so healthy.

d) You continue to be covered by your parents’ insurance as long as you live at

home, regardless of your age.

*18. Don and Bill work together in the finance department of the same company and earn

the same pay. Bill spends his free time taking work-related classes to improve his

computer skills, while Don spends his free time socializing with friends and working

out at a fitness center. After five years, what is likely to be true?

a) Don will make more because he is more social.

b) Don will make more because Bill is likely to be laid off.

c) Bill will make more money because he is more valuable to his company.

d) Don and Bill will continue to make the same money.

**19. If your credit card is stolen and the thief runs up a total of $1,000, but you notify the

issuer of the card as soon as you discover it is missing, what is the maximum amount

that you can be forced to pay according to the Federal law?

a) $500

b) $1000

c) Nothing.

d) $50

**20. Which of the following statements is NOT correct about most ATM (Automated

Teller Machine) cards?

a) You can generally get cash 24 hours-a-day.

b) You can generally obtain information concerning your bank balance at an ATM

machine.

c) You can get cash anywhere in the world with no fee.

d) You must have a bank account to have an ATM Card.

*21. Matt has a good job on the production line of a factory in his home town. During the

past year or two, the state in which Matt lives has been raising taxes on its

businesses to the point where they are much higher than in neighboring states. What

effect is this likely to have on Matt’s job?

a) Higher business taxes will cause more businesses to move into Matt’s state,

raising wages.

b) Higher business taxes can’t have any effect on Matt’s job.

c) Matt’s company may consider moving to a lower-tax state, threatening Matt’s

job.

d) He is likely to get a large raise to offset the effect of higher taxes.

*22. If you have caused an accident, which type of automobile insurance would cover

damage to your own car?

a) Comprehensive.

b) Liability.

c) Term.

d) Collision.

**23. Scott and Eric are young men. Each has a good credit history. They work at the

same company and make approximately the same salary. Scott has borrowed $6,000

to take a foreign vacation. Eric has borrowed $6,000 to buy a car. Who is likely to

pay the lowest finance charge?

a) Eric will pay less because the car is collateral for the loan.

b) They will both pay the same because the rate is set by law.

c) Scott will pay less because people who travel overseas are better risks.

d) They with boy pay the same because they have almost identical financial

background.

*24. If you went to college and earned a four-year degree, how much more money could

you expect to earn than if you only had a high school diploma?

a) About 10 times as much.

b) No more, I would make about the same either way.

c) A little more, about 20% more.

d) A lot more, about 70% more.

**25. Many savings programs are protected by the Federal government against loss. Which

of the following is not?

a) A U.S. Savings Bond.

b) A certificate of deposit at the bank.

c) A bond issued by one of the 50 States.

d) A U.S. Treasury Bond.

*26. If each of the following persons had the same amount of take home pay, who would

need the greatest amount of life insurance?

a) An elderly retired man, with a wife who is also retired.

b) A young married man without children.

100

c) A young single woman with two young children.

d) A young single woman without children.

**27. Which of the following instruments is NOT typically associated with spending?

a) Debit card.

b) Certificate of deposit.

c) Cash.

d) Credit card.

**28. Which of the following credit card users is likely to pay the GREATEST dollar

amount in finance charges per year, if they all charge the same amount per year on

their cards?

a) Jessica, who pays at least the minimum amount each month and more, when she

has the money.

b) Vera, who generally pays off her credit card bill in full but, occasionally, will

pay the minimum when she is short of cash.

c) Megan, who always pays off her credit card bill in full shortly after she receives

it.

d) Erin, who only pays the minimum amount each month.

29. Which of the following statements is true?

a) Banks and other lenders share the credit history of their borrowers with each

other and are likely to know of any loan payments that you have missed.

b) People have so many loans it is very unlikely that one bank will know your history

with another bank.

c) Your bad loan payment record with one bank will not be considered if you apply

to another bank for a loan.

101

d) If you missed a payment more than 2 years ago, it cannot be considered in a loan

decision.

**30. Dan must borrow $12,000 to complete his college education. Which of the following

would NOT be likely to reduce the finance charge rate?

a) If he went to a state college rather than a private college.

b) If his parents cosigned the loan.

c) If his parents took out an additional mortgage on their house for the loan.

d) If the loan was insured by the Federal Government.

