Revista
de
Administração
http://rausp.usp.br/ RevistadeAdministração52(2017)285–303
Education,
Research
and
Academic
Production
Financial
education
level
of
high
school
students
and
its
economic
reflections
Nível
de
educa¸cão
financeira
de
estudantes
do
ensino
médio
e
suas
reflexões
econômicas
Nivel
de
educación
financiera
de
estudiantes
de
la
escuela
secundaria
y
sus
reflexiones
económicas
Tarcísio
Pedro
da
Silva
a,∗,
Cristian
Baú
Dal
Magro
a,
Marcello
Christiano
Gorla
a,
Wilson
Toshiro
Nakamura
baUniversidadeRegionaldeBlumenau,Blumenau/SC,Brazil bUniversidadePresbiterianaMackenzie,SãoPaulo/SP,Brazil
Received1June2016;accepted19December2016 Availableonline15May2017
ScientificEditor:WesleyMendes-Da-Silva
Abstract
Thisresearchcontributestotheunderstandingoftheleveloffinancialeducationofhighschoolstudentsfrompublicschools,aswellasverifying howtheirfinancialknowledgehasbeengenerated,providingaviewofthegapsinfinancialeducationwithwhichthesestudentsareableto attendundergraduatecourseslater.Theobjectiveoftheresearchwastodeterminetheleveloffinancialeducationofhighschoolstudentsfrom publicschools,accordingtoindividual,demographicandsocializingaspects.Theresearchmethodologywascharacterizedasdescriptiveregarding proceduressuchassurveyandtheapproachofthequantitativenatureoftheproblem.Theresearchpopulationincluded4698highschoolstudents from14publicschoolsinthecityofBlumenau.Inthedataprocessing,theKruskal–Wallisandchi-squaretestswereused.Theresultsindicate thatthereisaneffectivefinancialeducationamongyounghighschoolstudents,whichcanbenoticedinfindingssuchas:someoftheyoungare notobligedtoexplaintoparentswheretheyarespendingtheirfinancialresources;studentshaveacquired,largely,theirfinancialknowledgewith parentsandrelatives,andinday-to-daypractices,butthereislittledialoginthefamilyonfinancialmatters.Thefinancialknowledgecomingfrom theschoolislow,requiringanimprovementinthequalityofthisknowledgeatthisstageorinthefuture,includingundergraduatecourses.Finally, potentialworkersmaycausesocialproblemsthroughtheirinabilitytomanagetheirresourcesand/ortheexpensesoftheirfamilies.
©2017DepartamentodeAdministrac¸˜ao,FaculdadedeEconomia,Administrac¸˜aoeContabilidadedaUniversidadedeS˜aoPaulo–FEA/USP. PublishedbyElsevierEditoraLtda.ThisisanopenaccessarticleundertheCCBYlicense(http://creativecommons.org/licenses/by/4.0/).
Keywords:Financialeducation;Individualcharacteristics;Demographiccharacteristics;Socializationcharacteristics;Highschool
Resumo
Apresentepesquisacontribuicomoentendimentodoníveldeeducac¸ãofinanceiradeestudantesdenívelmédiodaredepública,domesmomodoque verificacomotemsidogeradooconhecimentofinanceirodestes,e,proporcionaumavisãodaslacunasemeducac¸ãofinanceiracomasquaisestes estudantespodemchegaraoscursosdegraduac¸ão,posteriormente.Oobjetivodapesquisafoiverificaroníveldaeducac¸ãofinanceiradeestudantes doensinomédiodaredepública,segundoaspectosindividuais,demográficosedesocializac¸ão.Ametodologiadapesquisafoienquadradacomo descritiva,quantoaosprocedimentoscomodelevantamento/surveyeaabordagemdoproblemadecunhoquantitativo.Apopulac¸ãodapesquisa compreendeu4.698alunosdoensinomédiode14escolasdaredepúblicadomunicípiodeBlumenau.Notratamentodosdadosforamempregados ostestesdekruskall-wallisequi-quadrado.Osresultadosindicamquenãoháumaeducac¸ãofinanceiraefetivaentreosjovensestudantesdoensino
∗Correspondingauthorat:RuaAntôniodaVeiga,140–CEP89012-900,Blumenau/SC,Brazil.
E-mail:[email protected](T.P.Silva).
PeerReviewundertheresponsibilityofDepartamentodeAdministrac¸ão,FaculdadedeEconomia,Administrac¸ãoeContabilidadedaUniversidadedeSãoPaulo –FEA/USP.
http://dx.doi.org/10.1016/j.rausp.2016.12.010
médio,oquetranspareceemachadoscomo:partedosjovensnãosãoobrigadosaexplicaraospaisemqueestãogastandoseusrecursosfinanceiros; osalunostêmadquirido,emboaparte,conhecimentosfinanceiroscompaiseparentes,enapráticadodia-a-dia,porémhápoucodiálogo,no ambientefamiliar,sobreassuntosfinanceiros.Oconhecimentofinanceiroadvindodaescolaébaixo,sendonecessárioumamelhorianaqualidade desteconhecimento,nestafaseoufuturamente,inclusivenagraduac¸ão.Porfim,ostrabalhadoresempotencialpodemcausarproblemassociais pelaincapacidadedeadministrarseusrecursose/ouosgastosdesuasfamílias.
©2017DepartamentodeAdministrac¸˜ao,FaculdadedeEconomia,Administrac¸˜aoeContabilidadedaUniversidadedeS˜aoPaulo–FEA/USP. PublicadoporElsevierEditoraLtda.Este ´eumartigoOpenAccesssobumalicenc¸aCCBY(http://creativecommons.org/licenses/by/4.0/).
Palavras-chave: Educac¸ãofinanceira;Característicasindividuais;Característicasdemográficas;Característicasdesocializac¸ão;Ensinomédio
Resumen
Esteestudiocontribuyealacomprensióndelniveldeeducaciónfinancieradeestudiantesdesecundariadeescuelaspúblicas;seexaminacómose desarrollasuconocimientofinancieroyseofreceunaperspectivadelasdeficienciasenlaeducaciónfinancieraconlasqueestosestudiantespueden llegaraloscursosdegradomástarde.Elobjetivodeltrabajoesdeterminarelniveldeeducaciónfinancieradeestudiantesdesecundariadeescuelas públicas,deacuerdoconaspectosindividuales,demográficosyconcernientesalasocialización.Seutilizaunametodologíadescriptivaparalos procedimientosderecopilación/surveyyelenfoquedelproblemadetipocuantitativo.Lapoblacióndeestudiosecomponede4.698estudiantes desecundariade14escuelaspúblicasdelaciudaddeBlumenau.EneltratamientodelosdatossehanutilizadolaspruebasdeKruskal-Wallisy chicuadrado.Losresultadosindicanquenoexisteunaeducaciónfinancieraeficazentrelosjóvenesestudiantesdesecundaria,loqueseobserva enhallazgostalescomo:partedelosjóvenesnoestáobligadaaexplicaralospadresenquéestágastandosusrecursosfinancieros;losestudiantes hanadquiridoconocimientosfinancierosengranmedidaconlospadresyfamiliares,yenlaprácticadeldíaadía,sinembargohaypocodiálogo enlafamiliasobreasuntosfinancieros.Elconocimientofinancierooriundodelaescuelaesbajo,loquerequiereunamejoraenlacalidaddetal conocimientoenestaetapaoenelfuturo,inclusoenelcursodegrado.Porúltimo,lostrabajadorespotencialespuedencausarproblemassociales debidoalaincapacidadparaadministrarsusrecursosy/olosgastosdesusfamilias.
©2017DepartamentodeAdministrac¸˜ao,FaculdadedeEconomia,Administrac¸˜aoeContabilidadedaUniversidadedeS˜aoPaulo–FEA/USP. PublicadoporElsevierEditoraLtda.Esteesunart´ıculoOpenAccessbajolalicenciaCCBY(http://creativecommons.org/licenses/by/4.0/).
Palabrasclave: Educaciónfinanciera;Característicasindividuales;Característicasdemográficas;Característicasdesocialización;Educaciónsecundaria
Introduction
Throughout history, people have daily taken a number of
complexfinancialdecisionsaboutexpenditures,savingsand/or investments.In thissense,sothat theexpensesarecontrolled andinvestmentsare assertiveinterms of profitability, people
needfinancialinformationandknowledge,partlyprovidedby
financialeducation(Campbell,2006;Lusardi&Mitchell,2007). Financialeducationhasapreventiveandcontrollingroleof debt,increasingsavingsandinvestment.Assuch,theteachingof financialeducationhelpstoleveragetheknowledgeof individ-ualsregardingfinancialtransactions,givingthemusefultoolsfor decision-making(Potrich, Vieira, & Mendes-da-Silva, 2016). In thissense, financialeducationshouldcoverthe investment
options,andconveythecorrectunderstandingoftheconcepts
relatedtoinflation,interestandtaxation(Lusardi,2009).
For the application of financial knowledge to provide
financial well-being to individuals it is necessary to have a
combinationofskills, attitudesandbehaviors(OECD, 2013). Suchcomplexitymakesfinancialeducationcentraltothesocial
andeconomiccontextofBrazil,wherepoliticalandeconomic
reforms,especiallyinsocialsecurityandschooleducation
pat-terns, have taken account of the discussion in the National
Congress,institutionsandorganizedcivilsociety.
With the Provisional Measure (MP746/2016), the
Brazil-ian government intends to ensure a development policy for
full-time schoolsthrough the gradualincreasein highschool
hoursfrom800to1400,aswellasamoreflexiblecurriculum
whichwouldbe50%linkedtothecommonnationalbasis;the
otherhalfwouldbedefinedbytheeducationalnetworks,with
emphasison:languages,mathematics,naturalsciences, humani-tiesandtechnicalandvocationaltraining.Inthissense,thetime isripe forfurtherreflectiononthe inclusionoffinancial edu-cationas aspecificdisciplineor thespreadingof itscontents throughtheirinsertioninsomeofthesubjectstobeofferedthat willcomplementthecommonnationalbasis.Thisresearchseeks tocontribute,withitsfindings,tosupportsuchdiscussionsand futuredecisions.
