Financial Literacy and Social Change
What is the relationship between financial literacy and social change?

Comparing change in financial literacy in post-college and non-college students

Quantitative

Hypothesis- There is a significant difference in financial literacy between college and non-college students.

Introduction- Financial literacy implies a number of things: understanding the basics of not only personal finance, but the broader approach to global finance. There is a distinction, however, between the intellectual world of college students and non-college students. College students, for instance, might be exposed to introductory economics, political science, business or other courses that would grant them access to a larger, more global perspective of finance. However, because they are often living in dorms, may be partially supported by loans or grants or funds from parents, their view of finances will be understandably skewed to the more intellectual approach. However, non-college bound students often must enter the workforce, fend for themselves, and take on…...

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REFERENCES

Bell, E. And Lerman, R. (2005). Can Financial Literacy Enhance Asset Building. The Urban

Institute Opportunity and Ownership Project. 6. Retrieved from:  http://www.urban.org/UploadedPDF/311224_financial_literacy.pdf 

Creswell, J.W., Hanson, W.E., Clark, V.L., & Morales, A. (2007). Qualitative research designs: Selection and implementation. The Counseling Psychologist, 35, 236-264. Retrieved from Sage Journals Online database.

Howe, K. (1988). Against the Quantitative-Qualitative Incompatibility Thesis: Dogmas Die Hard. Educational Leadership. Retrieved from:  http://nepc.colorado.edu/files/Howe_Against_the_Quant_Qual_Incompatibility_Thesis.pdf

The InterviewRecently, I came across a rather fascinating and intriguing article indicating that most young adults are not financially literate. More specifically, the article indicated that young adults, i.e. those in the 18 26 age bracket lack the knowledge and capabilities to make sound financial decisions, i.e. in relation to budgeting, saving for retirement, investing, etc. I was interested in finding out whether this is indeed the case, and if there is anything that can be done to salvage the situation. Towards this end, and following an introduction from a close acquaintance, I sought the insight and opinion of XXXX XXXX, the Chief Investment Officer at XXXX Bank.I established that the findings made by the authors of the article in question were indeed true to the effect that most young adults lack the skills and capabilities to effectively manage their finances. All that one needs to do to ascertain…...

Financial Literacy of Post College Student and Non-College Student
The relevant research questions and hypothesis would be the following: esearch question: Is there any improvement in financial literacy between a non-college student and a post college student.

Positive: significant differnce is found in quality of financial literacy in a post-college student as compared to a non-college student

Negative: no significant differences are found in quality of financial literacy in a post-college student as compared to a non-college student

My research idea will be tested with a randomized survey. Although a survey has various problems (some which are mentioned later), it does have the advantage of non-expensively targeting a vast amount of individuals and is best suited to this research question that cannot be evaluated as control study or other laboratory method. My intention is to examine a cross-section of students who are closely matched to each other. I will also do this as…...

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References

Babbie, E. (1989). The Practice of Social Research. 5th edition. Belmont CA: Wadsworth

Chen, H. & Volpe RP An analysis of personal financial literacy among college students, Financial Services review, 7, 107-128

Creswell, J. (1998). Qualitative inquiry and research design: Choosing among five traditions. Thousand Oaks, California: Sage Publications.

Creswell, J. (2003). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Thousand Oaks, California: Sage Publications.

Money Management
Basic financial literacy is sorely lacking in today's America, and the results affect us all. For some, basic financial literacy is a personal issue, and it is that, but it is also a social issue because high debt levels affect everybody when they contribute to economic volatility. Malcolm (2013) notes that the standards of education in money management tend to be low, which leads people with incoherent savings plans. This is turn has them avoid saving altogether, instead spending on immediately desires. The result is that American is a nation of debtors. We all joke about owing money to the Chinese, but the sad reality is that most people owe money, and of those most have no real plan to deal with that debt. It's a ticking economic time bomb, and we need to resolve this issue. The time has come to bring financial literacy to the fore. It…...