**31. If you had a savings account at a bank, which of the following would be correct

concerning the interest that you would earn on this account?

a) Earnings from savings account interest may not be taxed.

b) Income tax may be charged on the interest if your income is high enough.

c) Sales tax may be charged on the interest that you earn.

d) You cannot earn interest until you pass your 18th birthday ” (Jump$tart, 2013).

Part 2 – Classification Questions

32. What is your gender?

Male

Female

33. What is the highest level of education?

Associate degree (two-year)

Bachelor degree (four-year)

Master’s degree

102

Doctorate, law or professional (six year or more)

34. What is your best estimate of your total income last year? Consider annual

income from all sources before taxes.

Less than $20,000.

$20,000 to $39,999

$40,000 to $79,999

$80,000 or more.

Don’t know.

35. How do you describe yourself?

White or Caucasian.

Black or African-American.

Hispanic American.

Asian-American.

Other.

36. How many credit cards do you use, include store credit cards?

None.

One.

Two.

Three.

Four.

37. Which of the following statements best describes the way in which you make

payments on your credit cards?

I always pay off the total balance each month.

103

I occasionally do not pay off the balance for a month or so when I am short on funds.

I generally have an outstanding balance but occasionally am able to pay it off.

I seldom, if ever, pay off all my balances, but try to pay them down when I can.

I generally pay only the minimum required payment each month.

38. What the outstanding balance on all of your credit cards?

Under $1,000

$1,000 to $2,499

$2,500 to $4,999

$5,000 to $9,999

More than $10,000

39. How often are you late paying your credit card bills?

Never

Once or twice since I’ve had credit cards

Once or twice per year

More than two times per year

40. When you finished your undergraduate education, how much did you owe in

student loans?

Nothing

Less than $5,000

$5,000 to $9,999

$10,000 to $19,999

$20,000 to $29,999

$30,000 to $49,999

$50,000 or more

104

41. Aside from any credit card debt or student loans you might have, what other types of

debt do you have? (Check ALL that apply)

Auto loans

Home Mortgage

Personal debt or other debt

Pay day loans

Title loans

42. Do you have a checking account?

Yes

43. How often have you bounced a check (had it returned for insufficient funds)?

Never

Once or twice in my lifetime

More than twice per year

44. How often do you balance your checkbook?

After every check, deposit and ATM withdrawal

About once a week

About once a month

Several times per year

Once or twice per year

Never

45. In what form do you hold for your savings and investments? (Check ALL that

105

apply)

Savings account.

Certificates of deposit.

U.S. Savings Bonds.

Stocks.

Mutual funds.

Bonds other than U.S. Savings Bonds.

Retirement accounts such as 401k’s and IRAs.

46. How much do you worry about your debts?

Never

A little

Sometimes

Often

Nearly all the time

47. Who prepares your income taxes?

I do it myself by hand

I do it myself using a computer program

A tax preparer

My parents

48. Which of the following classes did you have in high school? (Check ALL that apply)

An entire course in personal money management or personal finance.

A portion of a course where at least a week was focused on personal money

management or personal finance.

An entire course in economics.

106

A portion of a course where at least a week was focused on economics.

A course in which we played a stock market game.

None of the above

49. Which of the following classes did you take in college? (Check ALL that apply)

A semester-length course in personal money management or personal finance

Coverage of money management or personal finance (Including part of freshman

orientation)

Economics

Finance

Accounting

None of the above

50. How would you rate the savings and investments that you have?

Adequate for my needs right now

Slightly less than I should have right now

Much less than I should have right now

51. Do you believe students should take a financial literacy course?

Yes

52. What grade level should students take financial literacy courses?

Pre-K - 5th Grade

6th Grade - 8th Grade

9th Grade - 12th Grade

107

53. Which of the following best describes your area of teaching?

Math

Science

Social Studies

Economics

ELA

Other _______________

54. Have you attended any financial trainings or workshops?

Yes

55. Have you advocated for any academic courses?

Yes

***56. Would you advocate for financial literacy?

Yes

**57. If you answered yes to the question above, please identify how would you advocate for

students to receive financial literacy courses?

