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Educating College Kids to Be Smart about Their Money

Monday, August 18, 2014 8:08 am EDT

Prior financial knowledge—both objective and subjective—in the first year of college may play a role in reducing young adults’ later risky paying behaviors and buying behaviors, according to new research published in the International Journal of Consumer Studies.

The findings suggest that financial education programs perhaps should focus on more than enhancing objective financial knowledge. A variety of teaching approaches might be used to enhance students’ subjective knowledge, or their confidence or ability to apply objective knowledge.

“College students are transitioning from financially depending on their parents to financial independence during their college years, and they are at a critical stage in developing financial capabilities, especially in learning and managing student loan, credit card, and other debts. After taking personal finance courses that enhance both subjective and objective knowledge, they would be more confident to deal with life challenges facing by them after graduation,” said lead author Dr. Jing Jian Xiao.

Contact:

Wiley
Nicole Weingartner, +1 201-748-5808
Publicist
sciencenewsroom@wiley.com

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