Author

Eva Burkett

Date of Award

Spring 3-2-2019

Degree Type

Thesis

Degree Name

Master of Public Administration (MPA)

Abstract

In an increasingly complex financial market, financial literacy rates in the United States are low. Financial literacy is crucial when it comes to avoiding high levels of debt, foreclosures, making daily financial management decisions, saving for retirement, and the stability of the economy. The Champlain College's Center for Financial Literacy graded all 50 states and the District of Columbia (D.C.) on their efforts to produce financially literate high school graduates (2017). California received an F in their efforts to financially educate their students, because personal finance is not included in the graduation requirements, either as a standalone course or embedded in another course (Champlain College, 2017). The Consumer Financial Protection Bureau (CFPB) (2018d) suggests that financial education can help consumers improve their financial situations and ultimately, financial well-being, by helping them to improve their financial skill and financial behavior.

Measuring the impact of education programs on financial decision making is difficult and literature provides mixed reviews (Hastings, Madrian, Skimmyhorn, 2013). The research conducted focused on whether participants believe that finance education should be implemented as one semester in high school as a graduation requirement. Over 90% of respondents believe that finance education should be implemented in high school, but would increase in effectiveness if it was taught progressively for grades K-12.

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