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References

Investopedia. (2014). Definition of financial literacy. Investopedia. Retrieved May 5, 2014 from  http://www.investopedia.com/terms/f/financial-literacy.asp 

Lusardi, A. (2013). Financial literacy around the world. FINRA. Retrieved May 5, 2014 from  http://www.finrafoundation.org/web/groups/foundation/@foundation/documents/foundation/p240590.pdf 

Malcolm, H. (2012). The cost of financial illiteracy. USA Today. Retrieved May 5, 2014 from  http://usatoday30.usatoday.com/money/perfi/basics/story/2012-04-23/millenials-financial-knowledge/54494856/1 

Malcolm, H. (2013). Financial literacy education has real life impact. USA Today. Retrieved May 5, 2014 from  http://www.usatoday.com/story/money/personalfinance/2013/11/13/financial-literacy-education-requirements/2953667/

Financial Literacy ProjectIt is essential to understand and use some of the financial skills effectively. This ability is referred to as financial literacy; it includes financial management on a personal level, investing, and budgeting. This type of literacy creates a foundation of a person's relationship with money, and it is a long journey that involves learning. Their steps in improving this financial literacy include learning various strategies for creating a budget. It also consists of the ability to track the expenses that one has, which are deducted from the salary. This assignment involves research concerning a starting salary after graduating. Then later, a budget will be developed based on the projected income. Finally, on reflection, a summary of the research and calculations of the budget will be provided.The job location is in Miami, which is found in Florida. It is the place where I decided to settle after graduation. I…...

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References

Arianti, B. F. (2018). Financial literacy, financial behavior, and income influence decisions. EAJ (Economic and Accounting Journal), 1(1), 1-10. http://www.openjournal.unpam.ac.id/index.php/EAJ/article/view/1277

Compen, B., De Witte, K., & Schelfhout, W. (2019). The role of teacher professional development in financial literacy education: A systematic literature review. Educational Research Review, 26, 16-31. https://www.sciencedirect.com/science/article/pii/S1747938X18302793

Potrich, A. C. G., & Vieira, K. M. (2018). Demystifying financial literacy: a behavioral perspective analysis. Management Research Review.  https://www.econstor.eu/handle/10419/208015

Income inequality around the world has quickly become a very contentious and combative debate. In America alone, nearly 50% of all Americans do not have enough money to pay for a $500 emergency expense. Uncertainties surrounding economic recessions, COVID-19, trade-wars, and technological automation have made prior career choices obsolete in certain segments of the country. Likewise, millions of Americans are struggling with crippling student loan debt that is harming their overall ability to purchase assets or even save for retirements. Each of these trends are exacerbating only larger government debts, strained pension systems, and a social security system that threatens to become involvement (Braunstein, 2002)To combat these issues, it is critical to create a much more comprehensive and robust financial literacy program early in a childs education. Here, it is critical to establish a culture of awareness related to money and how to have a proper relationship with it. As…...

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References

1. Ayres, K., Langone, J., Boon, R., & Norman, A. (2006). Computer-based instruction for purchasing skills. Education and Training in Developmental Disabilities, 41, 253-263

2. Braunstein, S., & Welch, C. (2002). Financial literacy: An overview of practice, research, and policy. Federal Reserve Bulletin, 88, 445-457.

3. Redmund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs, 44, 276-295

Local Community InterviewIn an attempt to identify and understand the various financial literacy or tax resolutions programs that a local community organization in my area has to offer, I conducted an interview with Annie Smith, the Coordinator of Program Services for Arrow Community Services. During our conversation, I gained insight into the programs within the organization that service both individuals and families struggling with financial literacy and taxes. Annie provided information on key topics such as eligibility requirements, benefit offerings, cost structure, and more. After careful analysis of all the responses given by Annie, it is safe to say Arrow Community Services has a wide array of solutions available to those needing financial aid. To address these needs further, I believe measures should be taken to educate community members in financial literacy as well as create incentives for people to participate in these programs offered by Arrow Community Services. Doing…...

