Journal of Family and Economic Issues

, Volume 28, Issue 2, pp 265–284 | Cite as

The Impact of Personal Finance Education Delivered in High School and College Courses

  • Tzu-Chin Martina Peng
  • Suzanne Bartholomae
  • Jonathan J. FoxEmail author
  • Garrett Cravener
Original paper


This study investigates the impact of personal finance education delivered in high school and college. Outcomes of interest were investment knowledge and household savings rates measured years after the financial education was delivered. A web-based survey with questions about participation in financial education, financial experiences, income and inheritances, and demographic characteristics was administered to 1,039 alumni from a large midwestern university. Participation in a college level personal finance course was associated with higher levels of investment knowledge. Experience with financial instruments appeared to explain more of the variance in both investment knowledge and savings rates. No significant relationship between taking a high school course and investment knowledge was found. Financial experiences were found to be positively associated with savings rates.


College students Financial literacy Household savings Personal finance 


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Copyright information

© Springer Science+Business Media, LLC 2007

Authors and Affiliations

  • Tzu-Chin Martina Peng
    • 1
  • Suzanne Bartholomae
    • 2
  • Jonathan J. Fox
    • 1
    Email author
  • Garrett Cravener
    • 3
  1. 1.Consumer SciencesThe Ohio State UniversityColumbusUSA
  2. 2.Human Development and Family ScienceThe Ohio State UniversityColumbusUSA
  3. 3.College of LawThe Ohio State UniversityColumbusUSA

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