The Importance of Financial Literacy and Basic Accounting Skills

For the Management of Personal Finances

Mary Kate Blondin

Research Paper
Dr. Maureen Thum and Professor Robert Houbeck
HON252
Monday, 26th March, 2014

Outline
The Importance of Financial Literacy and Basic Accounting Skills
For the Management of Personal Finances
The positive impact of an understanding of basic accounting and financial literacy for high
school students, university/college students, and independent adults whether employed,
unemployed or retired is evident by the positive effects shown in those who possess a familiarity
with these subjects, and the negative effects shown by those who lack it. This paper will first
focus on the positive effects of at least a general knowledge of finance and accounting principles
and the important implications of them. Next, the paper will highlight challenges faced by
students who graduate from colleges or universities without at least a general understanding of
accounting and finance principles, as well as the difficulties of adult life without an ability to
effectively manage personal finances. Closing statements will provide suggestions for the
promotion of a more well-rounded study of business concepts with specific focus on accounting
and finance, and explore solutionsparticularly for adults in the workplace, outside of the
workplace, and in retirement who seek to expand their financial understanding in order to make
better financial decisions and investments.
I.

Financial Literacy in America

1. According to a 2006 study of the financial literacy of American adults, estate
planning and investment strategy are the two categories that adults find themselves
most heavily challenged with.
a. The same study found that American adults are generally the most familiar
with employment benefits
b. These findings illustrate an interesting trend, which is that the American
character displays a greater sense of entitlement and instant gratification from
an outside source (employers) than a sense of personal responsibility and
determination to understand and take advantage of opportunities for personal
success.
2. Due to an ever-growing culture of materialism and a growing number of
Americans who consider shopping to be a leisure activity, and who hesitate little to
spend money, accounting and scientific business management can come to a
business advantage if management and advertising are used effectively.
a. A basic understanding of accounting and finance principles gives business
owners the necessary insight into the demands of the consumer, and the
knowledge of how to provide those goods at the cheapest costs in order to
compete with other businesses offering the same or similar products.
b. In the early 20th century, for example, American department stores saw the rise
of chain stores as their toughest competition and learned to rise above it.
i. One of the reasons for the chain stores success was due to their
factory-like style of manufacturing ready-to-wear clothing, as opposed
to a department buyer who purchased ill-fitting garments at a reduced
price and had them altered in the stores alterations department.

ii. Eventually, the extra cost associated with this procedure led to
department stores falling behind, so they adapted to provide their own
clothing made within the department store that was ready-to-wear.
iii. This example shows the importance of financial literacy in action.
These store owners were able to manage their finances in the most
effective way possible in order to achieve their goal of providing better
service than chain clothing stores.
iv. The same lessons can be applied to everyday life. Financial literacy is
just as important for the struggling single parent living paycheck to
paycheck as it is for the billionaire business-owner expanding his or
her markets overseas.
3. Financial literacy can mean the difference between bankruptcy and financial
recovery.
a. Chart of financial literacy for single and married men and women in America
as of 2013
b. It is absolutely crucial that Americans are taught to handle their financial
situations with the necessary aptitude in order to avoid dependence on the
state or others and ensure the best possible future for their children.
c. One of the surest ways to improving the economy is to enable people to
manage their own finances.
i. If Americans are able to make better financial decisions and learn to
save their money well, then they will be able to afford a higher
standard of living.
d. B.A. Schaffers research concludes that low-income adults tend to be unable
to access satisfactory financial education programs, and may not even know
that such programs exist.
i. This makes the problem of an already low income worse by not
allowing these people to do everything possible to improve their own
situations.
II.