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ReferencesSato, H. (2000). On the Complexities of the Tax Law. Studies in Regional Science, 30(3), 179-182.

esearch Proposal LetterDear Congressperson,I am writing to request your support for the inclusion of financial literacy in school curriculum. As our economy becomes increasingly complex, it is essential that young people have a strong foundation in financial literacy. By learning about topics such as budgeting, investing, and credit management, students will be better equipped to make sound financial decisions throughout their lives.As Heath (2016) points out in his study, there is currently a patchwork of financial literacy standards across the country, and I believe that all students deserve to have access to this important information. I would therefore be very grateful if you could promote the inclusion of financial literacy in school curriculum at the federal level. With your help, we can ensure that all young people have the skills they need to thrive in our ever-changing economy.According to a study by the Financial Industry egulatory Authority (2021), nearly 60%…...

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ReferencesAbylkassymova, A., Mubarakov, A., Yerkisheva, Z., Turganbayeva, Z., & Baysalov, Z. (2020). Assessment of financial literacy formation methods in mathematics education: financial computation. International Journal of Emerging Technologies in Learning (iJET), 15(16), 49-67.FINRA. (2021). Large Number of Americans Reported Financial Anxiety and Stress Even Before the Pandemic. Retrieved from   J. A. (2016). Youth financial literacy in the United States: A patchwork approach. In International handbook of financial literacy (pp. 369-380). Springer, Singapore.https://www.finra.org/media-center/newsreleases/2021/large-number-americans-reported-financial-anxiety-and-stress-even Heath,

1. Develop a 1,050- to 1,400-word needs statement and management plan that will be part of a proposal for a fictitious, grant-funded project of your choosing on behalf of your agency or organization. Include the following sections in your submission:Topic: The social services division of a state or city governmentProposal: Mandatory financial literacy course for college students to graduate from a college or university2. Paragraph One: Describe the characteristics of your fictitious agency or organization.The fictitious organization is the Department of financial services and stability within the state of Florida. Here the agency is charged with maintaining the stability and financial position of the state of Florida. To accomplish this mandate the agency has several service divisions that designed to help promote the integrity of the financial system within the state of Florida. These services are further segmented into divisions designed to address certain elements within the financial system. These…...

Develop a financial strategy for using global nursing strategies to increase fiscal responsibility. Include the positive and negative financial impact of bringing foreign healthcare providers into a financial organization. Examples such as physicians, nurses, and therapist should be evaluated and assessed for financial viability. Healthcare institutions may be faced with fiscal constraints at some point in their growth process therefore necessitating austerity measures and sound business practices that will help minimize costs and enhance operational and financial efficiency inside the hospitals (Dong, 2015). Many questions arise as to how the financial management culture in healthcare institutions can influence care quality. This research paper attempts to identify the global nursing strategies that would increase financial responsibility in healthcare institutions as well as the financial impact that hiring foreign healthcare providers into the financial organization has.
According to Dong (2015) there is a significant statistical relationship between the financial performance of a hospital and…...

Essay Topic Examples 1. The sychology of Financial Well-being: Beyond Just Numbers:
     This essay explores the psychological aspects of financial health, examining how factors like stress management, financial literacy, and the perception of wealth impact one's sense of financial well-being. It delves into the role of personal values and goals in establishing a secure financial mindset.

2. The Intersection of Financial Well-being and Technology:
     Focusing on the digital age, this essay discusses how technological advancements such as mobile banking, budgeting apps, and robo-advisors contribute to or detract from individuals' financial health. It analyzes the opportunities and challenges presented by technology in the pursuit of financial stability and independence.

3. Financial Well-being in Retirement lanning:
     This essay examines the importance of preparing for retirement as a critical component of financial well-being. It addresses strategies for successful retirement planning, the impact of early savings, and the various investment vehicles that can help secure a financially…...

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Primary Sources

Board of Governors of the Federal Reserve System. \"Report on the Economic Well-Being of U.S. Households.\" Federal Reserve Board, 2020.

Prawitz, Aimee D., et al. \"InCharge Financial Distress/Financial Well-Being Scale: Development, Administration, and Score Interpretation.\" Financial Counseling and Planning, vol. 17, no. 1, 2006.

