Abstract
In 1997, a baseline measure of the personal financial literacy of American high school seniors was taken through an examination of 1,532 students in the 1997 Personal Financial Survey of High School Seniors.1 The results of this nationally-representative sample were summarized in Mandell (1998). He found a generally low level of personal financial literacy characterized by an average test score of just 57.3 percent.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Alexander, Robert J., State Consumer Education Policy Manual (Denver, Colorado: Education Commission of the States, 1979).
Bakken, R., “Money Management Understandings of Tenth Grade Students,” National Business Education Quarterly, 1967.
Bandy, William K. and George S. Day, “Informational Disclosure and Consumer Credit Knowledge—A Longitudinal Analysis,” Journal of Consumer Affairs, Summer 1975.
Bannister, Rosella, Consumer Education in the United States: A Historical Perspective (Ypsilanti, Michigan: National Institute for Consumer Education, 1966).
Bannister, Rosella and Charles Monsma, Classification of Concepts in Consumer Education (Cincinnati, Ohio: Southwestern Publishing Co., 1982).
Bernheim, B. Douglas, “Personal Saving, Information, and Economic Literacy: New Directions for Public Policy,” in Tax Policy for Economic Growth in the 1990s (Washington, D.C.: American Council for Capital Formation, 1994).
Bernheim, B. Douglas and Daniel Garrett, “The Determinants and Consequences of Financial Education in the Workplace: Evidence from a Survey of Households,” mimeo (Palo Alto, California: Stanford University, March 1996).
Bernheim, B. Douglas, Daniel Garrett, and Dean Maki, “Education and Saving: The Long-Term Effects of High School Financial Curriculum Mandates,” mimeo (Palo Alto, California: Stanford University, June 1997).
Brobeck, Stephen, High School Student Consumer Knowledge: A Nationwide Test (Washington, D.C.: Consumer Federation of America, 1991).
Brobeck, Stephen, College Student Consumer Knowledge: A Nationwide Test (Washington, D.C.: Consumer Federation of America, 1993).
Brobeck, Stephen and Judy Cohart, Secondary Consumer Education: A Status Report (Washington, D.C.: Consumer Federation of America, 1988).
Chen, Haiyang and Ronald Volpe, “An Analysis of Personal Financial Literacy Among College Students,” Financial Services Review, 1998.
Consumer Reports, “Future Debtors of America: Credit, Interest, Saving, Many Children Don’t Understand These Concepts. What You Can Do,” December 1997.
Cutler, Neal E., “Baby Boomers, Financial Literacy, and the Privatization of Social Security,” Journal of the American Society of CLU and ChFC, March 1997.
Cutler, Neal E. and Steven Devlin, “Financial Literacy 2000,” Journal of the American Society of CLU and ChFC, July 1996.
Danes, S. M. and Hira, T. K., “Money Management Knowledge of College Students,” Journal of Student Financial Aid, Winter 1987.
Ford, Gary T., “State Characteristics Affecting the Passage of Consumer Education Legislation,” Journal of Consumer Affairs, Summer 1977.
Garman, E. Thomas, “The Cognitive Consumer Education Knowledge of Prospective Teachers: A National Assessment,” Journal of Consumer Affairs, Summer 1979.
Herrman, Robert O., “The Historical Development of the Content of Consumer Education: An Examination of Selected High School Texts, 1938–1978,” Journal of Consumer Affairs, Winter 1982.
Highsmith, Robert J., A Survey of State Mandates for Economics Instruction (New York: Joint Council on Economic Education, 1989).
Johnson, William, “Report of the ‘Pilot School’ Programs in Consumer Education,” Illinois Journal of Education, October 1969.
Langrehr, Frederick W., “Consumer Education: Does it Change Students’ Competencies and Attitudes?” Journal of Consumer Affairs, Winter 1979.
Langrehr, Frederick W. and J. Barry Mason, “The Development and Implementation of the Concept of Consumer Education,” Journal of Consumer Affairs, Winter 1977.
Liberty Financial Young Investor Survey (New York: Louis Harris and Associates, 1993).
Mandell, Lewis, “Consumer Perception of Incurred Interest Rates: An Empirical Test of the Efficacy of the Truth-in-Lending Law,” Journal of Finance, December 1971.
Mandell, Lewis, “Consumer Knowledge and Understanding of Consumer Credit,” Journal of Consumer Affairs, Summer 1973.
Mandell, Lewis, “Consumer Knowledge and Opinions of Consumer Credit,” Journal of Consumer Credit Management, Fall 1973.
Mandell, Lewis, The Credit Card Industry: A History (Boston: Twayne Publishers, 1990).
Mandell, Lewis, Our Vulnerable Youth: The Financial Literacy of American 12th Graders (Washington, D.C.: Jump$tart Coalition for Personal Financial Literacy, 1998).
Manning, Robert D., Credit Card Nation: The Consequences of America’s Addiction to Credit (New York: Basic Books, 2000).
Metcalf, Marilyn and William Wetherington, “Implementation of Senate Bill 977,” Illinois Journal of Education, October 1969.
1997 Personal Financial Survey of High School Seniors (Washington, D.C.: Jump$tart Coalition for Personal Financial Literacy, 1997).
1997 Phoenix Student Fiscal Fitness ® Survey (Hartford, Connecticut: Phoenix Home Life Mutual Insurance Company, 1997).
Scott, Charlotte H., 1990 National Survey: The Status of Consumer Education in United States Schools, Grades K-12 (Madison, New Jersey: National Coalition for Consumer Education, Inc., 1991).
Soper, John C. and Judith Staley Brenneke, “The Test of Economic Literacy as an Evaluation of the DEEP System,” Journal of Economic Education, Summer 1981.
Teenage Consumers: A Profile (Denver, Colorado: National Assessment of Educational Progress (NAEP), 1979).
Vickers, Marcia “Big Cards on Campus,” Business Week, September 20, 1999.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2002 Springer Science+Business Media New York
About this chapter
Cite this chapter
Mandell, L. (2002). Financial Literacy in the U.S. and Efforts Toward Credit Education. In: Durkin, T.A., Staten, M.E. (eds) The Impact of Public Policy on Consumer Credit. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-1415-2_6
Download citation
DOI: https://doi.org/10.1007/978-1-4615-1415-2_6
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4613-5542-7
Online ISBN: 978-1-4615-1415-2
eBook Packages: Springer Book Archive