IMPORTANCE OF FINANCIAL LITERACY AND FINANCIAL …

[Pages:36]IMPORTANCE OF FINANCIAL LITERACY AND FINANCIAL LITERACY CONTENT IN CURRICULUM by Candice Arrington Tschache

A thesis submitted in partial fulfillment of the requirements for a degree of Masters of Education in Education

MONTANA STATE UNIVERSITY Bozeman, Montana July 2009

?COPYRIGHT by

Candice Arrington Tschache 2009

All Rights Reserved

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APPROVAL of a thesis submitted by Candice Arrington Tschache This thesis has been read by each member of the thesis committee and has been found to be satisfactory regarding content, English usage, format, citation, bibliographic style, and consistency, and is ready for submission to the Division of Graduate Education

Dr. Joyce Herbert Approved for the Education Department

Dr. Robert Carson Approved for the Division of Education

Dr. Carl A. Fox

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STATEMENT OF PERMISSION TO USE

In presenting this thesis in partial fulfillment of the requirements for a master's degree at Montana State University, I agree that the Library shall make it available to borrowers under the rules of the Library.

If I have indicated my indication to copyright this thesis by including a copyright notice page, copying is allowable only for scholarly purposes, consistent with "fair use" as prescribed in the U.S. Copyright Law. Requests for permission for extended quotation from or reproduction of this thesis in whole or in parts may be granted only by the copyright holder.

Candice Arrington Tschache July 2009

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ACKNOWLEDGEMENTS

I would like to acknowledge my family and my husband for their patience in bearing with me while I typed notes into the night and missed out on some of the family time and memories. Thanks for your love and forgiveness.

I would also like to thank Dr. Jayne Downey for her help and encouragement. It was when I was feeling the stress of completing my masters that she encouraged me the most and helped me realize that I could do it.

I would also like to thank Dr. Debby Haynes for all her words of encouragement and her patience when it took me so long to complete my masters. She was a rock and never once gave up on me.

Also I would like to thank Dr. Lynn Kelting-Gibson for her unfailing dedication to getting me through this. Her cheerfulness and support provided me with the confidence to get my masters done.

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TABLE OF CONTENTS

1. INTRODUCTION.......................................................................................................1

Background .................................................................................................................1 Content........................................................................................................................ 2 Problem Statement ......................................................................................................3 Purpose Statement .......................................................................................................4 Research Questions .....................................................................................................4 Significance of the Study.............................................................................................4 Definitions ..................................................................................................................5

2. REVIEW OF LITERATURE ......................................................................................5

Introduction................................................................................................................. 6 State Support...............................................................................................................6 National Campaigns ....................................................................................................7 Initiatives ....................................................................................................................8 Mandates ..................................................................................................................... 8 History of Financial Education ....................................................................................9

1700s ? 1800s..........................................................................................................9 1900s ? Cooperative Extension Service ................................................................. 10 1950s ? 1990s......................................................................................................... 11 2000 ? Today.......................................................................................................... 12 Financial Education................................................................................................... 14 States..................................................................................................................... 15 College Students.................................................................................................... 16 Consumers............................................................................................................. 17

3. METHODOLOGY.................................................................................................... 20

Introduction............................................................................................................... 20 Population ................................................................................................................. 20 Data Collection Instrument........................................................................................ 21 Procedure .................................................................................................................. 22 Limitations ................................................................................................................ 22

4. DATA ANALYSIS AND INTERPRETATIONS ...................................................... 24

Data Analysis ............................................................................................................ 24 Interpretations: Discussion of Part I of Survey.......................................................... 24 Interpretations: Discussion of Part II of Survey ........................................................ 39

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TABLE OF CONTENTS CONTINUED

5. FINDINGS AND CONCLUSION............................................................................. 43

Introduction............................................................................................................... 43 Discussion and Interpretation of Results .................................................................... 43 Recommendation for Future Research ....................................................................... 45

REFERENCES ............................................................................................................. 46

APPENDICES .............................................................................................................. 51

APPENDIX A: Financial Literacy Survey ................................................................. 52 APPENDIX B: Financial Literacy Results Part I ....................................................... 55 APPENDIX C: Financial Literacy Results Part II ...................................................... 57

vii LIST OF TABLES

Table

Page

1. Summary of statement #1 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

2. Summary of statement #2 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

3. Summary of statement #3 results. . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . 27

4. Summary of statement #4 results . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 28

5. Summary of statement #5 results. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . 29

6. Summary of statement #6 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

7. Summary of statement #7 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

8. Summary of statement #8 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

9. Summary of statement #9 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

10. Summary of statement #10 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34

11. Summary of statement #11 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

12. Summary of statement #12 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

13. Summary of statement #13 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

14. Summary of statement #14 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

15. Summary of financial concept checkbook balancing results . . . . . . . . . . 40

16. Summary of financial concept personal budgeting results . . . . . . . . . . . 41

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