Consumer Financial Protection Bureau. \"Financial Well-Being: The Goal of Financial Education.\" Consumer Financial Protection Bureau, Jan. 2015.

Netemeyer, Richard G., et al. \"A Cross-National Study of Financial Well-Being.\" Journal of Consumer Research, vol. 41, no. 4, 2014, pp. 1015-1030.

Salignac, Fanny, et al. \"Measuring Financial Wellbeing in a Low-Income Context: An Instrument Validation Study.\" Journal of Consumer Affairs, vol. 53, no. 2, 2019, pp. 485-515.

1. Am I living within my means? Does my income cover my expenses? Do I have enough income to pay my bills?Currently my financial performance as it relates to my budget is mixed. On certain months, I perform well, being underbudget, with excess savings. However, during other periods, my overall performance faulters, with me spending more than I earn in income. This circumstance is primarily attributable to a lack of overall financial discipline on my part. In addition, seasonality also plays a large role within my budgetary decisions. For example, the holiday season was particularly high as it relates to expenditures, due to higher discretionary purchases. Likewise, Q1 of the year is particularly lower in terms of expenses due in part to lower discretionary items appearing within my budget. This a period that has historically seen lower required expenditures such as clothing. Overall, I have enough to pay all my…...

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References 1. Braunstein, S., & Welch, C. (2002). Financial literacy: An overview of practice, research, and policy. Federal Reserve Bulletin, 88, 445-457.

Literacy is more than knowing how to read and write in a given language. At the level of college education, literacy pertains to mastering the means of communication for different subjects. Literacy therefore may entail understanding specific jargon of a chosen field, but it may also mean being literate in the modes of inquiry, paradigms, assumptions, and methodologies of specific subjects. Each college major will have different literacy needs and requirements for a successful college term and for graduation. It is crucial that college students master the literacy skills that relate to their chosen major, if they hope to graduate and succeed in their future career.
One type of literacy that pertains to almost all college majors is information literacy. According to the Association of College and esearch Libraries (ACL, 2014), information literacy is defined as "the set of skills needed to find, retrieve, analyze, and use information," (p. 1).…...

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References

Association of College and Research Libraries (ACRL, 2014). Introduction to information literacy. Retrieved online:  http://www.ala.org/acrl/issues/infolit/overview/intro 

"The Many Forms of Literacy," (n.d.). National Writing Project. Retrieved online:

Ethical Impeatives fo Rational Patenalism in Adviso-Client RelationshipsInstuctions:2/ Hee is the one issue that I still dont have claity on: what is you opeational definition of ational patenalism fo the puposes of you study? Hee ae some of the statements I found:Fo this study, ational patenalism efes to the dynamic in adviso-client elationships whee the adviso aims to balance guiding the client towad optimal decisions while especting the client\\\'s autonomy and self-detemined inteests (54).It is loosely defined as the tension between especting clients pefeences and guiding them to make ational financial decisions that ae genuinely in thei best self-inteest (Engelen, 2019) (54).You also efe to it as going the exta mile and efe to developing ational patenalistic elationships (55).Note that sometimes it is defined as a geneal tension that pesumably is pesent in all adviso-client elationships. Yet it also is alluded to an ideal o goal cuently not pesent that…...

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references expressed by clients when recommending life insurance policies.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly DisagreeRisk Management:? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly Disagree\\\\\\\\\\\\\\\"I prioritize minimizing risks for my clients, even if it limits their perceived options.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly DisagreeClient Autonomy:\\\\\\\\\\\\\\\"I believe clients should always have the final say in the choice of their life insurance policy.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly DisagreeEthical Responsibility:\\\\\\\\\\\\\\\"It is my ethical responsibility to guide clients toward decisions that may not be immediately apparent to them as beneficial.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly DisagreeInformation Sharing:\\\\\\\\\\\\\\\"I provide clients with all the necessary information to make their own informed decisions.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly DisagreeComplexity Management:\\\\\\\\\\\\\\\"I simplify complex life insurance concepts to help clients understand their options better.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly DisagreeConflict of Interest:\\\\\\\\\\\\\\\"I never let potential conflicts of interest influence my recommendations.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly DisagreeClient Education:\\\\\\\\\\\\\\\"Educating clients about life insurance is a key part of my role as an advisor.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly DisagreeBalance of Influence:\\\\\\\\\\\\\\\"I strive to balance my influence as an advisor with respecting my clients’ independence.\\\\\\\\\\\\\\\"? Strongly Agree? Somewhat Agree? Unsure? Somewhat Disagree? Strongly Disagree

