• Login
    View Item 
    •   Home
    • University Colleges
    • SUNY Brockport
    • Theses
    • Senior Honors Theses
    • View Item
    •   Home
    • University Colleges
    • SUNY Brockport
    • Theses
    • Senior Honors Theses
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Browse

    All of SUNY Open Access RepositoryCommunitiesPublication DateAuthorsTitlesSubjectsDepartmentThis CollectionPublication DateAuthorsTitlesSubjectsDepartmentAuthor ProfilesView

    My Account

    LoginRegister

    Campus Communities in SOAR

    Alfred State CollegeBrockportBroomeCantonDownstateEmpireFredoniaMaritimeNew PaltzOneontaOptometryOswegoPlattsburghSUNY Polytechnic InstituteSUNY Office of Community Colleges and the Education PipelineSUNY PressUpstate Medical

    Statistics

    Most Popular ItemsStatistics by CountryMost Popular Authors

    Financial Literacy of College Students and the Need for Compulsory Financial Education

    • CSV
    • RefMan
    • EndNote
    • BibTex
    • RefWorks
    Thumbnail
    Name:
    honors/1/fulltext (1).pdf
    Size:
    942.8Kb
    Format:
    PDF
    Download
    Average rating
     
       votes
    Cast your vote
    You can rate an item by clicking the amount of stars they wish to award to this item. When enough users have cast their vote on this item, the average rating will also be shown.
    Star rating
     
    Your vote was cast
    Thank you for your feedback
    Author
    Llewellyn, Tysha Roz
    Keyword
    Brockport Honors Program
    Financial Literacy
    Youth
    Date Published
    2012-05-11
    
    Metadata
    Show full item record
    URI
    http://hdl.handle.net/20.500.12648/6880
    Abstract
    Financial literacy is a measure of an individual’s knowledge of financial concepts and their ability to use that knowledge to make critical decisions in the money management process. Literacy rates in America, as measured by behavioral indicators, are staggeringly low. Rates among teens and young adults have steadily declined over time and reached an all?time low in 2008 as recorded by a national survey by the Jump$tart® Coalition for Personal Financial Literacy. Financial illiteracy, or the lack of financial knowledge, places an individual at a disadvantage in the American financial system when interacting with other economic agents, potentially leading to a lifetime of financial hardship. The consequences of the imbalance of power between consumers and service providers can be seen on a macroeconomic scale in the recent financial crisis. 49?question survey was administered to 51 participants in order to assess both the current financial literacy and the current decision?making capacity of undergraduate students. In addition, students were also assigned behavioral scores based on their financial habits over the last twelve months, and the relationships between behavior, decision?making ability, and financial literacy were explored. The results of the assessments were poor. Twenty?nine students received a passing behavioral score of 60 out of 100 or higher with an average score of 62.1 percent. Only twenty?six respondents received a passing literacy score of 60 out of 100 or higher with the mean test score at 55.9 percent. Thirty?one respondents received a passing decision making score of five out of eight or higher. The sample correlation coefficient between the financial literacy and financial decision?making scores was 0.474, suggesting a direct relationship between the two variables. So, as financial literacy increases, so does the capacity to make good financial decisions. Major obstacles to widespread financial literacy are a profound lack of basic technical and emotional skills, an inherent conflict of interest between financial service providers and their clients, and an increasingly complex financial system. A powerful way to overcome these obstacles and level the playing field between consumers and professionals is to mandate financial education in schools. By pooling federal, State, and private resources, it is possible to mend this gap in education and secure a more prosperous and well?informed future.
    Collections
    Senior Honors Theses

    entitlement

     

    DSpace software (copyright © 2002 - 2023)  DuraSpace
    Quick Guide | Contact Us
    Open Repository is a service operated by 
    Atmire NV
     

    Export search results

    The export option will allow you to export the current search results of the entered query to a file. Different formats are available for download. To export the items, click on the button corresponding with the preferred download format.

    By default, clicking on the export buttons will result in a download of the allowed maximum amount of items.

    To select a subset of the search results, click "Selective Export" button and make a selection of the items you want to export. The amount of items that can be exported at once is similarly restricted as the full export.

    After making a selection, click one of the export format buttons. The amount of items that will be exported is indicated in the bubble next to export format.