Valuing the implementation of financial literacy education

Personal Finance, Military Families February 06, 2017 Print Friendly and PDF

 

Davis, K. & Durband, D.B. (2008). Valuing the implementation of financial literacy education. Financial Counseling and Planning, 19(1), 20-30.

Brief Description: This study surveyed 279 Texas Parent-Teacher Association (PTA) members to determine at what monetary level individuals will support financial literacy education. Respondents reported a willingness to pay additional property taxes to fund financial education. Gambling proceeds and state sales tax were other acceptable revenue sources. The least preferred funding method for financial education was state income tax.

Implications: This study indicated that taxpayers were willing to pay from 4.3 to 5.6 cents per $100 of property value for financial literacy education, sending a clear message to legislators and school administrators that courses on financial topics are valued. These findings can be cited by financial education advocates seeking state mandated courses. Financially literate citizens are an economic asset to their state of residence.

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This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.