Sarbanes-Oxley Act of 2002 in reducing fraudulent financial reporting
Introduction to Fraudulent Financial eporting

Available research on financial statement fraud relies mostly on anecdotal evidence (for example, Wells, 2001, 2002, 2004a, and 2004b; ezaee, 2003). This evidence offers advice on how mechanisms related to the fraud triangle can be curtailed. It leads to theoretical sense to reduce factors which lead to more instances of fraud. However, deterrence and established deterrence methods in place within organizations have not been examined in proper detail. Neither have the secondary issues which can influence a person's chance of committing financial statement fraud. But there are multiple researches where deterrence models have been tested on other types of fraud e.g. tax fraud, fraudulent reports of environmental violations etc. Generally speaking, a clear consensus regarding the level of effectiveness of prevention mechanisms, such as those stated in GDT, is not present. There are two key parts of…...

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References

Abbott, L.J., S. Parker, and G.F. Peters. 2004. Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory 23 (1): 69-88.

AICPA: 2002, Statement on Auditing Standards (SAS) No. 99: Consideration of Fraud in a Financial Statement Audit (American Institute of Certi-ed Public Accountants, Durham).

Albrecht, W. And Albrecht, C. (2004). Fraud examination and prevention. South- Western, Mason Ohio.

Albrecht, W.S. And M.B. Romney. 1986. Red flagging management fraud: A validation. Advances in Accounting 3: 323-333.

1. The benefits of a healthy lifestyle: exploring the importance of exercise, nutrition, and stress management
2. The impact of social media on society: examining how social media has changed communication, relationships, and self-esteem
3. The history of photography: tracing the evolution of photography from its origins to present day technology
4. The role of technology in education: analyzing how technology has transformed the way we learn and teaching methods
5. The effects of climate change on our planet: investigating the causes and consequences of global warming and its impact on the environment
6. The history of women's rights: exploring the fight for gender equality....

1. The Historical Evolution of Women's Rights: A Comparative Analysis

Trace the development of women's rights in different countries or time periods.
Examine the factors that influenced progress and regression, such as social, economic, and political conditions.
Compare and contrast the legal, social, and economic status of women across different societies.

2. Women's Suffrage and Its Impact on Democracy

Examine the struggle for women's right to vote.
Analyze the arguments for and against extending suffrage to women.
Discuss the impact of women's suffrage on democratic institutions and society.

3. The Intersectionality of Women's Rights: Race, Class, and Gender

Explore how race, class,....

Key Factors Contributing to the Persistence of Poverty in America

Poverty, a multifaceted issue that afflicts millions of Americans, is a persistent problem that has plagued the United States for decades. Understanding the complex interplay of factors that perpetuate poverty is essential for developing effective strategies to break its cycle. Here are some of the key factors contributing to the persistence of poverty in America:

1. Economic Inequality:

The gap between the wealthy and the poor has widened significantly over the past several decades. This growing inequality limits economic mobility and opportunity for low-income individuals, leaving them vulnerable to poverty.
Lack of....

1. Job Loss or Reduced Income

Job loss or a significant reduction in income is a primary reason for mortgage defaults and foreclosures. Unforeseen circumstances such as layoffs, business closures, or medical emergencies can disrupt a homeowner's ability to make timely mortgage payments. Without sufficient financial resources, homeowners may struggle to catch up on missed payments, leading to foreclosure proceedings.

2. High Debt-to-Income Ratio

A high debt-to-income ratio (DTI) occurs when a homeowner's monthly debt payments consume a large portion of their income. This situation can strain a household's finances, leaving little room for unexpected expenses or emergencies. When a homeowner's DTI exceeds....