Financial knowledge levels and savings behaviors of Bermudian high school seniors at CedarBridge Academy

Date
2006-01-01
Authors
Kieschnick, Danika
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Beverly Kruempel
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Altmetrics
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Family and Consumer Sciences Education and Studies
Abstract

The purpose of this study was to determine the relationship between financial knowledge and financial behaviors of high school seniors at CedarBridge Academy in Devonshire Bermuda. This study will also be used to determine if there is a need for a personal finance course at CedarBridge Academy. Seventy-five high school seniors were given a thirty question survey pertaining to financial topics and savings issues. This thesis is a detailed analysis of the research findings and literature relating to the study topic of financial knowledge and savings behaviors of teenagers. The theoretical foundation for this study is based on research from the Jumpstart Coalition for Personal Financial Literacy's findings in the 2004 financial survey to high school seniors in the United States. Participants scored well on questions pertaining to spending money and poorly on questions pertaining to savings and investments. A non-directional independent samples t-test was conducted and found that students who felt confident in their ability to manage their own finances scored higher on the financial knowledge section of the survey than students who were not confident in their ability to manage their own finances. The researcher suggests continuing to explore the relationship between financial knowledge and financial behaviors as these areas are only beginning to be explored.

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