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What is the students’ cognitive readiness towards developing knowledge and skills on financial literacy.

Financial Literacy Sandra Pannell Arkansas State University
Financial literacy is a hastily evolving life skill that is proving quite necessary in a world whose  economic pace continues to change (Bosshardt & Walstad, 2014) hastily. More recently,  however, scholars have come out to advocate for the need for financial literacy education to be  incorporated within the education curriculum. Some states in America, such as Ohio require  students to achieve financial literacy standards and critical awareness of monetary matters and  concepts. However as Collins and Odders-White, (2015) note, education on the issues finance
have been scarcely limited to the upper levels of education- (mostly in business courses even  when taught) and are in other cases not addressed until middle school, and high school  economics, business, and consumer science-oriented studies. Most university and college  students continue to struggle in debt as a result partly to the insufficient education with regards to  understanding the real value financial awareness may have towards better financial management  and lack of reliable information on financial matters.
Students and children, in general, will continue to wallow in debt and misuse finances until  schools and educators take up a stand towards the provision of financial literacy opportunities in  order to nurture financial literate and mature adults for the future. There is a need for educators  and curriculum developers to discover the value held in imparting in students money concepts  and skills if financial literacy is to develop into a content area that is not put off for the upper  academic classes but an ability that all should learn and be aware of.
Background of the Researcher
The United States Department of Education (2011) states its mission as being “to promote  student achievement and preparation for global competitiveness by fostering educational
3  Running Head: FINANCIAL LITERACY excellence and ensuring equal access” (para.1). Monetary literacy as such is aligned with need by  the American education department to develop children with an awareness and readiness towards  financial management. In an economic environment marked by diminishing finances and  increased cost of living, there is a lack of sufficient resources with which to satisfy all individual  needs, and as such, it is prudent that financial literacy is availed to all ages to ease the burden in  terms of managing the available financial resources.
There is, however, need to establish the core subject within which financial education is based.
Whether it is based purely on mathematics or whether it is incorporated as part of other studies is  up for question. However, there seems to be an agreement that the best fit involves the  incorporation of financial literacy as a cross-curricular that transverses various subject areas such  as; language arts and social studies, not forgetting mathematics. Collaboration as such is seen as  the best way of taking into account; the volume of information resources available and their  resulting quality, staffing needs, and information and communication technology needs.
I believe that knowledge of financial management would come in handy for those seeking further  education. Having struggled with managing finances myself, I see its application into the school  curricular as especially crucial for those pursuing higher education and require budgeting skills  of student loans and allowances.
Statement of the Problem and its Relevance  Advances in technology and economic globalization as noted by the National Association of  State Boards of Education (NASBE), (2006) has led to an ever-changing economy marked by  increased job insecurity and awareness towards the high levels of instability. A recent report by Young Americans & Money reports that more than 4 out of ten young Americans (with one in

4 Running Head: FINANCIAL LITERACY every three suffering from student debt) noted that college education did not prepare them for  adulthood with only 16% being positive as to their financial future.
Collins and Odders-White (2015) argue that of vital importance in financial education is the need  to develop into adults capable of sound business decision making. The goal for financial literacy  in America is key to the achievement of its economic goals. As such, this research is based upon  the need to develop a society with the ability to make sound decisions on matters finance.
Key Terms
However, to develop an adequate understanding of this paper, it is vital to define some of the  terms that give meaning to the works that are the subject of research.
Financial literacy: based on the works of this research, financial literacy was developed on the following definition: A financially literate person is any person with adequate knowledge financial knowledge and skill in using financial representations and tools to operate  functionally as an individual in the society (Alhammouri, Foley & Ashurst, 2015).
Intended curriculum: is defined in this study as an instructors plan intended for  instruction (Stein & Smith, 2010).
Cognitive readiness: defines the mental willingness to comprehend and perform skills  and put into action what is learned.
Research Questions
The central question of this study explores: Why financial education should be taught as part of
the curriculum in the first school among American students. This aspect was conducted as part of
research analyzing three broader questions:

1. Why young adults in America continue to be affected by student debt?

2. What is the students’ cognitive readiness towards developing knowledge and skills on financial literacy

3. How well-informed are teachers’ to financial literacy?

Alhammouri, A., Foley, G.D., & Ashurst, J. M. (2015). Financial modeling for high school
students. Slide show from a workshop presented in the meeting of the Ohio Council of
Teachers of Mathematics, Cincinnati, OH.
Bosshardt, W., & Kontopoulou, M. (2014). National standards for financial literacy, The Journal
of Economic Education, 45, 63-70. doi:10.1080/00220485.2014.859963
Collins, J. M., & Odders-White, E. (2015). A framework for developing and testing financial
capability education programs targeted at elementary schools. The Journal of Economic
Education, 46, 105-120. Doi:10.1080/00220485.2014.976325
National Association of State Boards of Education. (2006). Who will own our children?
The report of the NASBE commission on financial and investor literacy.
Retrieved from
Stein, M. K., & Smith, M. S. (2010). The influence of curriculum on students’ learning in B. J.
Reys., R. Reys, & R. Rubenstein (Eds). Mathematics curriculum: Issues trends, and
future directions, 72nd yearbook (pp. 351-362). Reston, VA: National Council of
Teachers of Mathematics.
Young Americans and Money. (2016). Bank of America/USA TODAY: Better Money Habits

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