Psychology and Social Sciences
Financial Literacy is the Backbone of our Country


Financial Literacy is the Backbone of our Country


Paulina Vargas



Paulina Vargas, PSC 399: Research Skills in Political Science
Faculty Mentor: Professor Kyeonghi Baek, Political Science

Not everyone is able to have access to financial education and some people just do not believe it is necessary. Research shows that people with access to financial education tend to be more financially stable or come from a high-income household. In today’s society, financial stability should be a priority and the best way to accomplish this is through financial education. Financial knowledge can help people learn how to manage their finances better and become financially stable. Also, nowadays people have the opportunity to invest and save money in a way that conveys long-term benefits, but a lot of people do not know about these benefits and how to accomplish these goals because of their lack of knowledge regarding finance. This paper examines the benefits of financial education and its impact on people’s perception of financial stability and satisfaction. This paper uses student surveys and related research in order to examine whether, and to what extent, financial education has any impact on students’ satisfaction with financial knowledge and if socioeconomic status affects access to financial education at home and beyond.

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Financial Literacy is the Backbone of our Country