Financial Literacy and Social Change
What is the relationship between financial literacy and social change?

Comparing change in financial literacy in post-college and non-college students

Quantitative

Hypothesis- There is a significant difference in financial literacy between college and non-college students.

Introduction- Financial literacy implies a number of things: understanding the basics of not only personal finance, but the broader approach to global finance. There is a distinction, however, between the intellectual world of college students and non-college students. College students, for instance, might be exposed to introductory economics, political science, business or other courses that would grant them access to a larger, more global perspective of finance. However, because they are often living in dorms, may be partially supported by loans or grants or funds from parents, their view of finances will be understandably skewed to the more intellectual approach. However, non-college bound students often must enter the workforce, fend for themselves, and take on…...

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REFERENCES

Bell, E. And Lerman, R. (2005). Can Financial Literacy Enhance Asset Building. The Urban

Institute Opportunity and Ownership Project. 6. Retrieved from:  http://www.urban.org/UploadedPDF/311224_financial_literacy.pdf 

Creswell, J.W., Hanson, W.E., Clark, V.L., & Morales, A. (2007). Qualitative research designs: Selection and implementation. The Counseling Psychologist, 35, 236-264. Retrieved from Sage Journals Online database.

Howe, K. (1988). Against the Quantitative-Qualitative Incompatibility Thesis: Dogmas Die Hard. Educational Leadership. Retrieved from:  http://nepc.colorado.edu/files/Howe_Against_the_Quant_Qual_Incompatibility_Thesis.pdf

The InterviewRecently, I came across a rather fascinating and intriguing article indicating that most young adults are not financially literate. More specifically, the article indicated that young adults, i.e. those in the 18 26 age bracket lack the knowledge and capabilities to make sound financial decisions, i.e. in relation to budgeting, saving for retirement, investing, etc. I was interested in finding out whether this is indeed the case, and if there is anything that can be done to salvage the situation. Towards this end, and following an introduction from a close acquaintance, I sought the insight and opinion of XXXX XXXX, the Chief Investment Officer at XXXX Bank.I established that the findings made by the authors of the article in question were indeed true to the effect that most young adults lack the skills and capabilities to effectively manage their finances. All that one needs to do to ascertain…...

Financial Literacy of Post College Student and Non-College Student
The relevant research questions and hypothesis would be the following: esearch question: Is there any improvement in financial literacy between a non-college student and a post college student.

Positive: significant differnce is found in quality of financial literacy in a post-college student as compared to a non-college student

Negative: no significant differences are found in quality of financial literacy in a post-college student as compared to a non-college student

My research idea will be tested with a randomized survey. Although a survey has various problems (some which are mentioned later), it does have the advantage of non-expensively targeting a vast amount of individuals and is best suited to this research question that cannot be evaluated as control study or other laboratory method. My intention is to examine a cross-section of students who are closely matched to each other. I will also do this as…...

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References

Babbie, E. (1989). The Practice of Social Research. 5th edition. Belmont CA: Wadsworth

Chen, H. & Volpe RP An analysis of personal financial literacy among college students, Financial Services review, 7, 107-128

Creswell, J. (1998). Qualitative inquiry and research design: Choosing among five traditions. Thousand Oaks, California: Sage Publications.

Creswell, J. (2003). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Thousand Oaks, California: Sage Publications.

Money Management
Basic financial literacy is sorely lacking in today's America, and the results affect us all. For some, basic financial literacy is a personal issue, and it is that, but it is also a social issue because high debt levels affect everybody when they contribute to economic volatility. Malcolm (2013) notes that the standards of education in money management tend to be low, which leads people with incoherent savings plans. This is turn has them avoid saving altogether, instead spending on immediately desires. The result is that American is a nation of debtors. We all joke about owing money to the Chinese, but the sad reality is that most people owe money, and of those most have no real plan to deal with that debt. It's a ticking economic time bomb, and we need to resolve this issue. The time has come to bring financial literacy to the fore. It…...

