Effects of Attitude and Background on Students' Personal Financial Ability: A United States Survey

Chinen, Kenichiro; Endo, Hideki
June 2012
International Journal of Management;Jun2012 Supplement, p778
Academic Journal
This study investigates how abilities to make educated judgments about handling personal finance are affected by a number of hypothesized determinants among college students in the United States. Our study contributes to the literature of financial literacy by measuring and assessing the impact on financial literacy of student attitudes toward financial education, as a subject requirement in high school. We formed index for basic financial education (IBFE), items measuring attitude towards the basic financial education requirement for high school students, and index for applied financial education (IAFE), items measuring attitudes toward the more applied financial education requirement for high school students. The subjects were 361 college students in the United States, each of whom completed a survey that measured the main variables. Examining these indexes and scores on the financial literacy questions, we found a positive relationship between recommendations that basic courses in finance and economy be a requirement for high school students on the one hand and financial literacy on the other. However, we found an inverse relationship between financial literacy and recommendations that courses in applied finance, such as asset management, be required in high school. Implications of the results for improving financial literacy are discussed.


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