Accounting Necessity in America

1. Situations such as the early 1900s department store problem bring the importance
of accounting and financial knowledge to the attention of business owners.
a. Personal finances are best managed when one has at least a basic
understanding of the way finance and accounting work, rather than learning
along the way.
i. With at least a familiarity with these principles, one can manage ones
own finances effectively and prevent errors of judgment on his own
part and eliminate the extra cost of hiring others to do the job for him.
b. Americans no longer can take for granted that federal entitlement
programs will continue in their present form. Already were seeing
steady erosion in the benefits employers offer to their workers.
2. Basic accounting skills help to provide improved financial decision-making and
lead to better investments and budget-managing.

a. Individuals who are familiar with accounting principles and theory are better
able to familiarize themselves with tax forms and thus ensure that their taxes
are calculated well.
b. At some high schools, accounting courses are nothing more than glorified
bookkeeping classes, and many do not even emphasize the double-entry
system, which might be even worse than no course at all.
i. This system obviously needs improvement, otherwise the students
accounting perceptions will be ruined by poor teaching practices.
3. Accounting theory is especially important when it comes to planning for
retirement. Middle-aged Americans are often unable to save and invest effectively
due to poor education in financial and accounting principles.
a. Retirees must always keep in mind three key principles:
i. Life Expectancy is Unknown-Individuals should prepare for the
medical cost of living a long life.
ii. The Value of Money Changes-The same amount of money saved now
may not be worth the same amount in the future.
iii. The Unexpected Can Happen-Individuals should always be prepared
to finance repairs for their homes, pay for unexpected medical bills,
funeral costs, etc.
b. The more prepared seniors and retirees are for these three situations, the more
likely they are to succeed in planning effectively for retirement.
i. Programs designed to acquaint retirees and seniors with modern
technology and financial management processes will be the most
effective, because the biggest challenge to the older population is
adapting to modern software and other technology.
III.

Solutions
1. Financial literacy should be taught in high school as either an elective or in
place of another class.
a. The problem with limited exposure to accounting careers is that students
are less likely to be interested in the field later on
b. Students need to become familiar with finance and accounting early on so
that in their adult lives they will be able to file their own taxes and manage
their own bills.
c. Some middle schools in the country offer courses in basic financial
literacy, which makes high school courses in the subject significantly more
understandable for the students if they are already familiar with the
material
d. At the collegiate level, financial literacy should be required in the general
education curriculum for all students, regardless of major or minor.
e. When it comes to seeking financial help in the future, students with more
experience and financial knowledge are the most likely to seek out and
benefit from financial advice rather than those who are less
knowledgeable:
f. Data from the 2009 FINRA Financial Capability Survey indicate that
advice more often serves as a compliment to, rather than a substitute for,

financial capability: individuals with higher incomes, educational

attainment, and levels of financial literacy are most likely to receive
financial advice.
g. Learning financial and accounting principles as early as high school will
prepare students to expand their learning at the university level.
i. Students who are financially literate in high school are more likely
to succeed financially in the future, even in a changing and
uncertain economy.
ii. If students choose not to attend college or a university, they will at
least have basic knowledge of financial and accounting principles
to help them in their adult lives with keeping budgets, paying bills
and filing taxes, for example.
iii. The same skills can obviously also be applied to college students
who seek to keep their finances and debt manageable throughout
college and into their adult lives.
h. Aside from simply learning about the formalities of accounting skills and
making sound financial decisions in school, the more general concepts are
most successfully learned in the home when a child observes his parents.
i. Parents who teach their children good saving and spending habits
give their children an advantage, since these attitudes toward
personal financial responsibility, when coupled with concrete
knowledge and skill, will help to ensure a greater chance of
financial success than for a child who has not grown up learning
these principles from his parents.
2. In the event that an adult without access to college courses seeks to increase his
or her financial knowledge, employers should be encouraged to offer financial
literacy programs for interested employees on an annual or semi-annual basis.
a. These programs should include courses on budget management, tax
accounting, and retirement planning.
i. Financial education programs also should include emphasis on
teaching students to decide which products and services are the
best choices.
b. These courses are most often paid for my third parties.
i. This means that businesses are the group that most commonly pays
for financial education courses for adults, not the adults
themselves. In fact, according to the latest count in 2007, 26 states
now offer financial literacy programs.
c. Individuals preparing for marriage (whether they are still in school or not)
should also consider the positive impacts of financial education in order to
encourage financial stability within the home for their future family.
i. Before obtaining a marriage license, couples should be encouraged
to participate in a financial education program that teaches them
basic tax principles and how to create college funds for their future
children if necessary.