In addition,the federal government has indicatedthat the
increaseintheminimumcontributionandtheminimumagefor
retirement, as wellas changes inpension rules will bevoted
onverysoonandthat allworkerswhoarenotretiredyetwill beaffected.Byinvestigatingthestatusoffinancialeducationin
highschool andpossiblyhighlighting theneed forbetterand
deepersuppliesof suchknowledge,thisarticle isinlinewith thefutureofBrazilianswhowillfacethechallengeinmanaging theirincome,investmentsandsavingsdueto,amongother rea-sons,thechangesthatapproachregardingsocialsecurity,which shouldalsobeplannedbypeople.
The above economic andlegalfactors areassociated with
individuals who use financial education as part of education
and training; however, there are some prospects also worth
mentioning in the process of absorption and application of
financial knowledge in daily practice. In this case, evidence
indicates that an adultwill be effective in his financial
childhood,frommoneyhandling,fromsocialinteractionwith parentsandsociety,education,practicalexperienceaswellas demographicandindividualaspects(Bessa,Fermiano&Coria, 2014;Chen&Volpe,1998;Lusardi&Mitchell,2011;Norvilitis et al., 2006; Norvilitis & Mendes-Da-Silva, 2013; Oehler & Werner,2008;Pires,Lima,Dalongaro,Silva,&Silveira,2013;
Potrich,Vieira,&Kirch,2015;Potrichetal.,2016;Robb,2011;
Santos, Mendes-Da-Silva, Flores, & Norvilitis, 2016; Shim, Xiao,Barber,&Lyons,2009;Sohn,Joo,Grable,Lee,&Kim, 2012;Webley&Nyhus,2006;Worthy,Jonkman,&Pike,2010;
Xiao,Tang,&Shim,2009).
Thesocialandeducationalfactorsarepredictiveoffinancial well-being,althoughtheroleoffinancialknowledgecannotbe overlooked,becauseithasaprotectiveeffectonthedecisions ofindividuals(Norvilitisetal.,2006;Robb,2011).Similarly,
Denegri,Palavecinos,Ripoll,andYá˜nez(1999)pointoutthat
socializationbeginninginearly childhoodeducation tendsto
persistthroughoutadolescenceandadulthood.Therefore,atthis stagethereisastrongeconomicsocializationasforvalues, atti-tudes,informationandskillsthatcanleadtotheformationof financialhabitslastingforalifetime.
Fromthis,itisinferredthattheinvolvementofparentsand schooleducation,amongotherfactors,havekeyrolesinthe for-mationof financial characteristicsof individuals. In addition,
personalcharacteristics (gender), demographic and
socializa-tion characteristics (familygroup,income), when understood
jointlycanexertinfluenceonchildrenandadolescents’financial attitudes.
Thedevelopment of positivefinancial behaviorduring the
yearsofstudyincreasesthechancesofanindividualtoachievea betterqualityoflife(Worthyetal.,2010;Xiaoetal.,2009).Robb (2011)providesevidencethatfinancialeducationcanimprove thebehavioroftheconscioususeoffinancialresources,
espe-cially for young adults who are at the right age to develop
skillsthat theywill carryfor life; financial education is then anessentialsubjectinschoolteaching.
Giventheabove,thestudyhasthefollowingresearch
ques-tion: What is the financial education level of high school
studentsfrompublicschools,assessedaccordingtoindividual,
demographicandsocializationaspects?Thestudyonfinancial
educationwithhighschoolstudentsisrelevantbecause,despite itssocialimportance,thisfinancialtopichasbeenlittlediscussed bytheBrazilianpopulation,andhasreceivedlittleattentionin
educationalmedia. In addition,thereis aneed toexpandthe
developmentofknowledgeonthedeterminantandconsequent
factorsoffinancialeducation(Vieira,Battaglia,&Sereia,2011).
Bessaetal.(2014)pointoutthatthelastdecadeshavebeen markedbysocial,cultural,political,economicandtechnological changesthataffectthebehaviorofadolescentsandyoungadults. Inthisrespect,thisgenerationneedsinvestigationoftheintensity inunderstandingtheeconomicworldandtheroleofthefamily inthefinancialsocializationprocess.OehlerandWerner(2008)
andBessaetal.(2014)denotethe studyrelevanceapplicable inpublichighschools,inordertocontributefromanearlyage withfinancialknowledgereflectingstrongfuturesocialvalues. Inaddition,thestudy offersavisionthatencompassesnot
only the financial education level of high school students,
butalso addsindividual,demographic andsocialization
char-acteristics as determinants of creating financially conscious
individuals.Thestudyexplorestheindividual,demographicand socializationaspectsofyoungadultsregardingfinancial educa-tion,directingsuchattributestosocialrelevance,onthegrounds
thatinadequatemanagementofpersonalfinances,dependenton
the characteristics ofyoung adults, exposesthe populationto
economicandsocialrisksofunemployment, delinquencyand
lackofsufficientretirementresources.
Facedwiththefacts,thefindingsofthisresearchmay con-tributetotheexplanationofthefactorsthathaveledtothehigh
level of indebtedness of Brazilianfamilies andthe high
wel-faredependencyonretirement.Thefindingsmaycontributeto
theplanningof publicpolicies,suggestingthatintheformof
Brazilian education,discussed in the National Congress, one
mustemphasizeandcreateopportunitiesforteachingfinancial education.Moreover,thefindingscontributeinthesociallevel withtheholisticviewoffinancialwell-beingimprovingquality oflife.
Thestudyseekstoanswerifthefinancialeducationlevelof thesamplefavorsaviewofsavings.Italsoallowsderiving if therespondents –stillinintermediate-stagestudies–havean interestinfinancialmatters,beingabletocollaborateinfinancial decisionsorevendecidethemselvesonthemanagementoftheir resources.Suchdiscussionshavebeenthecoreresearchinthe academicscenarioofdifferentcountries,whichdenotethelevel offinancialeducationanditsdeterminantsindifferentsituations andpopulations.
Financialeducationindifferentconceptualaspectsand itspracticalimplications
Financialeducationreferstotheprocessofimprovementin
theunderstandingofconsumers/investorsontheconceptsand
financialproducts,throughinformation,educationandadvice, promoting awareness of financial risks (Lusardi & Mitchell, 2007). Savóia, Saito, and Santana (2007) report that finan-cialeducationisunderstoodastheknowledgetransferprocess, whichallowsthedevelopmentofskillsformakinginformedand safefinancialdecisions,improvingthemanagementofpersonal financialresources.
Atermconcerningthefinancialeducationprocessisthe eco-nomicsocialization,whichdealswiththestudyofhowchildren
build economic concepts,andinwhichdevelopmental stages
theyare designed.Economicsocializationis aboutthe
finan-ciallearningprocessofyoungadultsforhandlingmoney,social
interaction, interaction with parents and the school, and the
demographicaspectsoffinancialeducation(Bessaetal.,2014).
The importanceof the familyinfinancialeducation was
por-trayedbyScott,whogivestothefamilyexampleacenterrole intheconstructionofindividualsthathavebetterrationalityon spendingandonthesavingphilosophy.
TotheOrganizationforEconomicCooperationand
Devel-opment (OECD, 2013), financial education is important for
consumers, investors and families who seekdaily tocontrol
financingoptions,topurchaseaproperty,ensuretheeducation oftheirchildrenandevenplantheirretirement.
BraunsteinandWelch(2002)andPerry (2008)emphasize
that often people do not have adequate financial knowledge
andthereforetheobjectiveoffinancialeducationistopromote
awarenessaboutopportunitiesandconsequencesarisingfrom
financialchoices.Inaddition,financialeducationcancontribute
tothedevelopmentofskillsdesignedtoaccumulatefundsfor
savings(Clancy,Grinstein,&Schreiner,2001).
Lusardi and Mitchell (2011) report that consumers with greaterfinancialknowledgehavetheabilitytomaketheir
per-sonalbudgets, savingsaccount andfuturefinancial planning.
Financialeducation canalsohelp familieswithfinancial dis-cipline, creating opportunities to increaseresources tospare, whichwillthenbeusedforchildren’seducation,healthplans, amongotherseveralinvestments,whichcanofferacomfortable future(OECD,2013).
Inparticular,individualswithfinancialeducationmake mis-takestoalesserextent,andareexposedtodynamic,flexibleand profitableinvestments(Campbell,2006).However,some stud-ieswithstudentsfromuniversitiesintheUnitedStatesshowed thatuniversityeducationhasnotbeenamajorfactorforproper financialknowledge(Lusardi,2007).Fox,Bartholomae,andLee (2005),commentthatthechallengeofeducationalinstitutions istodemonstratethattheirprogramsofferadifferentialforthe financialeducationoftheirstudents.
ForSoaresandSobrinho(2008)theavailabilityoffinancial
resourcesmustbe accompaniedbyservicesthat allowpeople
tobettermanagetheir incomeandassets.Diniz,Birochi,and
Pozzebon (2012), through astudy onfinancial inclusion ina districtintheAmazonregion,foundoutthatindividualswith greateravailabilityoffinancialresourcesleftoversinteractwith financialinclusionmechanisms(education).
Beforetheexhibition,financial managementnotonly
con-siderstheindividual’sknowledge,butalsothepersonalvalues
andassumptions (Frankenberg, 1999).In an additionalview,
Bernheim and Garrett (2003) point out that financial
educa-tioncanbespreadbytheexperiencegainedintheworkplace.
