Motivation and financial literacy

By Lewis Mandell, L. Klein. Financial Services Review, 2007

289 citations recorded by the source corpus.

This paper examines the hypothesis that low financial literacy scores among young adults, even after they have taken a course in personal finance, is related to a lack of motivation to learn or retain these skills. The research is based upon the latest national Jump$tart survey of high school seniors and uses financial literacy scores after controlling for socioeconomic, demographic, and aspirational characteristics that have historically predicted these scores. We analyze the relation of financial literacy scores to responses to three questions designed to measure motivation to be financially literate. We found that the motivational variables significantly increased our ability to explain differences in financial literacy.

Subfields: Accounting, Clinical Psychology, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/d4902e4a7ae4486eff099c4d5f4fd7bdddcf96c3

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Citations in the corpus

Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program (2011, background): “Financial education that demonstrates relevance to students may be more effective in motivating learning and improving retention (Mandell and Klein 2007; Russell et al. 2006).”
A review of financial-literacy education programs for children and adolescents (2018, background): “Mandell and Klein (2007) indicate that most financial planning starts with an analysis of goals, and therefore, it is important to take into account students’ perceptions of future goals, for example, a college degree, a professional job, or a higher salary.”
Financial Literacy of High School Students (2008, background): “Further analysis ( Mandell & Klein, 2007 ) found that after controlling on all other variables, such as aspiration, that had a significant impact on financial literacy, the three motivational variables had a significant and positive relationship to financial literacy.”
The Effectiveness of Youth Financial Education: A Review of the Literature (2008, background): “While most studies measure adult financial education programs, Danes and Haberman (2007), Mandell (2006, 2007, 2008), Mandell and Klein (2007), Peng, Bartholomae, Fox & Cravener (2007), Valentine and Khayum (2005) and Varcoe, Devitto, & Go (2005) have considered youth impacts.”
Childhood Financial Socialization and Young Adults' Financial Management (2013, background): “However, most young adults do not have the financial literacy necessary to responsibly make basic financial decisions (Chen & Volpe, 2002; Hira, 1993; Lusardi, 2008; Mandell, 2008; Mandell & Klein, 2007; O’Neill, 1993).”
The Impact of Financial Literacy Education on Subsequent Financial Behavior (2009, background): “Furthermore, Mandell & Klein (2007) indicated that students of such classes do better if they are properly motivated to understand why personal financial management is important to their futures.”