The lack of industry wide data on homeownership education and counseling (HEC) programs has severely limited evaluation. In particular, very little evidence exists on the relationship between HEC completion and loan prepayment, an outcome of interest to both mortgage lenders and consumer advocates. Where mortgage prepayment directly influences the…

Using data collected from a pre-training survey, post-training survey, and telephone follow-up survey, this study analyzes the impact of the Money Smart financial education curriculum upon the financial opinions and behaviors of course participants during the survey period. The data indicate that Money Smart financial education training positively…

This commentary recommends that financial counseling and planning research, education, and practice be framed as an interdisciplinary profession called personal finance. Authors summarize the history of the profession and key theories providing the conceptual foundation. In order for the emerging profession of personal finance to achieve…

The near-collapse of the American financial system has led to a search for its causes and ways to prevent it from happening again. Many political leaders blame at least some of the sub-prime mortgage crisis on mistakes caused by financially "illiterate" consumers and propose to solve that problem with mandatory classes in personal finance.…

Higher education administrators know it is more cost-effective to keep students than to recruit them. Understanding financial literacy--and how it impacts student retention and persistence on the campuses--is an important concept for administrators to comprehend. Most students are not financially literate when they enter the world of higher…

In the midst of the worst economic crisis since the Great Depression, there exists a deficit of compelling financial education curricula in urban schools that serve financially vulnerable working-class students. Part of a design-based research investigation aimed at creating culturally-relevant financial literacy learning environments, this study…

A study conducted by "Money" Magazine in August 2006 found that students are not as financially literate as they ought to be. Teachers are now being challenged to find alternative strategies to educate students in the ways of personal finance. One component of personal finance that is particularly challenging is investments. In this article, the…

Financial literacy refers to the ability to make informed judgements and to take effective decisions regarding the use and management of money. A baseline survey carried out by the Financial Services Agency (FSA) in 2006 highlighted many issues: (1) 29% of 16-4-year-olds said they would not know how to prepare and manage a weekly budget; (2) 19%…

A bilingual pamphlet containing practical law-related information for recent Russian Jewish immigrants to New York City, this document addresses consumer concerns. Following a brief description of the Newcomer series, 15 questions are listed, each followed by an answer. Questions asked include the meaning of the terms consumer and contract;…

This booklet on home furnishings, 1 in a series of 12, covers all the basic aspects of personal- and family-money management. Suitable for use by high school and college students as well as adults, this handbook offers guidelines for purchasing home furnishings and decorating materials. Section 1 discusses planning for home furnishings based on…

To teach money management effectively, an examination of credit use today and a profile of the person in financial trouble are needed. If credit patterns and bankruptcy are understood, recommendations can be made about curriculum content for money management. (SK)

Explains how the Truth in Savings Act can be used to teach students how to calculate interest, understand terms related to savings accounts, and use financial calculators. (SK)

This report explains savings accounts and low-deposit investments in order to help consumers determine which accounts are right for them. It is divided into the following four sections (topics covered are listed in parentheses): (1) the savings program (setting savings goals, saving regularly, choosing a savings account, interest, the savings…

Maintains the schools should teach their students how to manage money, perhaps as a regular service of the guidance department. (HMV)