ii. Early retirement preparation should also be encouraged as well as

an ability to think long-term in the event of difficulty down the
road resulting from unexpected hospital bills, house or car repairs,
or medical costs.
iii. Mortgages are another important issue for newly married couples,
especially in the current economy, in which real estate is
struggling.
d. Photo of Adult Financial Literacy Class
3. For the retired, financial literacy classes may be a helpful pre-requisite to
receiving Social Security checks.
a. They should also be familiarized with modern computer systems and
programs, which help to calculate and manage finances more efficiently.
This is often the biggest challenge to the elderly, who want to be able to
manage their finances, but are often unable to keep up with modern
technology.
4. America would benefit from programs to increase financial literacy in many
ways. Some of these include:
a. Fewer on welfare due to an increased numbers of people who are able to
deal with their own financial situations and make good budget decisions as
they work through hard financial times
b. Improved standards of living for children and adults of all classes and
backgrounds
c. Fewer occurrences of drug trades, robberies, and other illegal activity, due
to a lowered need for individuals to make a living in dishonest or illegal
ways
d. Fewer bankruptcies due to more people who are able to live comfortably
within their means
e. A greater sense of both national and personal pride and the passing on of
these skills to future generations, creating a culture of increased
preparation ability
f. If successful, America would serve as a model to other countries and bring
in an era of prosperity that the rest of the world will want to imitate due to
its success
5. If and when these goals are met, America will start to see prosperity return to
her culture, due to an increased amount of people who are able to handle their
own finances without relying on the governments help.
a. This realization is crucial. The fewer Americans are on welfare, the more
the countrys citizens will be self-sufficient and require less government
assistance; thereby lowering government spending and further increasing
debt.
b. This research shows that adapting and preparation are the ways to
effectively combat the recession that we find ourselves in today.
i. Young adults preparing to start out on their own in life are in the
greatest need of a sound financial education, because they will
need to start retirement plans early and budget for future expenses
including children, repairs and medical costs that may arise.

c. Business owners face a difficult problem when it comes to deciding if and

how they will educate their employees in financial literacy if it is
necessary.
i. Employers should offer annul courses or seminars on an annual or
semiannual basis for employees who are interested in improving
their financial literacy.
ii. Basic refresher courses in accounting may help employees to
reacquaint themselves with basic principles of accounting, which
will help them to manage their lives on the salary they earn from
the company.
iii. This in turn will prove to be a valuable investment for the
company, as employees who learn to live within their means will
be less likely to demand pay raises or request salaries.
iv. It is not to say that this should be the only reason for an employer
to encourage an increase in financial knowledge for his employees,
but such an effect would prove to be a positive extra if steps were
taken to give employees an opportunity to learn.
d. Larger companies with wide-reaching influence in certain communities
may be good potential candidates for encouraging an open seminar for
retired seniors to teach them financial principles.
e. Those seniors who live from Welfare check to Welfare check would
benefit from the saving tips and investment advice in order to stretch their
checks benefits and make better investments.
i. Better investments result in a greater ability to pay medical
expenses and decrease the chances of sick elderly people unable to
pay for their medications and treatments.
a. Photo of Senior Financial Talk
IV.

Appendix 1 Financial Literacy of American Adults

V.