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References

Investopedia. (2014). Definition of financial literacy. Investopedia. Retrieved May 5, 2014 from  http://www.investopedia.com/terms/f/financial-literacy.asp 

Lusardi, A. (2013). Financial literacy around the world. FINRA. Retrieved May 5, 2014 from  http://www.finrafoundation.org/web/groups/foundation/@foundation/documents/foundation/p240590.pdf 

Malcolm, H. (2012). The cost of financial illiteracy. USA Today. Retrieved May 5, 2014 from  http://usatoday30.usatoday.com/money/perfi/basics/story/2012-04-23/millenials-financial-knowledge/54494856/1 

Malcolm, H. (2013). Financial literacy education has real life impact. USA Today. Retrieved May 5, 2014 from  http://www.usatoday.com/story/money/personalfinance/2013/11/13/financial-literacy-education-requirements/2953667/

Financial Literacy ProjectIt is essential to understand and use some of the financial skills effectively. This ability is referred to as financial literacy; it includes financial management on a personal level, investing, and budgeting. This type of literacy creates a foundation of a person's relationship with money, and it is a long journey that involves learning. Their steps in improving this financial literacy include learning various strategies for creating a budget. It also consists of the ability to track the expenses that one has, which are deducted from the salary. This assignment involves research concerning a starting salary after graduating. Then later, a budget will be developed based on the projected income. Finally, on reflection, a summary of the research and calculations of the budget will be provided.The job location is in Miami, which is found in Florida. It is the place where I decided to settle after graduation. I…...

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References

Arianti, B. F. (2018). Financial literacy, financial behavior, and income influence decisions. EAJ (Economic and Accounting Journal), 1(1), 1-10. http://www.openjournal.unpam.ac.id/index.php/EAJ/article/view/1277

Compen, B., De Witte, K., & Schelfhout, W. (2019). The role of teacher professional development in financial literacy education: A systematic literature review. Educational Research Review, 26, 16-31. https://www.sciencedirect.com/science/article/pii/S1747938X18302793

Potrich, A. C. G., & Vieira, K. M. (2018). Demystifying financial literacy: a behavioral perspective analysis. Management Research Review.  https://www.econstor.eu/handle/10419/208015

Income inequality around the world has quickly become a very contentious and combative debate. In America alone, nearly 50% of all Americans do not have enough money to pay for a $500 emergency expense. Uncertainties surrounding economic recessions, COVID-19, trade-wars, and technological automation have made prior career choices obsolete in certain segments of the country. Likewise, millions of Americans are struggling with crippling student loan debt that is harming their overall ability to purchase assets or even save for retirements. Each of these trends are exacerbating only larger government debts, strained pension systems, and a social security system that threatens to become involvement (Braunstein, 2002)To combat these issues, it is critical to create a much more comprehensive and robust financial literacy program early in a childs education. Here, it is critical to establish a culture of awareness related to money and how to have a proper relationship with it. As…...

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References

1. Ayres, K., Langone, J., Boon, R., & Norman, A. (2006). Computer-based instruction for purchasing skills. Education and Training in Developmental Disabilities, 41, 253-263

2. Braunstein, S., & Welch, C. (2002). Financial literacy: An overview of practice, research, and policy. Federal Reserve Bulletin, 88, 445-457.

3. Redmund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs, 44, 276-295

Local Community InterviewIn an attempt to identify and understand the various financial literacy or tax resolutions programs that a local community organization in my area has to offer, I conducted an interview with Annie Smith, the Coordinator of Program Services for Arrow Community Services. During our conversation, I gained insight into the programs within the organization that service both individuals and families struggling with financial literacy and taxes. Annie provided information on key topics such as eligibility requirements, benefit offerings, cost structure, and more. After careful analysis of all the responses given by Annie, it is safe to say Arrow Community Services has a wide array of solutions available to those needing financial aid. To address these needs further, I believe measures should be taken to educate community members in financial literacy as well as create incentives for people to participate in these programs offered by Arrow Community Services. Doing…...

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ReferencesSato, H. (2000). On the Complexities of the Tax Law. Studies in Regional Science, 30(3), 179-182.

esearch Proposal LetterDear Congressperson,I am writing to request your support for the inclusion of financial literacy in school curriculum. As our economy becomes increasingly complex, it is essential that young people have a strong foundation in financial literacy. By learning about topics such as budgeting, investing, and credit management, students will be better equipped to make sound financial decisions throughout their lives.As Heath (2016) points out in his study, there is currently a patchwork of financial literacy standards across the country, and I believe that all students deserve to have access to this important information. I would therefore be very grateful if you could promote the inclusion of financial literacy in school curriculum at the federal level. With your help, we can ensure that all young people have the skills they need to thrive in our ever-changing economy.According to a study by the Financial Industry egulatory Authority (2021), nearly 60%…...

