Financial Literacy In America

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How is financial literacy taught to have an effect on people in America?
Introduction
Financial Literacy is “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being” (Mandelle). Many people in America today, old and young, lack financial skills such as, paying taxes or money management. The main significance of taking a financial literacy course is to inform people that there are ways to manage money and save for investments. Financial literacy has helped high school and college students branch away from home, avoid poor economic decisions, figure out plans for after retirement, and help companies produce, save and invest money.
In 2007-2009, America went through a financial crisis …show more content…

Using the media is a great way to enlighten customers about a company which brings in money. Also having frequency in advertising, budgeting, investing, and producing will be beneficial to employers.
Financial Behaviors Financial literacy is necessary at a young age so it can prevent financial mistakes to be made later on in life. “Young people also need to understand the basic financial concepts before we can expect them to make long term financial decisions as an adult.” (Wagner). Students who have just graduated high school will be breaking away from their parents and will not know how to financially support themselves, if they are taught financial education, they will have no problem making proper financial decisions.
Financial behaviors in the workplace from employer to employer can oftentimes be very biased. The main objective of financial literacy in the workplace is to improve financial behaviors. “...a small but significant minority of employers instituted educational programs to provide employees with information about financial decisions and retirement planning.’’(Bernheim, Douglas, and Daniel). Behaviors represented in the workplace determine whether there will be positive or negative effects in retirement …show more content…

Walstad. "The Effects of Perceived and Actual Financial Literacy on Financial Behaviors." Economic Inquiry, vol. 54, no. 1, Jan. 2016, pp. 675-697.

Bayer, Patrick J., Bernheim, B. Douglas., and Scholz, John. Karl. “The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers.” Working Paper Issue, Jan. 2008

Bernheim, B. Douglas and Garrett, M. Daniel. “The effects of Financial Education in the Workplace: Evidence from a Survey of Households” Journal of Public Economics. 6, September, 2001

Bernheim, B. Douglas, and Garrett, M. Daniel, and Maki M. Dean. “Education and Saving: The Long-Term Effects of High School Financial Curriculum Mandates.” June 1997

Carlin, Bruce Ian and Robinson, David T. “What Does Financial Literacy Training Teach Us?” National Bureau Of Economic Research Working Paper no. 16271, April 2010. Kline, Linda and Mandell, Lewis. “The Impact of Financial Literacy Education on Subsequent Financial Behavior.” Journal of Financial Counseling and Planning Volume 20, Issue 1,

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