Similarly,Bayer,Bernheim,andScholz(2009)identifythe
par-ticipation and contributions in voluntary savings plans were
higheramongpeoplewhoworkincompaniesthatoffered
semi-narsonretirement.
Anotherimportantaspectistheinclusionofchildrenin finan-cialpractices;accordingtoPiresetal.(2013),thesoonerthe insertionofindividualstocontrollingtheirmoneyhappens,the bettertheirlearningaboutdecisionsonspendingandsavingsin adulthoodis.Inaddition,thedeterminingfactorofthefinancially aware individualisrelatedtotheir upbringingandeducation. AccordingtoPiresetal.(2013)theepisodesexperiencedduring thelifeofanindividual,voluntaryor not,influencethe finan-cialexperienceandcontributetotheformationofhisfinancial profile.
Theimportanceofestablishinganeffectivefinancial educa-tionfromchildhood,accordingtoBernheimandGarrett(2003), contributedtotheincreaseinsavingsinthepost-warbyJapanese families,andthismayhavebeenattributabletothespreadof
financialeducation,whileFaleiro,FührandKronbauerassume
thatpeoplewhohadaccesstofinancialguidancesincechildhood havebetterconditionsforfinancialdecisionmaking.Moreover,
Foxetal.(2005)statethattheAmericansalsosufferfroma defi-ciencyinfinancialeducation,notedthroughthehighbankruptcy, highdebtandlowsavingsrates.
Mandell(1997),inastudywithhighschoolstudentsinthe UnitedStates,indicatesthattheseareleavingschoolswithoutthe abilitytomakefinancialdecisionsthataffecttheirlives.Shim etal.(2009)suggestthat formaleducationwould belikelyto increasefinancialknowledge,leadingstudentstohavingpositive
attitudestowarddecisionmakingoninvestmentsandsavings.
HofmannandMoro(2013)statethatthedevelopmentof finan-cialeducationprogramsinschoolsseekstohelpstudentscope withthedailychallengesandrealizetheirdreamsthroughthe properuseoffinancialtools,contributingtoabetterfuture.
LusardiandMitchell(2007)arguethatfinancial education islinkedtoretirementplans(synonymforsavings), whilefor
Bernheim,Garret,andMaki(2001),thedeclaredlevelof sav-ingsincreasessignificantlywitheducationandincome.Lusardi (2009) found evidence that females, the black and Hispanic race,as wellas theloweducationallevel of individualswere determinantforworselevelsoffinancialknowledge.
Norvilitis and Mao (2013) report that parental education is associated withincreasedfinancial self-reliance.Costaand Miranda(2013)investigatedwhetherfinancialeducation
influ-ences the savings rate chosen by individuals. The results
indicated thatwhile thelevel of educationdoes notinfluence the savingsrate, the financial level of education has adirect influenceonthedecisiontosavemoney.
Moreover,theinvolvementofparentsinfinancialeducation of childrenisamajorfactorand,therefore,intheabsence of thiscriticalcomponent,financialeducationinschool,byitself,
does notcarryenoughimpacttodevelopthe financial
knowl-edge ofan individual(Shimetal.,2009).WebleyandNyhus
(2006)showedthatparents’behavior(suchasdiscussing
finan-cial issues with children) and parental guidance (awareness,
future orientation)have animpact onthe economic behavior
ofchildreninadulthood.
KiyosakiandLechter(2004)commentthatformaleducation doesnotpreparechildrenforreallife,andgoodgradesarenot
enoughtoensurethesuccessof someone.The currentschool
system allowschildren to leave school withoutany financial
foundation. Regarding Brazil,Savóia etal.(2007)andBrasil
(2013) show that public policies and MEC guidelines, even notcontemplatingfinancialeducationasarequirementforthe developmentofthepopulation,areseenbythegovernmentasa multidisciplinarybasisthatwouldbeenoughforindividualsto developknowledgetomanagetheirfinancialresources.
Thus,inBrazil,inadditiontofinancialeducationnotbeing partoftheschoolenvironment,itdoesnotmakepartofthe fam-ilyeducationaluniverse.Therefore,thechilddoesnotlearnto
handle moneyat home,letalone atschool.Thismayleadto
consequencesofeconomicfluctuationsinadulthoodwith
seri-ousrepercussionstofamilymembersandtothecountry(Pires etal., 2013).Thenegativeconsequences ofreckless financial behaviorofyoungadultscanposegreatdifficultyintheirschool
as well as their life satisfaction (Xiao, Noring, &Anderson, 1995).
AccordingtoHofmannandMoro(2013),inmid-2007,the
Braziliangovernmentcomposedaworkinggroupconsistingof
representativesoftheCentralBankofBrazil,theBrazilian
Secu-rities and Exchange Commission(CVM), the Secretariat for
PensionPlans(SPC)andtheSuperintendenceofPrivate
Insur-ance(SUSEP).Themainobjectivewastodevelopaproposalfor
a“NationalStrategyforFinancialEducation(NSFE)”
contem-platingtherealizationofanationalstockinventoryandfinancial educationprojects.AtNSFE,asetofmeasuresaimedat finan-cialeducationinschoolswasprovided,aswellasactionsaimed atadulteducation(Brasil,2010a,2010b).
ForHofmann and Moro (2013) the National Strategy for
Financial Education “NSFE” is still new, but guarantees a
widerangeof discussiononthepotential interactionbetween
schoolmathematicsandfinancialeducation.TheNSFEassumes
that financial education is exercised in schools, excelling in
formulatingmathematicalandfinancial dailyproblemsinthe
classroom. However, although there are isolated attempts of
NSFEtodevelopanddisseminatefinancial education,Savóia
etal.(2007)andBrasil(2013)outlineamisalignmentofpublic policiesandguidelinesofMEC,withlittlegovernmentinterest forthenegotiationsofNSFE.
Thus,theproposaloftheNationalStrategyforFinancial Edu-cationhasnotcovered,inageneralizedway,allgradelevelsof
basiceducation,andhas notbeenwidespread amongschools
acrossthe country. Therefore,it ismost necessaryto encour-agegovernmentpublicpolicies,andthatrulerstakeadvantage ofthediscussionofbasiceducationreformproposal,whichis beingprocessedinthe NationalCongress, toinserta
curricu-lum that mandatorily links financial education to elementary
subjects.
Infact,theimportanceoffinancialeducationneedstobe con-sidered,giventheconstantevolutionandeaseofcredit,which
favorsthe increaseinconsumption,thatwhen combinedwith
theabsenceofeffectivefinancialeducation,favorsfamilydebt. Thefinancialissueispresentthroughoutthedailylivesofhuman beings,andpersonalfinanceshaveabasicimpactintheeconomy ofanycountry(Saleh&Saleh,2014).
AsproofthatBrazilianfamiliesaresufferingfromthelack
of knowledgeabout financial management,Ruberto,Silveira,
Vieira,andBenderFilho(2013)state thatcurrently59.8%of familieshavedebts,andastrongincreaseindefaults.Fernandes and Candido (2014) mention that the current generation of teenagerscannotmanagetheirownfinancialresources.Messias, Silva,andSilva(2015)showthatmostyoungadultswhoareat universityhavehighlevelsofdebt,andciteunpreparednessas amotivatingfactorinfinancemanagement.
HofmannandMoro(2013)statethattheimplementationof theNationalStrategyforFinancialEducation,sprouted reflec-tionsaboutpotentialdidacticandconceptualinterfacesbetween
Mathematics Education and Financial Education inthe light
of solving contextualized mathematicalproblems within and
outside the school environment. Basedon thisevidence, the
authorsconcludedthatoneofthewaystopromote
reconcilia-tionbetweenschoolanddailylifeinthecontextofmathematics
educationcouldincludethestrengtheningandimprovementof
itsrelationwithFinancialEducation.
Inthissense,thisresearchisextremelyimportantto
deter-mine the level of financial education with proposals that
encouragesociety,thegovernment,non-governmentaland
non-profit institutions to implement joint actions that change the
current viewof basiceducation,andaddingunderstandingof
otherbehavioral,socialanddemographicfactors.
FinancialeducationstudiedinaBrazilianandglobal perspective
Financialeducation inBraziland globallywas studied on
differentperspectivesthatwillbepresentedlaterinthistopic. The studies present empirical, theoretical andpractical
argu-ments that provide the basis for questions, discussions and
contributions,especiallyregardingthecombinationof individ-ual,demographicandsocializationthatinterferewithfinancial education,notonlyfocusingonthefamilyinvolvementpremise andhighschooleducation.
ChenandVolpe(1998)examinethelinkbetweenfinancial knowledgeandeconomicdecisionsofcollegestudents.Students werecategorizedaccordingtotheirleveloffinancialexperience. Thesefindingsshowedthattheexperiencewasamajorfactorfor
studentswithmoreadvancedfinancialknowledgein
consump-tionandinvestmentdecisions. Similarevidencewasobserved
intheuseofcreditcards,inwhichstudentsfinanciallyliterate andexperiencedinthefinancialsectordidnothavelowlevels ofdebtoncreditcards.
MoriandLewis(2001)studied637Englishpeoplebetween 16and60yearsofage,showingsomeusefulmethodstoincrease
the level of financial education, which are here described:
monthly allowance for children; incentive tocarry out
bank-ingoperations;andsupporttoshort-termsavingswiththeuse ofpiggybanks.However,themethodswillonlybeeffectiveif thereisdiscussionandguidancefromparentstochildren.Inthis premise,theauthorsindicatethatonly1/3offamiliesdiscuss, talkandguidetheirchildrenaboutpersonalfinances,andthis occurrenceisprevalentinlow-incomefamilies.
Bernheim and Garrett (2003) analyze the effectiveness of financialeducation,basedontheinvolvementoftheemployer, byfamiliesfromtheUnitedStates.Theauthorsnotetheeffects ofsavingsprograms,establishedbyemployers,inthefinancial educationofemployeesandtheirfamilies.Theresultssuggest
increasesinpensionplansforemployeesandspouseswhohave
beeninvolvedwithfinancialeducationintheworkplace.
