Effects of Attitude and Background on Personal Financial Ability: A Student Survey in the United States

摘要

This study investigates how abilities to make educated judgments about handling personal finance are affected by ages, gender, and education of parents among college students across different academic disciplines, using a sample from a state college in Sacramento, California. Our study contributes to the literature of financial literacy by adding items measuring attitudes toward financial education while 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. Examining these indexes and scores on the financial literacy questions, we found a positive relationship between those who recommended basic structure of finance and economy as part of financial education requirement for high school students and scores on financial literacy. We also found an inverse relationship between those who recommended applied level finance, such as asset management, as part of financial education requirement for high school students and scores on the financial literacy.