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ReferencesAbylkassymova, A., Mubarakov, A., Yerkisheva, Z., Turganbayeva, Z., & Baysalov, Z. (2020). Assessment of financial literacy formation methods in mathematics education: financial computation. International Journal of Emerging Technologies in Learning (iJET), 15(16), 49-67.FINRA. (2021). Large Number of Americans Reported Financial Anxiety and Stress Even Before the Pandemic. Retrieved from   J. A. (2016). Youth financial literacy in the United States: A patchwork approach. In International handbook of financial literacy (pp. 369-380). Springer, Singapore.https://www.finra.org/media-center/newsreleases/2021/large-number-americans-reported-financial-anxiety-and-stress-even Heath,

Develop a financial strategy for using global nursing strategies to increase fiscal responsibility. Include the positive and negative financial impact of bringing foreign healthcare providers into a financial organization. Examples such as physicians, nurses, and therapist should be evaluated and assessed for financial viability. Healthcare institutions may be faced with fiscal constraints at some point in their growth process therefore necessitating austerity measures and sound business practices that will help minimize costs and enhance operational and financial efficiency inside the hospitals (Dong, 2015). Many questions arise as to how the financial management culture in healthcare institutions can influence care quality. This research paper attempts to identify the global nursing strategies that would increase financial responsibility in healthcare institutions as well as the financial impact that hiring foreign healthcare providers into the financial organization has.
According to Dong (2015) there is a significant statistical relationship between the financial performance of a hospital and…...

Literacy is more than knowing how to read and write in a given language. At the level of college education, literacy pertains to mastering the means of communication for different subjects. Literacy therefore may entail understanding specific jargon of a chosen field, but it may also mean being literate in the modes of inquiry, paradigms, assumptions, and methodologies of specific subjects. Each college major will have different literacy needs and requirements for a successful college term and for graduation. It is crucial that college students master the literacy skills that relate to their chosen major, if they hope to graduate and succeed in their future career.
One type of literacy that pertains to almost all college majors is information literacy. According to the Association of College and esearch Libraries (ACL, 2014), information literacy is defined as "the set of skills needed to find, retrieve, analyze, and use information," (p. 1).…...

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References

Association of College and Research Libraries (ACRL, 2014). Introduction to information literacy. Retrieved online:  http://www.ala.org/acrl/issues/infolit/overview/intro 

"The Many Forms of Literacy," (n.d.). National Writing Project. Retrieved online:

Sarbanes-Oxley Act of 2002 in reducing fraudulent financial reporting
Introduction to Fraudulent Financial eporting

Available research on financial statement fraud relies mostly on anecdotal evidence (for example, Wells, 2001, 2002, 2004a, and 2004b; ezaee, 2003). This evidence offers advice on how mechanisms related to the fraud triangle can be curtailed. It leads to theoretical sense to reduce factors which lead to more instances of fraud. However, deterrence and established deterrence methods in place within organizations have not been examined in proper detail. Neither have the secondary issues which can influence a person's chance of committing financial statement fraud. But there are multiple researches where deterrence models have been tested on other types of fraud e.g. tax fraud, fraudulent reports of environmental violations etc. Generally speaking, a clear consensus regarding the level of effectiveness of prevention mechanisms, such as those stated in GDT, is not present. There are two key parts of…...

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References

Abbott, L.J., S. Parker, and G.F. Peters. 2004. Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory 23 (1): 69-88.

AICPA: 2002, Statement on Auditing Standards (SAS) No. 99: Consideration of Fraud in a Financial Statement Audit (American Institute of Certi-ed Public Accountants, Durham).

Albrecht, W. And Albrecht, C. (2004). Fraud examination and prevention. South- Western, Mason Ohio.

Albrecht, W.S. And M.B. Romney. 1986. Red flagging management fraud: A validation. Advances in Accounting 3: 323-333.

Chief Financial Officer (CFO) in most corporations, both public and private, has expanded exponentially in recent years (Favaro, 2001). Compliance requirements and increased dependence on accounting information has caused the role of the CFO to take on increased importance.
The role and responsibilities of the CFO vary from corporation to corporation and there is no hard and fast rule as to what the role and responsibilities of a CFO might be (Farag, 2011). Such roles and responsibilities can be extensive but there are essentially five major roles that nearly every CFO fills in the modern corporation. The first such role is to participate fully in the leadership of the corporation. In this role, the CFO, using his knowledge of accounting rules and principles, contributes to the overall corporate strategy and assists in formulating policy for the organization.

The second role filled by the CFO is to be actively involved in the…...

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References

Farag, H. (2011). Evolving Capital Markets and the Changing Role of the CFO. In T.S. Environment, Ulrich Hommel (pp. 127-141). New York: Springer .

Favaro, P. (2001). Beyond bean counting: The CFO's expanding role. Strategy & Leadership, 4-8.

Zhang, I.X. (2007). Economic Consequences of the Sarbanes-Oxley Act of 2002. Journal of Accounting and Economics, 74-115.

