The Impact of Personal Finance Education Delivered in High School and College Courses |
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| Authors: | Tzu-Chin Martina Peng Suzanne Bartholomae Jonathan J Fox Garrett Cravener |
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| Institution: | (1) Consumer Sciences, The Ohio State University, 265 Campbell Hall, 1787 Neil Avenue, Columbus, OH 43210, USA;(2) Human Development and Family Science, The Ohio State University, 135 Campbell Hall, 1787 Neil Avenue, Columbus, OH 43210, USA;(3) College of Law, The Ohio State University, Columbus, OH 43210, USA |
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| Abstract: | This study investigates the impact of personal finance education delivered in high school and college. Outcomes of interest
were investment knowledge and household savings rates measured years after the financial education was delivered. A web-based
survey with questions about participation in financial education, financial experiences, income and inheritances, and demographic
characteristics was administered to 1,039 alumni from a large midwestern university. Participation in a college level personal
finance course was associated with higher levels of investment knowledge. Experience with financial instruments appeared to
explain more of the variance in both investment knowledge and savings rates. No significant relationship between taking a
high school course and investment knowledge was found. Financial experiences were found to be positively associated with savings
rates.
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| Keywords: | College students Financial literacy Household savings Personal finance |
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