Norvilitis etal.(2006)reportthatlackof financial knowl-edge,ageandnumberofcreditcardsarerelatedtoincreasein
debts withcredit cards. On the other hand, genderand
fam-ilyincomewerenotpredictorsofdebtswithcreditcards.The findingssuggestthatpersonalcharacteristicsaredeterminantsof educationandfinancialwell-beingamongstudentsintheUnited States.
Shim, Barber,Card,Xiao,andSerido (2010)while
exam-iningamodel offinancialsocializationtoexplainhowyoung
adults acquire attitudes, behaviors and financial knowledge
financial knowledge tasks,developsself-confidence inyoung adults,reflectingonhealthyfinancialattitudesandbehavior.
GutterandCopur(2011)show theexplorationof the rela-tionshipbetweenfinancialperformanceandfinancialwell-being
ofcollegestudentswhenestablishingcontrolofdemographic,
financial, andpersonality characteristics. The results indicate
that debt is a result of social, demographic and personality
aspects,aswellaseducation.Inaddition,theydeterminethat highschoolis adeterminingfactorof the financial profileof youngadultsandadults.
Robb (2011) examines the relationship between financial
knowledgeandbehaviorintheuseof creditcardsfor college
students.The study included asample of 1354 students,and
theresultssuggestthatagreaterpersonalfinancialknowledge affects the propensity for theresponsible use of creditcards.
HeckmanandGrable(2011)investigated80studentsata univer-sityintheMidwestoftheUnitedStates,andtheresultsindicate astrongcorrelationbetweentheincomelevelandthelevelof financialeducation.
Vieiraetal.(2011)analyzedthe learningoffinancial edu-cationinundergraduatecoursesintheattitudeofconsumption,
savingsandinvestment.Thestudycomprisedasampleof303
undergraduatestudents,inthefirstandlaststageofthe Adminis-tration,EconomicsandAccountingcoursesatapublicuniversity inNorthernParaná.Theresultssuggestthatacademiceducation contributestoimprovingtheattitudeofconsumption,investment andsavingsofindividuals.However,theyhighlightthatthe fac-torsrelatedtopracticalexperienceandfamilymayexertajoint influence.
Mendes-da-Silva,Nakamura,andMoraes(2012),while
eval-uating university students from the city of São Paulo find
associationsbetweenpersonalcharacteristicsandhabitsofcredit cardutilizationinvolvingriskyfinancialbehavior.Thefindings
demonstratetheneedtoprovidestudentswithinformationon
theuseoffinancialproducts,takingintoaccountthehigh inter-estratesthatarecharged.Inaddition,theysuggestthatfinancial educationcancontributetopositivebehaviorintheuseofcredit cards.
Sohn et al. (2012) in the analysis of the forms of
finan-cial socialization of Korean teenagers find that teens who
have chosen the media as the primary agent of
socializa-tion, and who had a bank account, have higher levels of
financial knowledge. Already those associated money with
some good or some reward,report higher levels of financial
knowledge. Finally, adolescents with monthly subsidies
pro-vided by parents (allowance), have high levels of financial
knowledge.
Bessaetal.(2014)pointouttheverificationofthe compre-hensionintensityofteenagersaboutworldeconomyandtherole
ofthefamilyintheeconomicsocializationprocess.The
sam-pleincluded830studentslivinginSãoPaulo,agedfrom10to 15years,fromdifferentsociallevels.Theresultsindicatethat the economicsocializationof thestudied generationis
insuf-ficientregarding thedemandsof thecontemporaryworldand
thereforethefamilyshouldbeproactiveindisseminating
finan-cial practices that contribute to young adults getting into
adulthood.
MedeirosandLopes(2014)observethebehaviorof
Account-ing students of a private institution in Santa Maria – RS,
regardingtheirpersonalfinances.Theresultsindicatethat
stu-dentsdemonstrateawarenessoffinancialincome,andknowhow
tohandletheirpersonalfinances.Theyalsosuggestthatstudents usuallypaycashfortheirpurchases,notwithcreditcards.Thus,
thestudyofMedeirosandLopes(2014)providesevidencethat
coursesinthebusinessareacanimprovethefinancialeducation ofindividuals.
FernandesandCandido(2014)corroboratetheworrying
fac-torsonthelevelofeducationamongyoungadultsandsuggest
that thecurrentgenerationcannotmanagetheirownfinances.
Thus, the main hope collides with a school curriculum that
doesnotaddressthefinancial practicesofeverydaylifeinthe elementarysubjects.
LizoteandVerdinelli(2014),whileanalyzingtheknowledge aboutpersonalfinanceintheuniversityenvironmentpointout
there is astrong association between knowledge onpersonal
financeandprofessionalexperience.Studentswithhigher finan-cialincometendtoabettermanagementofloans,financingand assets.
Conto, Faleiro,Führ, andKronbauer (2016)pointout that onlyathirdofrespondentssavesmoney,onlyaquartercarries outcontroloftheirpersonalfinances,andlessthanhalfofthe studentshavesomesortoffinancialplanning.
Potrich et al. (2015) study the level of financial
educa-tion throughsocioeconomicanddemographicvariables. They
highlightthereisevidencethatmaleindividualswithnolegal dependentsandwithhigherlevelsofeducationandincomehave higherlevelsoffinancialeducation.Moreover,thevastmajority ofresearchersclassifiedthemselvesaswithlowfinancial edu-cation,corroboratingwiththeneedtopromotenationalactions toaddresstheissue.
MiottoandParente(2015)focusonunderstandinghowlower
middleclass Brazilianfamiliesare managingtheir household
finances.Resultsrevealthemediatingrolethatfinancial manage-mentplaysintherelationshipbetweenpersonalcharacteristics
andsavings.Comparedwithconsumersindevelopedcountries,
theauthorsidentifythatlowermiddleclassBrazilianconsumers donotgivedueattentiontocontrol,justfocusontheshortand
long term planningand generallylackthe use of budgetand
sufferinfluenceofcriticaleventsinepisodesofdefault.
Potrichetal.(2016)developandcomparemodelsfor evalu-atingthefinancialliteracyofcollegestudents.Inordertodothis, themodellinksintegrateknowledge,performanceandfinancial attitude. The results suggest that the level of financial
liter-acyisfoundedonbehavior,knowledgeandfinancialattitude,
withagreaterimpactonattitude.AsthevisionofPotrichetal. (2016),pointsout,currentlytheproposedstudydoesnot con-tributetofocusing onfinancial literacyduetothe factthat it onlyhighlights theextent of financial knowledge infinancial education.
Kühl,Valer,andGusmão(2016)highlighted that financial educationhelpsdevelopskills,whichfacilitateassertivenessin
makingfinancialdecisionstothecooperativemembers.Santos
etal.(2016)examinethepredictorsoffinancialwell-beingof
focusingonthebehaviorintheuseofcreditcards.Theresults suggestthatfinancialself-relianceandsocialcomparisonhave animpactonthe useofcredit cards,andinfluencethe finan-cialwell-being.Despitethesocialcomparisonbeingastronger
indicator of useof creditcards amongBrazilian women,the
behaviorintheuseof creditcardshasamajorimpactonthe
financialwell-beingofAmericanwomen.
Facedwiththescenariopresentedinthe theoretical
frame-work, it is possible to realize the importance of financial
education in the economic, social and personal dimension.
Moreover,itis noticeablethrough previous studiesthe
grow-ing socialand academic interest inthe subject, and withthe
increasing of individual, demographic and socialization
vari-ablesonfinancialeducation,itcanofferimportantcontributions tothepolitical,economicandgovernmentreformsthatarebeing discussedinthenationalcongress.
Methods
This research is characterized as for the objectives with
a descriptive nature, and as for the procedures, such as the
surveyandapproachoftheproblem,asquantitative.The
pop-ulation of the research included 4698 high school students
and 14 vocational public schools in the city of Blumenau.
Accesstoapplicationof theresearchwasobtainedonrequest
from the Secretariat of State, appointed to the office of the
Regional Development in Blumenau, education management
(SE/SDR/GERED-Blumenau). The sample was designed in
viewofthenumberofrespondents,totaling1937students. Theresearchinstrumentwasbuiltinordertoabsorb informa-tionaboutthefinancialeducationlevelofhighschoolstudents,
incorporatingindividual, demographicandsocializing issues.
Theinstrumentwasvalidatedbyapplyingitinaclasswith30 highschoolstudents.Fortheconstruction,firstwereestablished sixissuesrelatedtoindividual,demographicandsocialization
aspectsof students(QAP1 toQAP6). Suchissues havebeen
associatedinpreviousstudiesasbeingessentialtodeterminethe leveloffinancialeducationofyoungadults,accordingtoChen andVolpe(1998),LusardiandMitchell(2011),Norvilitisetal. (2006),NorvilitisandMendes-Da-Silva(2013),Robb (2011),
Oehlerand Werner (2008), Pires et al.(2013), Potrich et al. (2016),Santos et al. (2016), Shim et al.(2009), Sohn et al. (2012),andWebleyandNyhus(2006).
Theneightquestionswereestablishedseekingtocapturethe leveloffinancialeducationofstudents,absorbinginformation on:howtomanagefinancialresources(QEF1)theresponsibility topresentfinancialreports(QEF2),thetimedialogdecidingon thepurchaseofaproduct(QEF3),thefrequencyinwhichthere istalkaboutmoneywiththeirparents(QEF4),financialissues thatarequestionedinthefamily(QEF5),thewayithasacquired
financialknowledge(QEF6)thefinancialprofile(QEF7), and
thedecisionaboutwhattodowithmoney(QEF8).
