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studystudentRunning Header: LITERATURE REVIEW 1
LITERATURE REVIEW 2
Professor Review/Comments: You missed the boat completely on this one. You are supposed to identify to research articles and writer review on each one that complied with the bullet points in the assignment. I could only see one reference and the review appeared to be all over the place.
Literature Review
University of Phoenix
D’Ainsley Smith
RES/711
February 11, 2014
Doctor Jay
Literature Review
Financial Literacy: Examining the Knowledge Transfer of Personal Finance From High School To College To Adulthood
In many schools all around the world, students are trained to be competent in the areas of economic and financial literacy. The recent bankruptcy explosion, residential foreclosures, and increased credit card debt in society has lead to this prescribed method of institutional learning. The details of the assignment will fundamentally provide insight how financial knowledge is instituted from high school learning to adulthood.
Study and Analysis of Financial Literacy
Financial literacy is the ability to use skills and knowledge to effectively manage financial resources. The study utilizes the application of financial knowledge in making prudent decisions in managing one's financial resources .
· Studies related to High school Financial literacy: The National Council on Economic Education (NCEE) provides the only national set of data that tracks progress of economic and good finance education.
· Studies relating to College Financial Literacy: The study found that college level students who participated in a personal finance course were inclined with investment knowledge to a higher degree. Participating in a University personal finance course appears to be more effective in enhancing student’s knowledge of investments on a high school level of learning.
· Studies relating to Adult Financial Literacy: Harris Interactive also included a sample of adults in their online survey for the National Council on Education in 2005. The same 24 question quiz in economics and personal finance was given to toe adults that were given to the high school students. The results of this quiz were good, with adults earning a grade of 70% or "C" for economic/personal finance knowledge.
Concerns from the research
Although there are many surveys that collect data on behaviors pertaining to personal finances, the research found no evidence of the survey instrument that adequately measures financial literacy in the USA as it relates to measuring financial knowledge and the application of that knowledge in managing personal financial resources for adults. We found that the Jump $tart survey measures various components of personal finance at the high school level and recently offered the survey to college students.
Research questions and methodology
Does the Jump Start survey provide adequate assessment in measuring personal financial literacy? To what extent are the financial literacy content areas found in the Jump $tart's Personal Finance Curriculum similar to the content areas found in college textbooks? Using Bloom's taxonomy, to what extent has knowledge, analysis, synthesis, and evaluation been done with learning at each level?
Results
Our study examined the scores from the 2008 Jump $tart Financial Literacy Survey and analyzed the survey results by various financial literacy areas. Each question was reviewed and categorized into one of six financial literacy content units as recommended by the Personal Finance Curriculum. This 2008 Biennial Survey was provided to 6,856 12th grade high school students in thirty states, and the mean score was a 48.3% average of results.
References
Yates, D., and Ward, C. (2011). American Journal of Business Education HYPERLINK "http://search.proquest.com.ezproxy.apollolibrary.com/indexingvolumeissuelinkhandler/54899/American+Journal+of+Business+Education/02011Y01Y01$23Jan+2011$3b++Vol.+4+$281$29/4/1?accountid=35812" \o "Click to search for more items from this issue" 4.1 p. 65-78.
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