Appendix 2 Middle School Students at an Accounting Talk

The Importance of Financial Literacy and Basic Accounting Skills

For the Management of Personal Finances
Adults who are unable to manage at least some of their own finances without the aid of
professionals are susceptible to service fees, inaccurate accounting, questionable advice, making
poor financial decisions, and an a generally unpredictable financial future. During the economic
recession in which the United States currently finds herself, Americans are forced to make
budgets, cut back spending, manage finances wisely, and make do. In order to understand how
to overcome this problem of economic uncertainty, it is important to look at the positive impacts
of sound financial decision-making and accounting practices, the negatives of uncertainty, and
finally, individual solutions designed to combat economic hardship and perhaps even bring in
prosperity in spite of it.
The positive impact of an understanding of basic accounting and financial literacy for
high school students, university/college students, and independent adults whether employed,
unemployed or retired is evident by the positive effects shown in those who possess a
familiarity with these subjects, and the negative effects shown by those who lack it. This paper
will first focus on the positive effects of at least a general knowledge of finance and
accounting principles and the important implications of them. Next, the paper will highlight
challenges faced by students who graduate from colleges or universities without at least a
general understanding of accounting and finance principles, as well as the difficulties of adult
life without an ability to effectively manage personal finances. Closing statements will provide
suggestions for the promotion of a more well-rounded study of business concepts with specific
focus on accounting and finance, and explore solutionsparticularly for adults in the
workplace, outside of the workplace, and in retirement who seek to expand their financial
understanding in order to make better financial decisions and investments.

Financial Literacy in America

According to a 2006 study of the financial literacy of American adults, estate planning
and investment strategy are the two categories that adults find themselves most heavily
challenged with. The same study found that American adults are generally the most familiar
with employment benefits (Volpe, Chen, and Liu, An Analysis of the Importance of Personal
Finance Topics and the Level of Knowledge Possessed by Working Adults 81). These findings
illustrate an interesting trend, which is that the American character displays a greater sense of
entitlement and instant gratification from an outside source (employers) than a sense of personal
responsibility and determination to understand and take advantage of opportunities for personal
success. For a chart of financial literacy findings for American adults, see Appendix 1.

Due to an ever-growing culture of materialism (Stone, Wier, Bryant, Reducing

Materialism through Financial Literacy 12), and a growing number of Americans who
consider shopping to be a leisure activity, and who hesitate little to spend money, accounting
and scientific business management can come to a business advantage if management and
advertising are used effectively. A basic understanding of accounting and finance principles
gives business owners the necessary insight into the demands of the consumer, and the
knowledge of how to provide those goods at the cheapest costs in order to compete with other
businesses offering the same or similar products.
Ingrid Jeacle explains how, in the early 20th century, for example, American department
stores saw the rise of chain stores as their toughest competition and learned to rise above it in her
article, Accounting and Everyday Life: Towards a Cultural Context for Accounting Research.

One of the reasons for the chain stores success was due to their factory-like style of
manufacturing ready-to-wear clothing, as opposed to a department buyer who purchased illfitting garments at a reduced price and had them altered in the stores alterations department.
Eventually, the extra cost associated with this procedure led to department stores falling behind,
so they adapted to provide their own clothing made within the department store that was readyto-wear. This example shows the importance of financial literacy in action. These store owners
were able to manage their finances in the most effective way possible in order to achieve their
goal of providing better service than chain clothing stores. The same lessons can be applied to
everyday life. Financial literacy is just as important for the struggling single parent living
paycheck to paycheck as it is for the billionaire business-owner expanding his or her markets
overseas.

Financial literacy can mean the difference between bankruptcy and financial recovery.
The following chart shows the calculations for financial literacy for single and married men and
women in America as of 2013:

Fig. 1: Financial Literacy of Single and Married Americans

(Taft, Marzieh Kalantarie 7)

It is absolutely crucial that Americans are taught to handle their financial situations with
the necessary aptitude in order to avoid dependence on the state or others and ensure the best
possible future for their children. One of the surest ways to improving the economy is to enable
people to manage their own finances. If Americans are able to make better financial decisions
and learn to save their money well, then they will be able to afford a higher standard of living.
B.A. Schaffers research in her work, A Phenomenological Study to Discover LowIncome Adults Perceptions and Expectations regarding Financial Literacy, concludes that lowincome adults tend to be unable to access satisfactory financial education programs, and may not
even know that such programs exist. This makes the problem of an already low income worse
by not allowing these people to do everything possible to improve their own situations.