Thefinancialeducationquestionswereadjustedconsidering theimplicationsofpreviousstudies(Piresetal.,2013;Potrich et al., 2015, 2016; Santos et al., 2016; Shim et al., 2009; Webley&Nyhus,2006),andbuiltinaccordancewiththevision
of teenagers, who mostly do not receive remuneration from
employmentandareatatimeoftransitionfromtheirfinancial profile.
The questionnaires were made in loco during the second
semesterof2015.Thestudylimitationwasrelatedtoapartial
coverage ofthe population,inwhichabout41.23%answered
thequestionnaire.Theexplanationforthefactisthattherewere
groupshavingtestsor recoveringimportantcontent,andthus
couldnotbeappliedtotheresearch.
ThequestionnairewastranscribedinGoogledocsfor data
tabulation,andlaterspreadsheetsandSPSSsoftwarewereused for the correct statistical analysis. In analyzing the data, fre-quencywasadoptedfordescriptiveresultsandtheninorderto
identify differences betweentheindividual, demographicand
socializationaspectsoffinancialeducation,theKruskal–Wallis andchi-squaretestswereapplied.
TheKruskal–Wallistestwasappliedtotheindividual, demo-graphicandsocializationaspectsofordinalorder(QAP1,QAP2,
QAP3,QAP4),andonfinancialeducationquestionsofnominal
order(QEF1,QEF2,QEF3,QEF4,QEF5,QEF6,QEF7,QEF8).
AsFávero,Belfiore,Silva,andChan(2009,p.176)states,“the Kruskall–Wallistestchecksouttheprobabilitythat“k” indepen-dentsamplesarefromthesamepopulation.Thevariableusedin thetestshouldbemeasuredinaquantitativeorordinalscale.”
On the otherhand, the chi-square test was applied to the
individual, demographicandsocializationaspects of nominal
order(QAP5andQAP6),andonfinancialeducationquestions
of nominalorder(QEF1, QEF2,QEF3, QEF4, QEF5,QEF6,
QEF7,QEF8).AccordingtoFáveroetal.(2009,p.149)“the chi-squaretestcanbeusedasanextensionofthebinomialtestandis
appliedtoasampleinwhichthenominalvariableassumestwo
ormorecategories.Thetestcomparestheobservedfrequencies withtheexpectedonesineachcategory.”
Discussionandanalysisofresults
First,thedescription,codingandtheoreticalbasisconcerning thequestionsusedinthesurveyandtheanalysisofthefrequency
oftheresponsesareshown.Thesindividual,demographicand
socializationaspectsarepresentedinTable1.
Table1showsthatmostrespondentsattendthe2ndyearof
highschool(42.90%).Inrelationtoage, 54.98%areyounger
thanorare16,and44.50%arebetween17and20yearsofage.
Asfortheamountofmembersinthefamilygroup34.80%have
4 people and36.76% havemore than4 people.The average
monthlyfamilyincomeisanimportantfactortobeobserved,in
whichthemajority(42.13%)ofrespondentshaveahousehold
incomeofRs.788.00toRs.2364.00.Thefindingsindicatethat inrelationtogenderthereisacertainproximityinthenumber
ofmaleandfemalerespondents.
Regardingthe financialgains, itappearsthat most
respon-dentsneedtheir familyfinancial supportbecause theydo not
receive asalaryfor not having any kindof employment, i.e.
39.65% of the students have no salary but receive financial
helpfromtheir families.Moreover,it appearsthat20.96%of
respondents receivesome income arising from work. In this
Table1
Frequencyandcodificationofquestionsonindividual,demographicandsocializationaspects.
Codes Questions/results Authorsbase
QAP1 Highschoollevel ChenandVolpe(1998),Norvilitiset
al.(2006),Shimetal.(2009),Robb (2011),Norvilitisand
Mendes-Da-Silva(2013),Potrich etal.(2016).
(1) (2) (3)
1year 2year 3and/or4year
29.74% 42.90% 27.36%
QAP2 Age
(1) (2) (3)
Under16 years
Between17 and20years
Over20years
54.98% 44.50% 0.52%
QAP3 Numberofmembersinthefamilygroup WebleyandNyhus(2006),Norvilitis
etal.(2006),Robb(2011),and NorvilitisandMendes-Da-Silva (2013).
(1) (2) (3) (4)
2members 3members 4members Over4members
6.51% 21.94% 34.80% 36.76%
QAP4 Monthlyaverageincomeofthefamilygroup(R$) Norvilitisetal.(2006),Robb(2011), Sohnetal.(2012),andPotrichetal. (2016).
(1) (2) (3) (4) (5)
UptoR$ 788.00
FromR$ 789.00toR$ 2364.00
FromR$ 2365.00toR$ 3940.00
FromR$ 3941.00toR$ 5516.00
OverR$ 5516.00
8.72% 42.13% 27.52% 13.11% 8.52%
QAP5 Genre ChenandVolpe(1998),Lusardiand
Mitchell(2011),Sohnetal.(2012), NorvilitisandMendes-Da-Silva (2013),andSantosetal.(2016).
(1) (2) (3)
Male Female Donotwishtodeclare
46.62% 52.14% 1.24%
QAP6 Withrespecttofinancialgains ChenandVolpe(1998),Norvilitis
etal.(2006),Robb(2011),Sohn etal.(2012),Piresetal.(2013),and Potrichetal.(2016).
(1) (2) (3) (4) (5)
Ihaveasalary Ihaveasalary andI financially supportthe family.
AlthoughI haveasalary,I getfinancial helpfromthe family
Idonothavea salary,andI donotreceive financial supportfrom thefamily
Idonothavea salary,butI getfinancial helpfromthe family
20.96% 15.44% 6.14% 17.81% 39.65%
Source:Researchdata.
workingwithasalarypaysfortheirpersonalexpenses,butdo notfinanciallyhelptheirfamilygroup.
Table2showsthefrequency,codingandtheoreticalbasisof thequestionsonfinancialeducationofhighschoolstudentsas wellasthefrequencyoftheirresponses.
In Table 2 it can be seen that, in the way of managing
resources,37.89%ofrespondentstendtosaveaparttospend
astheyhaveplanned,demonstratingacertainleveloffinancial
education.Onthe otherhand,asignificant amount(27.16%),
keeps their money only when there are leftovers, and a few
of them have sometype of investment (4.85%). The factors
observedindicate somelevel of financial education inyoung
adults.However,wehighlightthefactthatspendingeverything that isobtaineddoes notnecessarily mean alackof financial
education,but maybe linked toothereconomic factorssuch
asunemployment,lowincome,individual,family,demographic
andsocializationaspectsofindividuals.
ThesefindingsconvergewithBessaetal.(2014),indicating
that there is insufficient economic socialization of the
cur-rentgenerationofyoungadults.Morespecifically,thelackof awarenessaboutsavingshadalsobeenlinkedtoalowfinancial knowledgebyLusardiandMitchell(2007).Italsocorroborates
Fernandes andCandido(2014), whosuggest that the current generationhasnopriorityforfinancialmanagement.
Anotherpointthatcallsforreflectionisthefactthat15.85% ofrespondentssavepartoftheirresources,butwithoutplanning. Thisattitudesuggestslackofknowledge,insecurityand/orlack ofconcernwiththeapplicationoftheresourcessaved.Thislack of strategy,toHalfeld (2006),comes fromthe lackof ability tomanagepersonalfinances,whichprevailsinthedifficultyof
maintenanceandaccumulationofassets.
Regardingtheresponsibility ofpresentingfinancial reports toparents and/orpartners,itappearsthat themajorityof stu-dents(39.44%)havenoobligationtojustifytheiruseoffinancial
resources.Regardingthedialog whendecidingaboutthe
pur-chaseofaproductforfamilyuse,itisobservedthatmosthave theiropinionconsideredbyparents,with54.47%.Inaddition,
25.30%of students,whilenothavingtheir opinionrequested,
inferonthematterwithinthefamily.
The results indicate that only 20.75% of the students talk dailywiththeirparentsaboutfinancialmatters,andasignificant
portion (23.23%) does not have the habit of talking about
the subject, and there is little interest in the treatment of
Table2
Frequencyandcodificationoffinancialeducationissues.
