Strategies to Enable Young Adults to be Financially Literate

Stephanie Ruckel, Augsburg College


The purpose of this research is to identify factors that parent(s) both intentionally and unintentionally impart on their children that enable young adults to be more financially literate. I administered a three question financial literacy test to 344 students at a private, not-for-profit liberal arts institution in a Midwestern city. Each result, a score of zero to three was compared to each student's socio-demographic characteristics, family characteristics, and parental education techniques to determine potential correlation and causation for financial literacy scores. I determined factors to be studied through relevant literature and personal experience.