Accounting Necessity in America

Situations such as the early 1900s department store problem bring the importance of
accounting and financial knowledge to the attention of business owners. Personal finances are
best managed when one has at least a basic understanding of the way finance and accounting
work, rather than learning along the way. With at least a familiarity with these principles, one
can manage ones own finances effectively and prevent errors of judgment on his own part and
eliminate the extra cost of hiring others to do the job for him.
David M. Walker, United States Comptroller General, told Robert Tie of the Journal of
Accountancy in 2004: Americans no longer can take for granted that federal entitlement
programs will continue in their present form. Already were seeing steady erosion in the benefits
employers offer to their workers (Tie 1).

Basic accounting skills help to provide improved financial decision-making and lead to
better investments and budget-managing. Individuals who are familiar with accounting
principles and theory are better able to familiarize themselves with tax forms and thus ensure that
their taxes are calculated well. Louis Grumet laments the system of teaching high school
accounting, saying: At some high schools, accounting courses are nothing more than glorified
bookkeeping classes, and many do not even emphasize the double-entry system, which might be
even worse than no course at all (Grumet 1). This system obviously needs improvement,
otherwise the students accounting perceptions will be ruined by poor teaching practices.

Accounting theory is especially important when it comes to planning for retirement.

Middle-aged Americans are often unable to save and invest effectively due to poor education
in financial and accounting principles. Retirees must always keep in mind three key principles,
according to A.M. Rappaport and S. Siegel:

1. Life Expectancy is Unknown-Individuals should prepare for the medical cost of

living a long life.
2. The Value of Money Changes-The same amount of money saved now may not be
worth the same amount in the future.
3. The Unexpected Can Happen-Individuals should always be prepared to finance
repairs for their homes, pay for unexpected medical bills, funeral costs, etc.
(Rappaport, and Siegal, 8)
Adult Americansespecially those of retirement agemust keep in mind that they
will never know for certain what their own life expectancies are. A responsible adult must plan
with enough forethought to accommodate himself for an undefined number of years. This means

that retirement homes, if affordableshould be budgeted for if they will be needed, or that a
reasonable amount of cash (either from insurance, savings account, or both) is left for ones
spouse to be able to support him or herself for an uncertain number of years in the event that one
is outlived by ones spouse. Charitable donations and wills made out to children or other
beneficiaries may also be in need of consideration if one so chooses.
One must also consider that the value of money changes. The economy may improve
and the value of the dollar may rise in the future, thus causing ones retirement savings to be
worth more. Conversely, the economy is just as likely to plummet, reducing the worth of a
respectable retirement fund to pocket change. One must always be prepared for at least a small
amount of fluctuation in the value of a dollar.
The last principle is that the unexpected can happen. This is perhaps the most crucial
principle, and perhaps the only one necessary, since the other two technically fall into the
category of preparing for the unexpected. As previously mentioned, seeing that ones spouse and
family are well-provided for in case of unexpected death of oneself is of utmost importance.
The more prepared seniors and retirees are for these three situations, the more likely
they are to succeed in planning effectively for retirement. Programs designed to acquaint retirees
and seniors with modern technology and financial management processes will be the most
effective, because the biggest challenge to the older population is adapting to modern software
and other technology.
Solutions

Financial literacy should be taught in high school as either an elective or in place of

another class. According to Joseph Hargadon, the problem with limited exposure to accounting
careers is that students are less likely to be interested in the field later on (Hargadon 2).

Students need to become familiar with finance and accounting early on so that in their adult lives
they will be able to file their own taxes and manage their own bills. Some middle schools in the
country offer courses in basic financial literacy, which makes high school courses in the subject
significantly more understandable for the students if they are already familiar with the material
(Bolanos 23). For photograph of graduate students offering the students of one middle school an
accounting lesson, see Appendix 2.
At the collegiate level, financial literacy should be required in the general education
curriculum for all students, regardless of major or minor. When it comes to seeking financial
help in the future, students with more experience and financial knowledge are the most likely to
seek out and benefit from financial advice rather than those who are less knowledgeable:
Data from the 2009 FINRA Financial Capability Survey indicate that advice more often serves as
a compliment to, rather than a substitute for, financial capability: individuals with higher
incomes, educational attainment, and levels of financial literacy are most likely to receive
financial advice (Collins 1).
Learning financial and accounting principles as early as high school will prepare students
to expand their learning at the university level. Students who are financially literate in high
school are more likely to succeed financially in the future, even in a changing and uncertain
economy (Nguyen 5). If students choose not to attend college or a university, they will at least
have basic knowledge of financial and accounting principles to help them in their adult lives with
keeping budgets, paying bills and filing taxes, for example. The same skills can obviously also
be applied to college students who seek to keep their finances and debt manageable throughout
college and into their adult lives.

