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Annotated Bibliography

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Allen, Joseph P., et al. &quotAn interaction-based approach toenhancing secondary school instruction and student achievement.&quotScience 333.6045 (2011): 1034-1037.

Allen et al. explore the best way to teach the students and make surethat they capture all the learning outcomes efficiently. In fact, itaddresses the deficiency that is common in the teaching techniquesused in the secondary education. In this case, the study even looksat the performance of 2237 students that are being taught by 78teachers. More important, the researchers reveal that aninteraction-based technique is more appropriate in presenting somepractical ideologies that will improve the student’s understanding.The study shows that the approach will be quite useful if it isintroduced in the financial lessons in most of the high schools. Italso looks at the inability of the students to comprehend someconcepts easily, and the scenario shows the need for the intensiveresearch. Hence, the teachers should interact with the students andhighlight some of the important issues in the lesson that they shouldmaster. The interaction will also explore the student’s weaknessesand reveal techniques that might be used in addressing them. Besidesthat, the approach creates a personal touch on the lessons, and thatis what the high school sessions need. The incorporation of thetechniques in the financial lessons will be critical in reaching therequired learning outcomes that will be helpful as well.

Becchetti, Leonardo, Stefano Caiazza, and Decio Coviello. &quotFinancialeducation and investment attitudes in high schools: evidence from arandomized experiment.&quot Applied Financial Economics 23.10(2013): 817-836.

The study reveals that the financial education is crucial inempowering the students and ensuring that they understand how to makerational choices. In fact, the authors use effective methods toidentify how they are supposed to make some economic decisions. Inthis case, the students were placed on intensive learning, and theywere interviewed before and after the lessons. In the process, theinterview showed that the financial lessons had a greater impact onthe students and they were more likely to ignore any irrationaldecisions. They were able to identify choices associated with thefinancial illiteracy and the ones that are not. More important, theentire process also improved their cognitive ability to understandother subjects and understand concepts clearly. In particular, thelessons showed the need for the high schools to introduce someadvanced financial topics that will enlighten the students and showedthem how they are supposed to handle economic issues. Perhaps, theschools should divide the classes into the different subgroups thathave a different understanding of the financial concepts. From thatpoint, it will be easier to interact with them and reveal how theyare supposed to handle the various financial issues as well.

Carlin, Bruce Ian, and David T. Robinson. &quotWhat does financialliteracy training teach us?.&quot The Journal of EconomicEducation 43.3 (2012): 235-247.

The source explores the impact of the financial education on a groupof high school students. More important, it focuses on variouspractical issues that include savings, consumer behavior as well asinvestments. In this case, the study has data to measure how theliteracy programs influence the decisions that the youths make intheir life. In fact, they are given some simple duties that entailthe fictitious life situations that they have to solve and make surethat they have understood how they work. The research shows that thehigh school students need more practical lessons on the financialliteracy. It seems like they lack enough knowledge that can help themmake some rational decisions on some simple day-to-day tasks. The twoauthors insist that training the students will help them master theconcepts of investment and finance management. They also believe thatthe approach will prepare them for the outside world where they willuse that knowledge intensively as well. Based on the experience, theywill be able to identify poor financial choices, and they willunderstand how to ignore them, and making some rational decisionsthat will lack the severe consequences. It aligns with the objectivesof the research that supports the idea of practical financial lessonsthat cover the day-to-day activities.

Cole, Shawn, Anna Paulson, and Gauri Kartini Shastry. &quotHighschool curriculum and financial outcomes: The impact of mandatedpersonal finance and mathematics courses.&quot Journal of HumanResources (2015).

The researchers assess whether the financial literacy will have apositive impact on the decisions that the students make. They comparethe cognitive capabilities that one possesses and the financialchoices that he or she will make. In fact, they focus on the highschool courses on mathematics since they want to determine theirimpact on the future activities that they will undertake. In reality,they identify that the traditional mathematics courses in high schoolare less likely to help the students comprehend the requiredinformation. They reveal that the subjects lack the concepts thatwill improve the students understanding of the overall financialchoices. For instance, the study shows that the high school needs tointroduce more advanced lessons that will help the students inmastering what is expected from them. The authors even suggestspecific fields that the mathematical lessons should focus on. Theinvestment, issues to do with foreclosures and the efficientapproaches of credit management are just some of them. The studyjustifies how some of these areas are some of the aspects that thehigh school management needs to address. Perhaps, it will be a properway of educating the students and making sure that they have fullymastered what is expected from them.

Lusardi, Annamaria, and Olivia S. Mitchell. &quotThe economicimportance of financial literacy: Theory and evidence.&quot Journalof Economic Literature 52.1 (2014): 5-44.

Lusardi and Olivia evaluate how the financial knowledge will help theones that have tried to invest in various aspects such as the humancapital. It justifies that the lack of enough skills is oftendetrimental to the measures that one might try to make in theprocess. In fact, the two authors undertake a survey that analyzeshow the larger population benefits from the various financialconcepts. It also looks at the social class of a person and thenature of answers he or she gives. In overall, they identify that thepeople with least financial literacy are the ones making the pooreconomic decisions. Hence, the paper urges schools to introduce theproper financial lessons that cover some of the most fundamentalissues in the daily life. For instance, the students will be able tounderstand some theoretical models that illustrate how the publicpolicy works. Perhaps, the analysis and the intensive research willhelp the students understand how they should interact in a properway. Exploring the empirical models will guide the students inidentifying how the outside world works to make sure that they willnot make some irrational decisions later. In summary, it shows thatthe students need to undertake practical lessons that will guide themin being good in financial management.

