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Building the case for financial education
Abstract
The need for financial education among Americans is often demonstrated with alarming rates of bankruptcy, high consumer debt levels, low savings rates, and other negative outcomes that may be the result of poor family financial management and low financial literacy levels. The collective response by public and private organizations to the accepted and often demonstrated need for financial education has been impressive in size and scope. This article provides an overview of the wide range of programs aimed at improving Americans’ financial literacy as well as a short review of the current evidence of the effectiveness of financial education programs. We advocate for the adoption of a comprehensive framework or approach to evaluation to assist those currently delivering, and planning to deliver, financial education and highlight some of the key challenges. A five‐tiered approach to program evaluation is described and outlined to provide a general framework to guide financial education evaluation.
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Citations
Cited by
The Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2014) · Journal of Economic Literature · doi:10.1257/jel.52.1.5 · Cited by 4,698
HUSTON, S. J. (2010) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2010.01170.x · Cited by 2,558
Family Financial Socialization: Theory and Critical Review
Gudmunson, C. G., & Danes, S. M. (2011) · Journal of Family and Economic Issues · doi:10.1007/s10834-011-9275-y · Cited by 666
The relationship between financial disputes and financial literacy
Shen, C.-H., Lin, S.-J., Tang, D.-P., & Hsiao, Y.-J. (2016) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2015.11.002 · Cited by 66
Normative arguments from experts and peers reduce delay discounting
Senecal, N., Wang, T., Thompson, E., & Kable, J. W. (2012) · Judgment and Decision Making · doi:10.1017/s1930297500006306 · Cited by 51
Metadata
- Authors
- Fox, J., Bartholomae, S., & Lee, J.
- Venue
- Journal of Consumer Affairs
- Publisher
- Wiley
- Published
- 2005-03-23
- Volume
- 39
- Issue
- 1
- Pages
- 195-214
- ISSN
- 0022-0078 (ISSN-L)
- 1745-6606
- OpenAlex
- W2061220710
- Cited by
- 423
- References
- 0
- FWCI
- 56.10
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
