Live Poster Session: Zoom Link
Abstract: Despite recent increase, the financial well-being reported by individuals in the US. Almost 30% of individuals report that they would not be able to handle an unexpected emergency expense of $400 (Update on the Economic Well-Being of U.S. Households 2020). Recent research indicate that risky financial behavior such as high-cost borrowing is associated with lower levels of financial literacy while more financially literate individual tend to make more sound financial decisions such as planning for retirement or setting aside a sum of their savings for emergencies(de Bassa Scheresberg, C., 2013). Financial skills have become an increasingly big part of our lives the modern day individual. The purpose of this study is to assess and associate financial literacy levels with respect to parental and institutionalized education on financial matters. Analysis from the Financial Well Being survey indicates that there is a significant association between parental involvement and educational background in predicting financial literacy levels. The more involved the parents are in the financial education of their children the better they did on the financial literacy test. Furthermore, the higher the educational degree one possess the more likely that they will score higher in the financial literacy test than other participants who attained a lower educational degree.
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