Financial Information: Is It Related to Savings and Investing Knowledge and Financial Behavior of Teenagers?

General linear model procedures were used to investigate the association between financial behavior and sources of financial information, the association between savings and investing knowledge and financial information sources, and the association between financial behavior and savings and investin...

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Bibliographic Details
Published in:Financial counseling and planning 2008, Vol.19 (2), p.19
Main Authors: Koonce, Joan C, Mimura, Yoko, Mauldin, Teresa A, Rupured, A Michael, Jordan, Jenny
Format: Article
Language:English
Subjects:
Adolescents
Behavior
Behavior Patterns
Compound interest
Consumer Education
Correlation
Curricula
Education
Extension Education
Families & family life
Financial literacy
Financial management
Georgia
Goal Orientation
High School Students
Information Sources
Internet
Knowledge
Learning
Mass Media
Money Management
Parent Child Relationship
Parents & parenting
Personal finance
Polls & surveys
Questionnaires
Racial Differences
Secondary school students
Secondary schools
Statistical Analysis
Statistical data
Teenagers
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Summary:General linear model procedures were used to investigate the association between financial behavior and sources of financial information, the association between savings and investing knowledge and financial information sources, and the association between financial behavior and savings and investing knowledge. The study participants were 253 teenagers aged 14 to 19 who attended a state-wide 4-H event in Georgia in December 2006. Setting financial goals and saving some or all of their earnings were associated with obtaining more financial information from parents. Having spending plans was associated with using the media/Internet as information sources. White teens reported obtaining less information from the media/Internet and educators than did non-Whites. Educating parents, who in turn educate their children, may lead to greater financial knowledge and more effective financial management practices for the next generation as well as for the parents. The association between having a spending plan and the amount of information teens reported receiving from educators is a positive result.
ISSN:1052-3073