Wesley D. Marshall EDSS 8420 Dr. Caroline Sullivan

 Financial illiteracy is widespread and profound (Lusardi, 2008).  Financial illiteracy is correlated with poor physical and emotion health (Jorgensen, Salva, 2008).  Financial illiteracy is correlated with a host of unhealthy behavioral habits (Adams, Moore, 2007).  High school is the last opportunity for most low- income students to receive financial education (Grimes et al., 2010).

 Financial literacy correlates with self-benefitting financial behavior later in life (Mandell, 2008)  The Stock Market Game (SMG) correlates positively with financial literacy (Mandell, 2008).  The extent to which the SMG improves financial literacy is dubious (Maier, Nelson, 2007).  Social learning theory is the epistemological assumption underlying the study (Bandura, 1986).

 The Pre-test – Jump$tart Coalition for Personal Financial Literacy (13 questions).  10 Students Identified to Participate: 5 with SMG supplement and 5 in standard economics course.  30 minute interview about the SMG, economics course and their perceptions of it’s influence.  The Post-test – the “Personal Finance” Domain of the economics End-of-Course-Test (EOCT).

 1) “There was too much information in the course.”  2) “The book confused me by over-explaining concepts”  3) “The information was too abstract especially the macroeconomics”  4) “The information was hard to relate to practical life and the real-world”  5) “Most of the material for which we studied was never tested”,

 1) “The SMG was more entertaining than the bookwork”  2) “The SMG showed me how complex stock-buying is.”  3) “The SMG helped me understand investment noticeably better than the book.”  4) The SMG helped me understand credit/borrowing only slightly better than the book.”  5) The SMG didn’t help me learn anything about budgeting or saving.”

Student Pre- test Economics grade-point- average SMG? EOCT Score- Personal Finance Domain Statistical Gain Overall EOCT Score Emily31%96YesT.B.DT.B.D. Leon38%94Yes77%62.9%94 Max8%75Yes61%57.6%74 Julio23%81YesT.B.D. Shae8%77YesT.B.D Vikki23%92NoT.B.D. Randall8%74NoT.B.D. Levi8%71NoT.B.D. Mary38%93No85%75.8%91 Lisa16%75No69%63%74

 Students perceived that SMG taught investment concepts substantially better than the book  Students perceived that SMG elucidated credit/borrowing slightly better than the book  Students perceived no qualitative difference between on budgeting and savings.  Average gain from SMG is 60.25%. The average gain from non-SMG course is 69.4%.  Most students have not taken final test.  Sample size is small.  The study cannot be generalized

 Conduct fundraiser for fees, if necessary.  Make SMG mandatory  Alter SMG rules to improve realism.  Focus the economics course and SMG more towards financial literacy  Permission has already been granted.  Determine the extent to which financial illiteracy exists in graduating seniors from Cherokee county.  Encourage county to evaluate data and adjust curriculum.

 Adams, T., & Moore, M. (2007). High-risk health and credit behavior among 18- to 25- year- old college students. Journal of American College Health, 56(2), Retrieved from ERIC database.  Bandura, A. (1986). Social foundations of thought and action: A social cognitive theory. Englewood Cliffs, NJ: Prentice-Hall.  Jorgenson, B., & Salva, J. (2010). Financial literacy of young adults: The Importance of Parental Socialization. Family Relations, 59(4), Retrieved from ERIC database.  Lusardi, A. (2008). Financial literacy: an essential tool for informed consumer choice? Retrieved from EconLit database.  Mandell, Lewis. (2008). Financial education in high school. In A. Lusardi (Ed.), Overcoming the Saving Slump: (pp ) Chicago: The University of Chicago Press.  Maier, M., Nelson, J. (2007). Introducing Economics: A Critical Guide for Teaching. Armonk, New York: M.E. Sharpe Publishing