Robb, Cliff A. &quotFinancial knowledge and credit card behavior ofcollege students.&quot Journal of family and economic issues32.4 (2011): 690-698.

Robb explores the challenges that the college students face whiletrying to make some expenditure choices. For instance, the authorreveals that most of the students have problems planning theirbudgets and spending their money in a proper way. In this case, theauthor insists that the challenges arise from the inability to masterthe financial knowledge. More important, the lessons often help oneunderstands how to make rational choices on how to make some relevantdecisions in the long-run. The author believes that proper financialliteracy lessons in high school will open the eyes of the students tothe practical issues in the world. He discourages the teachers fromfocusing on some complex theories that are somehow misleading. Forinstance, some lessons are impractical, and they do not apply to theday-to-day activities undertake. Hence, it will be crucial if theteachers focus on the practical aspects such as making the simplebudgets and the issues that they should prioritize in their lists. Infact, the scenario shows that the high school students need toacquire the appropriate skills that will them survive in the society.They should understand how to make some rational decisions that willassist them to live successfully.

Sherraden, Margaret Sherrard, et al. &quotFinancial capability inchildren: Effects of participation in a school-based financialeducation and savings program.&quot Journal of Family and EconomicIssues 32.3 (2011): 385-399.

Sherraden et al. highlight the essence of the high school studentsunderstands the financial knowledge in the early stages. Forinstance, it uses the program “I Can Save” that evaluates how thestudents are able to look at the financial education as well as thesavings program. In this case, the program estimates that the properlessons will improve their knowledge on the financial literacy.Besides that, the study also reveals that the continuousparticipation in the financial activities will enhance theirunderstanding of various concepts. More important, the students needto look at the tests and identify how the theories apply in theirdaily lives. It also illustrates some students that had engaged inthe ICS program surpassed the knowledge that the othernon-participants scored. The scenario showed that they would morelikely use their financial capability in ensuring that they makerational decisions. In fact, the financial literacy will empowerthem, and they will have the ability to understand some crucialcomplex theories that will reveal how the economic sector works. Thestudy suggests that most high schools should make changes on thefinance lessons based on the approach that the ICS program suggests.In particular, it looks at a few practical concepts that apply to theday-to-day activities that the students undertake.

Sohn, Sang-Hee, et al. &quotAdolescents’ financial literacy: Therole of financial socialization agents, financial experiences, andmoney attitudes in shaping financial literacy among South Koreanyouth.&quot Journal of adolescence 35.4 (2012): 969-980.

The study looks at the money attitude, the financial experiences aswell as their literacy levels on the concepts too. It revealed thatthe ones with bank accounts had some improved level of experience andfinancial knowledge. However, others had little information in thefield since they did not take the concepts seriously. In this case,the study asserted that the high school has accounts and they dealwith money often. Hence, the comparison of the various elements showsthat the high school students need proper financial lessons that willprepare them for the future where they will need the understanding ofsuch concepts. In fact, the authors urge the financial educators aswell as the policy makers to create proper guidelines that willoversee the kind of teaching techniques used in sensitizing theyounger students. The lessons will expose them to the financial worldand how the various theories are applied to the corporate field andthe day-to-day activities. It seems like the current lessons do notoffer multiple practical sessions that will insist on the way thatthey are supposed to apply the ideologies in various decisions. It isthe same reason that has forced some of these students makesirrational choices since they lack the proper financial literacy.

Works Cited

Allen, Joseph P., et al. &quotAn interaction-based approach toenhancing secondary school instruction and student achievement.&quotScience 333.6045 (2011): 1034-1037.

Becchetti, Leonardo, Stefano Caiazza, and Decio Coviello. &quotFinancialeducation and investment attitudes in high schools: evidence from arandomized experiment.&quot Applied Financial Economics 23.10(2013): 817-836.

Carlin, Bruce Ian, and David T. Robinson. &quotWhat does financialliteracy training teach us?.&quot The Journal of EconomicEducation 43.3 (2012): 235-247.

Cole, Shawn, Anna Paulson, and Gauri Kartini Shastry. &quotHighschool curriculum and financial outcomes: The impact of mandatedpersonal finance and mathematics courses.&quot Journal of HumanResources (2015).

Lusardi, Annamaria, and Olivia S. Mitchell. &quotThe economicimportance of financial literacy: Theory and evidence.&quot Journalof Economic Literature 52.1 (2014): 5-44.

Robb, Cliff A. &quotFinancial knowledge and credit card behavior ofcollege students.&quot Journal of family and economic issues32.4 (2011): 690-698.

Sherraden, Margaret Sherrard, et al. &quotFinancial capability inchildren: Effects of participation in a school-based financialeducation and savings program.&quot Journal of Family andEconomic Issues 32.3 (2011): 385-399.

Sohn, Sang-Hee, et al. &quotAdolescents’ financial literacy: Therole of financial socialization agents, financial experiences, andmoney attitudes in shaping financial literacy among South Koreanyouth.&quot Journal of adolescence 35.4 (2012): 969-980.