Codes Questions/results Authorsbase
QEF1 RegardinghowImanagemyfinancialresources,Iusually: Potrichetal.(2015)
andPotrichetal. (2016). (1)15.85% (2)27.16% (3)37.89% (4)14.25% (5)4.85%
Savepartof resourcesbut withoutfuture plans Savemoney onlywhen possible Saveresources partiallyto spendas planned Saveand investpartof myincome
Havesomekindofinvestmentonmybehalf
QEF2 Abouttheresponsibilitytosubmitfinancialreportstoparentsand/orpartners: Shimetal.(2009), Piresetal.(2013), Potrichetal.(2015), andSantosetal. (2016). (1)23.18% (2)16.73% (3)20.65% (4)39.44%
Ihavean obligationto explainhowI amusingmy financial resources
Ihavetogive somekindof explanation onlywhenthe resources spentarevery high
Ihavetogive somekindof explanation onlywhenI needtoaskfor moremoney
NoneedtoexplainhowIamusingthefinancialresources
QEF3 Aboutthedialogwhendecidingtobuyaproductforfamilyuse,Iusually: Piresetal.(2013), Potrichetal.(2015), andSantosetal. (2016). (1)54.47% (2)6.45% (3)5.11% (4)25.30% (5)8.67%
When prompted,I givemy opinionandit isconsidered
When prompted,I givemy opinionandit isnot considered
When prompted,Ido notgivemy opinion
Evenwhennot prompted,I givemy opinion
Idonothavemyopinionsrequestedbymy parentsorpartner
QEF4 Howoftendoyoutalktoyourparentsaboutmoney? Shimetal.(2009),
Piresetal.(2013), Potrichetal.(2015), andSantosetal. (2016). (1)23.23% (2)29.79% (3)26.23% (4)20.75%
Idonot usuallytalk
I
spontaneously talk
Iregularlytalk Italkdaily
QEF5 Whichfinancialissueismostdiscussedwiththefamily: Shimetal.(2009),
Piresetal.(2013),and Santosetal.(2016). (1)11.09% (2)14.14% (3)29.48% (4)10.43% (5)34.85%
Idonot usuallytalkto myparents. About consumerism Aboutstudies andcareer About investments
Ontheconscioususeofmoney
QEF6 Ifyouhavesomefinancialknowledge,howdidyougetit? WebleyandNyhus
(2006),Shimetal. (2009),Piresetal. (2013),andSantos etal.(2016). (1)45.38% (2)8.11% (3)24.73% (4)2.58% (5)9.09% (6)5.01% (7)5.11%
Familyand Relatives Media,TV, internetand newspapers Day-to-day practice Friendsand acquaintances
School Ihaveno knowledge
Work,specific courses
QEF7 Inrelationtomyfinancialprofile,Iconsidermyself: Santosetal.(2016)
(1)22.72% (2)10.33% (3)41.77% (4)18.84% (5)6.35% Aspender,I
spendalmost everythingI get
Conservative, Idonottake therisktoearn more
Cautious, shoppingonly whenneeded
Asaver,I avoid spendingmy savings
Careless,Ihavenocontrolovermyexpenses
QEF8 HowdoIdecidewhattodowithmymoney? WebleyandNyhus
(2006),Shimetal. (2009),Piresetal. (2013),Potrichetal. (2015),andSantos etal.(2016). (1)56.07% (2)33.56% (3)3.46% (4)3.10% (5)3.82%
Alone Talkingto parentsor partner Talkingto otherpeople Myparents decideon whatIshould spendmy moneywith
Idonotreceiveanymoney
Source:Researchdata.
what had been pointed out by Mori andLewis (2001), who
reportedthatonly32%offamiliesshowsomekindofconcern
to talk and guide their children about everyday financial
issues.
Itcanbenoticedthattheconscioususeofmoney(34.85%), studiesandcareer(29.48%)arethemostdiscussedtopicsinthe
familyenvironment.Furthermore, inrelationtohow financial
knowledgecanbeacquired,the findingsindicatethat45.38%
comes from the family andrelatives and 24.73% from daily
practices.Althoughsuch findingsrefertothe familyfinancial
knowledgeobtainedbyyoungadults,manyofthemrealizethat
thereislackof dialog.Thus,inordertoimprovethe levelof
financial knowledge among young adults, according to Mori
Table3
ResultsoftheKruskal–Wallistestonfinancialeducationissueswithindividual,demographicandsocializationaspects.
Financialeducationissues Levelofeducation Age Numberoffamilymembers Familyincome
QEF1 0.003* 0.081 0.292 0.000*
QEF2 0.003* 0.000* 0.269 0.937
QEF3 0.011* 0.866 0.007* 0.000*
QEF4 0.002* 0.821 0.440 0.391
QEF5 0.024* 0.057 0.382 0.000*
QEF6 0.002* 0.250 0.123 0.205
QEF7 0.002* 0.165 0.020* 0.956
QEF8 0.049* 0.135 0.263 0.072
Source:Researchdata.
* p<0.05.
Importantfindingsareacquiredonschoolintegrationinthe
teachingoffinancialeducation,whereonly9.09%of students
recognizethetransferoffinancialknowledgethroughtheschool. Thisshowsthattheschoolneedstoenterthefinancialissuesand passontothestudents,specificcasesofthepracticalday-to-day. Ingeneral,itisshownthatfamilieshavegreaterinvolvement
infinancialeducationofyoungadultsthanschooldoes.
How-ever,corroboratingShimetal.(2009),familyeducationalone
cannot meetthe financial literacy needsof the contemporary
world and, therefore, besides being requiredgreater
involve-mentofthefamily,theschoolalsoneedtoenterthisprocessso
thereisamutualcommitment.
Thefindingsonlowfrequencytalkaboutfinancial matters inthefamilyenvironment,andtherecognitionthatthereisno financial affairsof teachingat school, cause concern for the futureofthecountry,withregardtosocialandeconomicaspects.
It can be noticed that the performanceof the NSFE hasnot
beeneffectiveyet,andthatinrealitySavóiaetal.(2007)and
Brasil(2013)hadalreadymentionedthelowadherenceofpublic policiesanddirectivesoftheMEContheinclusionoffinancial educationinhumandevelopmentrequirements.Theresultspoint
toamismatchbetweenschoolteachingandthestudent’sdaily
life.Theinclusionofcasestudiesonfinanceinmathematical educationisinitiallysuggestedbecausethereisadidacticand
conceptualinterface between them as in(Hofmann & Moro,
2013).
Regarding their financial profile, most students (41.77%)
havecautionwithfinancialdecisions.Ontheotherhand,alarge percentageofstudents(22.72%)spendseverythingtheyreceive,
demonstratinglittleknowledgeabout financialmatters.These
findingsbringoutthediscussionthattheschoolshouldinterfere intheformationoffinancialeducationofadolescents.Theyare thefuturebreadwinnersandneedtohavefinancialawarenessto makedecisionsthatcontributetothecollectiveenvironmentof socialization.
Finally,itisobservedthatmoststudents(56.07%)decideby themselveswhattodowiththeirmoney.Thisresultcauses con-cern,sinceasignificantportionofstudentsdonothaveenough
financialknowledge todecideontheir spending.Therefore,a
greaterinvolvementofparentsindialoguingwiththeirchildren andmonitoringoftheirfinancialexpensesissuggested.
Basedonthisevidence,wecaninferthatparentsandschools
shouldhavegreaterinvolvementintheformation offinancial
educationofthestudents,astheyaretooyoungandneed guid-ancefortheformationofafinanciallyconsciousadult.
Table3showstheresultsoftheKruskal–Wallistestbetween
the questions on financial education with individual,
demo-graphicandsocializingaspects.
TheresultsobservedinTable3demonstratedthattheseries studiedinhighschoolimpactsonfinancialeducation.Therefore, thereshouldbeagreaterinterestinthetrainingofhighschool students,insertinginthisphaseknowledgeandexperiencesthat
promotefinancialempowerment,whichtendstobeimpactedin
thisperiod.Theevidencecorroborateswiththeinferencesthat formaleducationhasapositiveimpactontheleveloffinancial knowledge(Shimetal.,2009),andhighereducationincreases the level of financial educationandsavings(Bernheim etal., 2001;Lusardi,2009).
Ontheotherhand,thestudent’sagepresentedsignificancein relationtotheresponsibilityofpresentingfinancialreportstothe
parentsand/orcompanion.Inaddition,thenumberofmembers
ofthefamilygrouphasanimpactonthedialogwhendeciding
onthepurchaseofaproductforusebythefamily,andinrelation tothefinancialprofileofthestudent.
Finally,theaveragemonthlyincomeofthefamilygroupwas relevant inthe waystudentsmanagetheirfinancial resources,
inthe dialogwhen decidingon thepurchaseof aproductfor
the family’suseandinthefinancialmattersquestionedinthe familyenvironment.Theseassumptionscontributetotheresults already foundinthe literature,whichBernheimetal.(2001),
point to a relationship between the level of savings (how to
manage resources) and family income. Potrich et al.(2015),
positiveeffectsbetweenfamilyincomeandtheleveloffinancial education.
Table4showsthesyntheticpresentationoftheresultsof sig-nificantvariablesoftheKruskall–Wallistestbetweenfinancial educationissuesandindividual,demographicandsocialization aspects.
Inrelationtohowtomanagefinancialresources,itisobserved
that the option tosave part of thefunds tospend as planned
presented the highest ranking(1017.88), for thegrade mode,
studiedinhighschool.Thisfindingindicatesthattheprogress
of the student inthe upper grades of high school affects the
optiontosavepartoffundstospendasplanned.
Table4
SummarizedpresentationofresultsofsignificantvariablesoftheKruskall-Wallistestbetweenthequestionsonfinancialeducationandtheindividual,demographic andsocializationaspects.
QEF1 Levelofeducation Familyincome QEF2 Levelofeducation Familyincome
Averagerank Averagerank Averagerank Averagerank
(1) 896.81 919.60 (1) 918.08 931.56
(2) 938.33 896.20 (2) 963.93 949.15
(3) 1017.88 1031.88 (3) 931.23 901.56
(4) 996.29 1000.10 (4) 1020.85 1034.73
(5) 914.61 955.36
QEF3 Levelofeducation Numberoffamilymembers Familyincome QEF4 Levelofeducation
Averagerank Averagerank Averagerank Averagerank
(1) 996.36 933.40 990.11 (1) 884.15
(2) 933.63 1056.89 941.75 (2) 1007.01
(3) 809.57 1002.50 779.74 (3) 983.56
(4) 957.76 985.26 998.77 (4) 959.51
(5) 950.24 1060.02 881.40
QEF5 Levelofeducation Familyincome QEF6 Levelofeducation
Averagerank Averagerank Averagerank
(1) 895.87 855.90 (1) 945.18
(2) 952.35 901.31 (2) 994.66
(3) 1002.45 994.14 (3) 1004.91
(4) 1038.47 1100.27 (4) 917.93
(5) 949.97 971.95 (5) 1012.10
(6) 797.09
(7) 1083.68
QEF7 Levelof education
Numberoffamily members
QEF8 Levelof education
Age Numberoffamily
members
Family income
Averagerank Averagerank Averagerank Averagerank Averagerank Averagerank
(1) 903.41 917.04 (1) 975.64 974.73 973.81 987.61
(2) 912.98 943.88 (2) 989.43 970.02 953.69 952.93
(3) 1002.10 999.80 (3) 880.55 1009.08 915.66 1037.16
(4) 1022.46 946.67 (4) 824.75 984.23 957.23 844.96
(5) 918.42 1059.40 (5) 889.18 827.34 1090.78 875.89
Source:Researchdata.