Responsibilities of CFO

Identify two new pieces of financial information that you learned about this week that will help you make informed financial decisions about your future and eventual retirement.
Personal financial management and financial planning can be daunting. It helps to learn more about the tools people can use to plan their savings and budget for the future. One of the things I learned this week that will help me make informed financial decisions is how to be a responsible borrower. For one, I never considered credit cards as being a form of lending. Essentially, people who forget that credit cards entail borrowing money from a bank can get into a lot of trouble with debt accumulation. Next, taking out loans can be tricky. Student loans tend to have reasonable interest rates, but any amount of interest is still going to add up over time. The less the loan principal, the less the…...

1. Introduction
Firms may be successful by satisfying customer needs, but their ultimate accountability for financial performance is to the owners of the firm. Actions undertaken by quoted firm will usually have the direct, or indirect, aim of generating revenues and profits for the firm, and therefore the owners (Tarraf, 2012). When investors assess a potential investment they will look at the financial performance of a firm, assessing the past performance, with consideration of the way current and expected strategies will impact on the organizations performance, in the context of the expected macro-environmental conditions (Bodie, Kane, & Marcus, 2014). The investors will assess the share price of the firm, being more likely to make a purchase if they believe the value of the share is likely to increase with a significant amount of the assessment based on assessments of past performance (Hens & Rieger, 2016; Nellis & Parker, 2006). This report…...

Financial Services for Poor
Addressing the situation of the poor in Australia, let alone around the rest of both the civilized and developing world, can be quite a difficult to task. Indeed, people being poor is often a self-perpetuating cycle but it is also caused by income inequality and other socioeconomic factors that most people have little to no power to control. However, there are solutions and ways to improve one's life for those that have the motivation and willingness to do so. However, it also requires a company and people behind said company that are willing to take less profit than they could so as to truly help the poor rather than take advantage of them while they are down. While some companies like pay-day loan companies and the like just want to make a profit from the challenges of the poor, companies like Acme Financial Services will make a…...

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References

Crosier, T, Butterworth, P, & Rodgers, B 2007, 'Mental health problems among single and partnered mothers. The role of financial hardship and social support', Social

Psychiatry & Psychiatric Epidemiology, 42, 1, pp. 6-13, MEDLINE,

EBSCOhost, viewed 13 October 2014.

Gerrans, P, Clark-Murphy, M, & Truscott, K 2009, 'Financial Literacy and Superannuation Awareness of Indigenous Australians: Pilot Study

1. The benefits of a healthy lifestyle: exploring the importance of exercise, nutrition, and stress management
2. The impact of social media on society: examining how social media has changed communication, relationships, and self-esteem
3. The history of photography: tracing the evolution of photography from its origins to present day technology
4. The role of technology in education: analyzing how technology has transformed the way we learn and teaching methods
5. The effects of climate change on our planet: investigating the causes and consequences of global warming and its impact on the environment
6. The history of women's rights: exploring the fight for gender equality....

1. The Historical Evolution of Women's Rights: A Comparative Analysis

Trace the development of women's rights in different countries or time periods.
Examine the factors that influenced progress and regression, such as social, economic, and political conditions.
Compare and contrast the legal, social, and economic status of women across different societies.

2. Women's Suffrage and Its Impact on Democracy

Examine the struggle for women's right to vote.
Analyze the arguments for and against extending suffrage to women.
Discuss the impact of women's suffrage on democratic institutions and society.

3. The Intersectionality of Women's Rights: Race, Class, and Gender

Explore how race, class,....

Key Factors Contributing to the Persistence of Poverty in America

Poverty, a multifaceted issue that afflicts millions of Americans, is a persistent problem that has plagued the United States for decades. Understanding the complex interplay of factors that perpetuate poverty is essential for developing effective strategies to break its cycle. Here are some of the key factors contributing to the persistence of poverty in America:

1. Economic Inequality:

The gap between the wealthy and the poor has widened significantly over the past several decades. This growing inequality limits economic mobility and opportunity for low-income individuals, leaving them vulnerable to poverty.
Lack of....

1. Job Loss or Reduced Income

Job loss or a significant reduction in income is a primary reason for mortgage defaults and foreclosures. Unforeseen circumstances such as layoffs, business closures, or medical emergencies can disrupt a homeowner's ability to make timely mortgage payments. Without sufficient financial resources, homeowners may struggle to catch up on missed payments, leading to foreclosure proceedings.

2. High Debt-to-Income Ratio

A high debt-to-income ratio (DTI) occurs when a homeowner's monthly debt payments consume a large portion of their income. This situation can strain a household's finances, leaving little room for unexpected expenses or emergencies. When a homeowner's DTI exceeds....