Financial literacy of high school seniors
Shults, Stephen Douglas
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This study examined the financial literacy of high school seniors. The survey instrument was created by Dr. Lewis Mandell (2006a). The six aspects of financial literacy measured by the questionnaire were financial responsibility and decision making, income and career, planning and money management, credit and debt, risk management and insurance, and saving and investing. The composite score of the survey was used for statistical analysis. A convenience sample of 293 secondary students resulted in 153 respondents with 151 completed paper-based questionnaires. Data analysis techniques included descriptive statistics, t tests, and Pearson Correlation. Analyses were conducted to determine effect of gender, race, and personal bank account ownership, socioeconomic level, and paid work experience impacted financial literacy scores. A correlation between the Jump$tart Coalition Survey of Personal Financial Literacy Among Students scores and time to complete the survey was generated to describe this relationship. Results indicated that overall, high school seniors represented by this convenience sample did not possess adequate financial literacy with an average score of 50.5. Results revealed statistical differences at .05 level of significance based on race, personal bank account ownership, and socioeconomic level. No statistical significance was found based on gender or paid work experience. A correlation of -.05 was found regarding time to complete survey and survey score.