Suchevidencereferstotheinferencethatthereis amaturing ofthestudentsinrelationtofinancialplanningastheyproceed theirstudiesinhighschool,confirmingwhathasbeenexposed byBernheimetal.(2001),Lusardi(2009),Xiaoetal.(2009), andWorthyetal.(2010).
Furthermore,inrelationtothe averagemonthlyincomeof
thefamilygroup,itisperceivedthattheoptiontosavepartof thefundstospendasplanned,andsaving/investingpartofthe
income,hadhigherrankings respectively(1031.88and1000,
10).Therefore,itissuggestedthatstudentsfromfamilieswith
higherincomes haveahigher level of financial education,as
theysavetheirresourcesandspendthemasplanned,andpartof theresourcesarereinvested.Theevidencesupportsthefindings ofBernheimetal.(2001),Lusardi(2009),andHeckman and Grable(2011),LizoteandVerdinelli(2014)andPotrichetal. (2015)inwhichthelevelofsavingsincreasesinfamilieswith
higherincomes.
Ontheresponsibilityofpresentingfinancialreportsto par-ents and/or partners, the findings indicate that most students
whoattendtheuppergradesofhighschoolandolderstudents
do not need to give explanations on the use of their
finan-cialresources.Thesefindingsdemonstratethatthematuration
according to education level and agemakes the parents less
demanding onyoungadultsinexplainingthe useoffinancial
resources.
Regardingthedialogindecidingonthepurchaseofaproduct
forfamilyuse,itwasfoundthatwhenstudentsareprompted,
theygivetheiropinionanditisconsidered,hadabetter rank-ing(996.36)withrespecttothegrade studiedinhighschool. Thus,theaveragelevelofeducationmakesstudentshavegreater interferenceonfamilypurchasedecisions.
Regardingthenumberofmembersinthefamilygroup,itis possibletoinferthatthehighestrankingswererelatedtostudents whodonothavetheiropinionrequested,givetheiropinionbutit isnotconsidered,andwhenrequesteddonotgivetheiropinion, respectively(1060.02,1056.89and1002.50).
In thisperspective,resultssuggestthat familieswithmore
members do not collaborate for a greater participation and
familygroups, contrarytoScott’sexpectationsthatthefamily
canhave, through theexample obtained from the family,the
conditionofanallyinbuildingabetterrationalityonspending. Inaddition,infamilieswithhigherfamilyincomestudents havegreaterinterferenceinpurchasingdecisions,since“when
prompted, the students give their opinion and it is
consid-ered” and“even not having their opinion requested, students
expresstheir opinions” have higher averagerankings
respec-tively(990.11and998.77).Thisimprovedparticipatorystatus fromstudentsinfinancialmattersinfamilieswithhigherincome
mayfavorfinancialeducation,supportingtheworkbyHeckman
andGrable(2011),whichfoundastrongcorrelationbetweenthe leveloffamilyincomeandtheleveloffinancialeducation.
Regarding thefrequency withwhichstudents talk totheir
parentsaboutmoney,itappearsthatthosewhoattendthefinal yearsofhighschoolhadhigherrankings(1007.01)withrespect
to spontaneous dialog. On the other hand, as these are the
early high school grades, there is greater likelihood of
stu-dents not talking about financial aspects, with a ranking of
(884.15).
Aboutthe mostquestionedfinancialmatterswithfamilies, therearestudiesandcareer,andinvestments,withrankingsof (1002.45and1038.47),inrelationtothegradestheyareinhigh school.Furthermore,thefindings indicatethatthe most afflu-entfamiliestendtodiscusswiththestudentsissuesrelatedto investments,witharankingof(1100.27).Itwasalsoobserved that studentsof uppergradesinhighschoolacquirefinancial
knowledgeatworkandinspecificcoursesranking(1083.68),
at school ranking (1012.10), and in the day-to-daypractices
ranking(1004.91).
Regardingthefinancialprofile,thefindingsindicatethat stu-dentsinuppergradesinhighschoolhaveasaverprofileranking
(1022.46),andcautiousranking(1002.10).Ontheotherhand,
studentswithloweraveragelevelsofeducationhaveaspender profileranking(903.41).
Finally,regardingthedecisionofwhattodowiththemoney, theresultsindicatethatstudentsinuppergradesinhighschool
haveahigherintensity ondecidingbythemselveswhattodo
with their money ranking (975.64). Moreover, it is observed
thatasthestudents’ageincreases,thereisagreatertendencyto decidewhattodowiththeirmoneytalkingtootherpeople,that is,seekingotherpeople’sopinions.
The preponderanceto decideby themselves how toapply
resources are dangerousin visionthatapproximately 70% of
therespondentssaidtheyacquirefinancialknowledgethrough
theirfamiliesandday-to-daypractices,butabout55% donot
usuallytalkaboutfinanceswiththeirfamiliesordonotdothis regularly.
Thesedatacausesconcernbecause,as statedbyCampbell
(2006),themostinformedchoicesamongthevariousfinancial productscanbemadeonlybyindividualspossessingskillsand
knowledge.Financialqualificationmustoccurinaformaland
informal manner through the integration betweenschool and
family(Hofmann & Moro,2013),for theyoung adults
stud-iedtendtodecidebythemselvesaboutexpensesandfinancial
resourcesapplications,althoughtheirageandpractical
experi-enceinsomecasesminimizeserroneousdecisions.
Table5
Resultsofsignificanceofthechi-squaretestofindividual,demographicand socializationaspectsonfinancialeducationissues.
Facts(Dependents) Sig.Chi-square Independentvariables
Gender(QAP5) Financialgains(QAP6)
QEF1 0.162 0.241
QEF2 0.024* 0.000*
QEF3 0.000* 0.000*
QEF4 0.000* 0.000*
QEF5 0.008* 0.000*
QEF6 0.000* 0.001*
QEF7 0.000* 0.683
QEF8 0.001* 0.000*
Source:Researchdata.
*p<0.05
Otherwise, the increase inthe number of members in the
familygroupmakesthatyoungadultsdonotreceivefinancial
resourcesfromtheirparentsintheformofallowances.Thismay relatetolossesinfinancialteachingofyoungadults,asMoriand Lewis(2001)andSohnetal.(2012)outlinethattheallowance, withcorrectmonitoringfromparents,causesanincreaseinthe
financial knowledgelevelofyoungadults.Ontheotherhand,
inhigher-incomefamiliesstudentsshowedgreaterintensityto decidewhattodowiththeirmoneytalkingtootherpeople.
In the variablesof individual,demographic and
socializa-tionaspectsthatweremeasuredbynominalvariables,weused
the chi-squaretesttoobservedifferencesbetweengenderand
financialgainsonfinancialeducationissues.Table5showsthe variables of personal aspects with significance in relationto financialeducationissues.
ResultsinTable5indicatethatgenderprovedtobe predom-inantforthedifferentviewofstudentson:theresponsibilityof givingfinancial reports,thedialog whendecidingonthe pur-chaseofproducts,thefrequencytheytalktotheirparentsabout financialmatters,financialmattermorediscussedwiththe fam-ily,theacquisitionofsomefinancialknowledge,financialprofile andthedecisionofwhattodowiththeirmoney,allofthemwith asignificancelevelof5%.
Finally,thefinancialgainsdidnothadimpactonlyonhowto managetheirfinancialresourcesandinrelationtothefinancial profileoftherespondent.Forallotherissuesfinancialgainswere significantat5%.Table6showstheresultsofthechi-squaretest ofindividual,demographicandsocializationaspectsregarding theresponsibilitytopresentfinancialreports.
Table 6 shows that femalestudents are morepressured to givesomekindofexplanationtoaskformoney.Inaddition,the findingsindicatethatmaleshavelessneedtoexplainthefateof theirfinancialresources.
Regardingfinancialgains,thefindingsindicatethatstudents withpaidjobshavelessobligationsinpresentingexplanations abouttheuseoftheirresources;however,thosewhodonothave a salaryandreceivefinancialhelp fromtheir familieshavea greaterobligationtoprovideexplanations.Thisresultconfirms thattherearesometimesparentalmonitoringonthefateofthe
Table6
Chi-squaretestofindividual,demographicandsocializationaspectsontheresponsibilityofpresentingfinancialreports.
QEF2
(1) (2) (3) (4)
Gender Male Score 204 162 160 377
Exp.Score 209.3 151 186.50 356.2
Female Score 242 160 233 375
Exp.Score 234.1 168.9 208.6 398.4
Undefined Score 3 2 7 12
Exp.Score 5.6 4 5 9.5
Financialgains Ihaveasalary Score 79 69 53 205
Exp.Score 94.1 67.9 83.8 160.1
IhaveasalaryandIhelpmyfamily. Score 69 67 48 115
Exp.Score 69.3 50 61.7 117.9
EventhoughIhaveasalary,Igethelpfrommyfamily Score 26 20 29 44
Exp.Score 27.6 19.9 24.6 46.9
Ihavenosalary,andIdonotgethelpfrommyfamily. Score 77 52 72 144
Exp.Score 80 57.7 71.2 136.1
Idonothaveasalary,butIgethelpfrommyfamily. Score 198 116 198 256
Exp.Score 178 128.5 158.6 302.9
Source:Researchdata.
Table7
Chi-squaretestofindividual,demographicandsocializationaspectsaboutthedialogindecidingthepurchaseofaproductforfamilyuse.