Aside from simply learning about the formalities of accounting skills and making sound
financial decisions in school, the more general concepts are most successfully learned in the
home when a child observes his parents (Jorgensen, Savla 2). Parents who teach their children
good saving and spending habits give their children an advantage, since these attitudes toward
personal financial responsibility, when coupled with concrete knowledge and skill, will help to
ensure a greater chance of financial success than for a child who has not grown up learning these
principles from his parents.

In the event that an adult without access to college courses seeks to increase his or her
financial knowledge, employers should be encouraged to offer financial literacy programs for
interested employees on an annual or semi-annual basis. These programs should include
courses on budget management, tax accounting, and retirement planning. Financial education
programs also should include emphasis on teaching students to decide which products and
services are the best choices (Improving Financial Literacy: Analysis of Issues and Policies 11).
Mark Nadler points out some helpful information for adults seeking to increase their
financial knowledge, which is that these courses are most often paid for my third parties (Nadler,
1). This means that businesses are the group that most commonly pays for financial education
courses for adults, not the adults themselves. In fact, according to the latest count in 2007, 26
states now offer financial literacy programs (Stone, Wier, Bryant, Does Financial Literacy
Contribute to Happiness? 1).
Individuals preparing for marriage (whether they are still in school or not) should also
consider the positive impacts of financial education in order to encourage financial stability
within the home for their future family. Before obtaining a marriage license, couples should be

encouraged to participate in a financial education program that teaches them basic tax principles
and how to create college funds for their future children if necessary. Early retirement
preparation should also be encouraged as well as an ability to think long-term in the event of
difficulty down the road resulting from unexpected hospital bills, house or car repairs, or medical
costs. Mortgages are another important issue for newly married couples, especially in the current
economy, in which real estate is struggling (Volpe, Mumaw, Mortgage Meltdown Reveals
Importance of Financial Literacy Education, 2).

Adult Financial Literacy Students in Texas

(Mensah 1)

For the retired, financial literacy classes may be a helpful pre-requisite to receiving
Social Security checks. They should also be familiarized with modern computer systems and
programs, which help to calculate and manage finances more efficiently. This is often the
biggest challenge to the elderly, who want to be able to manage their finances, but are often
unable to keep up with modern technology.

America would benefit from programs to increase financial literacy in many ways.
Some of these include:
1. Fewer on welfare due to an increased numbers of people who are able to deal with
their own financial situations and make good budget decisions as they work
through hard financial times
2. Improved standards of living for children and adults of all classes and
backgrounds
3. Fewer occurrences of drug trades, robberies, and other illegal activity, due to a
lowered need for individuals to make a living in dishonest or illegal ways
4. Fewer bankruptcies due to more people who are able to live comfortably within
their means
5. A greater sense of both national and personal pride and the passing on of these
skills to future generations, creating a culture of increased preparation ability
6. If successful, America would serve as a model to other countries and bring in an
era of prosperity that the rest of the world will want to imitate due to its success
If and when these goals are met, America will start to see prosperity return to her
culture, due to an increased amount of people who are able to handle their own finances
without relying on the governments help. This realization is crucial. The fewer Americans are
on welfare, the more the countrys citizens will be self-sufficient and require less government
assistance; thereby lowering government spending and further increasing debt. This research
shows that adapting and preparation are the ways to effectively combat the recession that we find
ourselves in today. Young adults preparing to start out on their own in life are in the greatest
need of a sound financial education, because they will need to start retirement plans early and
budget for future expenses including children, repairs and medical costs that may arise.