_______________________________________________________________________

________________________________________________________________________

108

Appendix B

Informed Consent Form

Consent of Participants:

Dear Participants,

My name is Janice Little and I am a student at the University of Phoenix working on a

Doctor of Management degree in Organizational Leadership. I am conducting a research study

entitled The Effects of a Financial Literacy Intervention on Teachers’ Financial Literacy,

Awareness, and Advocacy. The purpose of the research is to study the relationship between a

financial literacy intervention and elementary and middle school teachers’ financial literacy,

financial awareness, and advocacy for financial literacy courses.

Your participation would entail taking a pretest and posttest. Some participants will

receive access to a free financial literacy webinar intervention and others will not receive an

intervention. Your participation in this study is voluntary. If you choose not to participate or to

withdraw from the study at any time, you can do so without any penalty or loss of benefit to

yourself. To initiate withdrawing from the study, please send an email or call me. The results of

the research study may be published, but your identity will remain confidential and your name

will not be release to any outside party.

In this research, there are no foreseeable risks to you. There may be no direct benefit to

you, a possible benefit of your participation is an increase in your financial literacy, financial

awareness, and have an influence in advocacy for financial literacy courses.

If you have any questions concerning the research study, please call me at (832) 818-

1325 or send an email to [email protected]

As a participant in the study, you should understand the following:

mailto:[email protected]

109

1. You may decline to participate or withdraw from participation at any time

without any consequences.

2. Your identity will be kept anonymous.

3. Janice Little, the research, has thoroughly explained the parameters of the

research study and all of my questions, and concerns have been addressed.

4. Data will be stored on a secure network server for a period of three years

and then destroyed.

By signing this form, you acknowledge that you understand the nature of the study, the

potential risks to you as a participant, and the means by which your identity will be kept

confidential. Your authentic signature on this form indicates that you are 18 years old or older

and that you give your permission to voluntarily serve as a participant in the study described.

Please fax the signed form to 281-327-2928. Thank for agreeing to participate in this study.

Signature of the interviewee________________________________Date___________________

Signature of the researcher_________________________________Date___________________

110

Appendix C

Permission To Use An The Premise, Name And/Or Subjects

111

112

Appendix D

Informational Email

November 13, 2012

Dear Elementary and Middle School Teachers,

My name is Janice Little and I am a student at the University of Phoenix working on a

Doctor of Management degree in Organizational Leadership. I am conducting a research study

entitled The Effects of a Financial Literacy Intervention on Teachers’ Financial Literacy,

Awareness, and Advocacy. The purpose of the research is to study the relationship between a

financial literacy intervention and elementary and middle school teachers’ financial literacy,

financial awareness, and advocacy for financial literacy courses.

Your participation would entail taking a pretest and posttest. Some participants will

receive access to a free financial literacy webinar intervention. Your participation in this study is

voluntary. If you choose not to participate or to withdraw from the study at any time, you can do

so without any penalty or loss of benefit to yourself. To initiate withdrawing from the study,

please send an email or call me. The results of the research study may be published, but your

identity will remain confidential and your name will not be release to any outside party.

In this research, there are no foreseeable risks to you. There may be no direct benefit to

you, a possible benefit of your participation is an increase in your financial literacy, financial

awareness, and have an influence in advocacy for financial literacy courses.

If you have any questions concerning the research study, please call me at (832) 818-

1325 or send an email to [email protected]

Sincerely,

Janice Little

mailto:[email protected]

113

Appendix E

Permission to Use An Existing Survey

114

115

AUTHOR BIOGRAPHY

Janice L. Little graduated from East Side High School in 1984. She attended Grambling State

University, Grambling, Louisiana where she earned a Bachelor of Arts Degree in Social Work in

1988. In 1990, she earned a Master of Social Work Degree at Florida State University. Upon

completion of her Master of Social Work Degree, she worked as a case manager for American

Red Cross. She has been employed as a social worker at DePelchin Children’s Center,

Communities in Schools, and MHMRA of Houston. Currently, she is employed as a social

worker for Fort Bend Independent School District and a guest service representative with the

Houston Astros. Janice is also the founder of Kids’ Money Klub After-school Program and Kids’

Money Mart. In 2002, she was named Texas School Social Worker of the year, 2007 Texas Top

Partnership Liaison, 2009 CSTEM School Partner Liaison, 2010 CSTEM Region 1 Coordinator

and Houston Astros’ employee of the month (August) in 2012. She currently resides in Houston,

Texas with WooWoo Little-Placide.