Too risky not to know: the personal financial education of our high school students

Abstract

Personal financial education is an important skill for all members of society. Personal financial problems can cause a myriadms: stress, divorce, depression and anxiety (Money, 1999). The purpose of this research is to determine if personal financial education in the teen years has a positive effect on a persons' financial situation in the early adult years. The research will aid educators as they review the need for personal finance courses at the secondary level. In the fall of 2003 a literature review was completed and a survey was administered. The survey was given to individuals in the age range of 22-28 years and subjects were from the Minneapolis/St. Paul area. Analysis of the data used the SPSS software program. Statistical test run included: Pearson R, crosstabulations, and F-ratio. The study found that personal financial education is beneficial for students. Respondents that had financial education classes in their teens felt better about their money situation both now and when thinking about the future. These respondents experienced less stress and anxiety about money matters. The study also showed that these respondents were slightly better off financially than their peers that did not have a financial education class.