A Tale of Two World Regions: A Comparative Study of the Impact of Financial Literacy Programs for Youth

Author(s):

Noi Keng Koh(presenting / submitting)Carlos Asarta(presenting)Ming Fai Pang

Conference:

ECER 2015

Network:

WERA Focal Meeting

Format:

Paper

Session Information

WERA SES 08 C, Towards Mathematics Excellence in Education World-Wide

Paper Session

Time:

2015-09-10

09:00-10:30

Room:

305. [Main]

Chair:

Brian Hudson

Contribution

A Tale of Two World Regions: A Comparative Study of the Impact of Financial Literacy Programs for Youth

Financial literacy as a critical 21st century skill is beginning to gain traction amongst educators, policymakers and governments across the globe. The need for individuals to be equipped with a basic level of personal finance knowledge has been well-documented in previous research studies. In fact, low levels of financial literacy have been found to contribute to numerous critical issues such as poverty, indebtedness, lack of financial resources for retirement and dysfunctional families. This paper examines the personal finance knowledge of students from two different regions of the world, using the valid and reliable Financial Fitness for Life test instrument.

Method

This paper examines the personal finance knowledge of students from two different regions of the world, using the valid and reliable Financial Fitness for Life test instrument. High school students from USA, Singapore and Hongkong are involved in this study and a pre and post test model is used to evaluate whether learning has taken place.

Expected Outcomes

This paper explains and describes the financial literacy programs that were introduced in each of the regions. The results in this study indicate that the training of teachers in incorporating financial literacy in the curriculum , and the implementation of a one-semester course, significantly improve the average personal finance knowledge of students in each of the standards and concept areas of the FFFL-HS Test. These results contribute to the growing literature showing the positive effects of a well-designed personal finance course, taught by properly trained teachers, on the financial knowledge of high school students.

References

Education, New York. Pang, M., 2010. Boosting financial literacy: benefits from learning study. Instr. Sci. 38, 659–677. Swinton, J., DeBerry, T., Scafidi, B., Woodard, H., 2007. The impact of financial education workshops for teachers on students Varcoe, K., Martin, A., Devitto, Z., Go, C., 2005. Using a financial education curriculum for teens. J. Financ. Couns. Plan. 16, 63–71. Walstad, W., Rebeck, K., 2005. Financial Fitness for Life: High School Test Examiner’s Manual (Grades 9–12). Council for

Author Information

Noi Keng Koh (presenting / submitting)

Nanyang Technological University

National Institute of Education Singapore

Singapore

Carlos Asarta (presenting)

University of Delaware

Ming Fai Pang

The University of Hong Kong, Hong Kong SAR, China

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