Business owners face a difficult problem when it comes to deciding if and how they will
educate their employees in financial literacy if it is necessary. Employers should offer annul
courses or seminars on an annual or semiannual basis for employees who are interested in
improving their financial literacy. Basic refresher courses in accounting may help employees to
reacquaint themselves with basic principles of accounting, which will help them to manage their
lives on the salary they earn from the company. This in turn will prove to be a valuable
investment for the company, as employees who learn to live within their means will be less likely
to demand pay raises or request salaries. It is not to say that this should be the only reason for an
employer to encourage an increase in financial knowledge for his employees, but such an effect
would prove to be a positive extra if steps were taken to give employees an opportunity to learn.
Larger companies with wide-reaching influence in certain communities may be good
potential candidates for encouraging an open seminar for retired seniors to teach them financial
principles. Those seniors who live from Welfare check to Welfare check would benefit from the
saving tips and investment advice in order to stretch their checks benefits and make better
investments. Better investments result in a greater ability to pay medical expenses and decrease
the chances of sick elderly people unable to pay for their medications and treatments.

Seniors at a Financial Literacy Presentation

(State of New Jersey Department of Banking and Justice 1)

Appendix 1

Financial Literacy of American Adults

(Volpe, Chen, and Liu 3)

Appendix 2

Middle School Students at an Accounting Talk

Raymond J. Harbert College of Business Master of Accountancy students gave approximately
600 sixth-graders at J.F. Drake Middle School in Auburn lessons in checkbook-balancing, checkwriting, entrepreneurship and other money matters Thursday, March 6, at the third annual
Financial Literacy Fair
(McAdory 1)

Works Cited

Bolanos, Antoinette B. "Key Determinants in Building Financial Capability among Middle

Schoolers with a School-Based Financial Literacy Education Program." Ph.D. Southern
New Hampshire University, 2012. United States -- New Hampshire: ProQuest Dissertations
& Theses A&I, ProQuest Dissertations & Theses Full Text. Web.
Collins, J. Michael. "Financial Advice: A Substitute for Financial Literacy?" Financial Services
Review 21.4 (2012): 307-22. ABI/Inform Complete, ProQuest Health Management. Web.
Grumet, Louis. "High-School Accounting Needs Broader Scope." The CPA Journal 80.1 (2010):
7. ABI/Inform Complete. Web.
Hargadon, Joseph M., and Frank C. Lordi. "Junior Achievement can make Accounting Attractive
to High School Students." Pennsylvania CPA Journal 72.2 (2001): 22. ABI/Inform
Complete. Web.
"Improving Financial Literacy: Analysis of Issues and Policies." Financial Market Trends.89
(2005): 111,121,123,109. ABI/Inform Complete, ProQuest Health Management. Web.
Jeacle, Ingrid. "Accounting and Everyday Life: Towards a Cultural Context for Accounting
Research." Qualitative Research in Accounting and Management 6.3 (2009): 12036. ABI/Inform Complete. Web.
Jorgensen, Bryce L., and Jyoti Savla. "Financial Literacy of Young Adults: The Importance of
Parental Socialization." Family Relations 59.4 (2010): 465-78. ProQuest Education
Journals, ProQuest Nursing & Allied Health Source, ProQuest Psychology Journals,
ProQuest Research Library, ProQuest Social Science Journals, ProQuest Sociology. Web.

Mensah, Julian. "Success Story: New Financial Education Workshop in Texas." 2012. Web.
Photograph.
McAdory, Joe. "Accounting Students Offer Lessons in Dollars and Sense to Auburn MiddleSchoolers." The Shareholder Online (10 March, 2014). Web.
Nadler, Mark. "The Black Hole of Financial Education." Employee Benefit News 23.13 (2009):
40. ABI/Inform Complete, ProQuest Health Management. Web.
Nguyen, Kathy N. "High School Seniors' Financial Knowledge: The Impact of Financial
Literacy Classes and Developmental Assets." M.S.W. University of Arkansas, 2013. United
States -- Arkansas: ProQuest Dissertations & Theses A&I, ProQuest Dissertations & Theses
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