QEF3
1 2 3 4 5
Gender Male Score 473 76 62 207 85
Exp.Score 491.8 58.3 46.2 228.4 78.3
Female Score 573 45 34 281 77
Exp.Score 550.1 65.2 51.6 255.5 87.6
Undefined Score 9 4 3 2 6
Exp.Score 13.1 1.5 1.2 6.1 2.1
Financialgains Ihaveasalary Score 241 28 14 89 34
Exp.Score 221.1 26.2 20.8 102.7 35.2
IhaveasalaryandIhelpmyfamily. Score 156 22 17 78 26
Exp.Score 162.9 19.3 15.3 75.6 25.9
EventhoughIhaveasalary,Igethelpfrommyfamily Score 69 6 9 29 6
Exp.Score 64.8 7.7 6.1 30.1 10.3
Ihavenosalary,andIdonotgethelpfrommyfamily. Score 154 32 30 86 43
Exp.Score 187.9 22.3 17.6 87.3 29.9
Idonothaveasalary,butIgethelpfrommyfamily. Score 435 37 29 208 59
Exp.Score 418.3 49.6 39.3 194.3 66.6
Source:Researchdata.
(2001)andSohnetal.(2012)thatparentsshouldencouragetheir childrentoworkwithmoney,providedthatthereismonitoring oftheirspending.
Table7showstheresultsofthechi-squaretestofindividual, demographicandsocializationaspectsinrelationtodialogwhen decidingaboutthepurchaseofaproductforfamilyuse.
Table 7 shows that, in relation to the dialog when
decid-ingtopurchaseaproductfor familyuse,femalestudentsare
morepronetogivingtheiropinionwhenrequestedanditbeing considered,andevenwhentheiropinionisnotrequested,they
give it anyway. Results indicate that female students dialog
morewhen deciding onthe purchaseof aproduct forfamily
use.
Infinancialgains,themainfindingsindicatethatthestudents withasalaryandthosewithoutanysalarybutreceivingfamily
helparemorelikelytogivetheiropinionwhenprompted,andit beingconsidered.Ontheotherhand,thestudentswithnosalary orfinancial helpfromtheirfamiliesdonothavetheiropinion considered.
Table8showstheresultsofthechi-squaretestofindividual,
demographicandsocializationaspectsregardingthefrequency
withwhichstudentstalktotheirparentsaboutmoney.
TheresultsinTable8demonstratedthatmale studentsare
more likely to not usually talk about money. Nevertheless,
femalestudentsdialogmoreonfinancialmattersdaily.In addi-tion, thefindings indicate that studentswithasalary areless likely tonottalk routinely about financial matters,andthose withnosalaryandnofinancialhelpfromtheirfamiliesareless likelytocustomarilytalkaboutfinancialissues.Inaddition,the
Table8
Chi-squaretestofindividual,demographic,andsocializationaspectsofhowoftenstudentstalktotheirparentsaboutmoney.
QEF4
1 2 3 4
Gender Male Score 252 229 257 158
Exp.Score 207.7 266.8 235.2 186.3
Female Score 187 338 241 238
Exp.Score 232.7 299.0 263.5 208.7
Undefined Score 7 6 7 4
Exp.Score 5.6 7.1 6.3 5.0
Financialgains Ihaveasalary Score 82 108 125 90
Exp.Score 93.9 120.6 106.3 84.2
IhaveasalaryandIhelpmyfamily. Score 50 90 79 75
Exp.Score 68.2 87.6 77.2 61.1
EventhoughIhaveasalary,Igethelpfrommyfamily Score 21 41 28 29
Exp.Score 27.6 35.4 31.2 24.7
Ihavenosalary,andIdonotgethelpfrommyfamily. Score 117 86 75 63
Exp.Score 79.0 101.6 89.5 70.9
Idonothaveasalary,butIgethelpfrommyfamily. Score 176 248 198 143
Exp.Score 177.3 227.8 200.8 159.0
Source:Researchdata.
Table9
Chi-squaretestofindividual,demographicandsocializationaspectsinrelationtothefinancialquestionthatismostquestionedwiththefamily.
QEF5
1 2 3 4 5
Gender Male Score 115 130 230 107 321
Exp.Score 100.2 127.7 266.2 94.2 314.7
Female Score 95 142 333 94 346
Exp.Score 112.1 142.9 297.7 105.3 352.0
Undefined Score 5 2 8 1 8
Exp.Score 2.7 3.4 7.1 2.5 8.4
Financialgains Ihaveasalary Score 36 68 104 42 156
Exp.Score 45.1 57.4 119.7 42.3 141.5
IhaveasalaryandIhelpmyfamily. Score 30 40 85 44 100
Exp.Score 33.2 42.3 88.1 31.2 104.2
EventhoughIhaveasalary,Igethelpfrommyfamily Score 9 12 43 17 38
Exp.Score 13.2 16.8 35.1 12.4 41.5
Ihavenosalary,andIdonotgethelpfrommyfamily. Score 71 48 95 31 100
Exp.Score 38.3 48.8 101.7 36.0 120.2
Idonothaveasalary,butIgethelpfrommyfamily. Score 69 106 244 68 281 Exp.Score 85.2 108.6 226.4 80.1 267.6
Source:Researchdata.
haveawageandalsobythosewhoreceivefinancialhelpfrom
theirfamilies.
Table9showstheresultsofthechi-squaretestofindividual, demographicandsocializationaspectsforthefinancialissuethat ismorediscussedwithinthefamily.
ItisobservedinTable9thatmalestudentsaremorelikelyto discussfinancialissuesrelatedtoconsumptionandinvestment. Ontheotherhand,femalestudentsareengagedinissuesabout studiesandcareer,aswellasontheconscioususeofmoney.
Regarding financial gain, it is observedthat students with nosalaryorfamilyhelparemorelikelytonotdiscussfinancial matterswiththeirparents;ontheotherhand,thosewithnosalary butwithfinancialhelpfromtheirfamiliesarelesslikelytonot discussfinancialmatterswiththeirparents.
Itcanalsobeseenthat studentswithearningsarelikelyto
question issues related toconsumerism, andhas less intense
questioningaboutissuesrelatedtostudiesandcareer;however, thosewithnosalarybutwithfamilyhelparelikelytotalkabout studiesandcareer.
Table10showstheresultsofthechi-squaretestof individ-ual,demographicandsocializationaspectsabouthowfinancial
knowledgewasacquired.
Table10
Chi-squaretestofindividual,demographicandsocializationaspectsonhowfinancialknowledgewasacquired.
QEF6
1 2 3 4 5 6 7
Gender Male Score 392 88 212 40 81 50 40
Exp.Score 409.8 73.2 223.3 23.3 82.0 45.2 46.2
Female Score 480 67 257 9 93 46 58
Exp.Score 458.3 81.9 249.8 26.1 91.8 50.6 51.6
Undefined Score 7 2 10 1 2 1 1
Exp.Score 10.9 1.9 5.9 0.6 2.2 1.2 1.2
Financialgains Ihaveasalary Score 176 23 113 8 31 23 32
Exp.Score 184.2 32.9 100.4 10.5 36.9 20.3 20.8
IhaveasalaryandIhelpmyfamily. Score 125 21 87 13 23 11 19
Exp.Score 135.7 24.2 73.9 7.7 27.2 15.0 15.3 EventhoughIhaveasalary,Igethelpfrommyfamily Score 60 6 29 4 11 2 7
Exp.Score 54.0 9.6 29.4 3.1 10.8 6.0 6.1 Ihavenosalary,andIdonotgethelpfrommyfamily. Score 144 38 77 12 37 26 11
Exp.Score 156.6 28.0 85.3 8.9 31.3 17.3 17.6 Idonothaveasalary,butIgethelpfrommyfamily. Score 374 69 173 13 74 35 30
Exp.Score 348.5 62.2 189.9 19.8 69.8 38.5 39.3
Source:Researchdata.
Table11
Chi-squaretestofindividual,demographicandsocializationaspectsinrelationtothefinancialprofile.
QEF7
1 2 3 4 5
Gender Male Score 183 123 362 182 53
Exp.Score 205.1 93.2 377.1 170.2 57.3
Female Score 252 74 438 180 66
Exp.Score 229.4 104.3 421.8 190.3 64.1
Undefined Score 5 3 9 3 4
Exp.Score 5.5 2.5 10.0 4.5 1.5
Source:Researchdata.
Onthefinancialgains,studentswithasalaryacquire finan-cialknowledgethroughfamilyandrelatives,butthosewithno salarybutreceivingfinancialhelpfromfamilyacquirefinancial knowledgewithfamilyandrelatives.Theacquisitionof
finan-cialknowledgethroughthemedia,TV,internetandnewspapers
happenswithgreaterintensitybystudentswithnosalary,and notreceivingfinancialhelpfromtheirfamily.
Studentswhoacquirefinancial knowledgethrough
day-to-daypracticeshaveasalaryandfamilyhelp,andthepracticefor financialcapacityislessusedbythosewhohavenosalary.
Table11showstheresultsofthechi-squaretestofindividual, demographicandsocializationaspectsforthefinancialprofile. ItappearsinTable11thatfemalestudentsarepronetothe spender, careless and cautious financial profiles. In contrast, malestudentstendtohaveaconservativeandsaverprofile.These findingssuggestaconvergencewiththestudybyPotrichetal. (2015),whichindicatedthat maleindividuals without depen-dents,withhigherlevelsofeducation,andwiththeirownincome
as wellas familyincome have atendency togroup withthe
highestleveloffinancialeducation.
Ingeneral,itisclearthatthefinancialprofileofmalesshows financialeducationcharacteristics.Femalestoughtendto
over-spending without saving part of the resources, as evidenced
by the ratio of 252 respondents who considered themselves
spenders,against180whopresentedthemselvesassavers.
Table12showstheresultsofthechi-squaretestofindividual, demographicandsocializationaspectsinrelationtothedecision
onwhattodowiththemoney.
TheresultsinTable12indicatethatmaleshaveahigher
ten-dency to decideby themselves whatto dowith their money.
Regardingdecisionmakingthroughconversationswithparents
or partners, females do so with greater intensity. Moreover,
females haveagreatertendencyforparentsdeciding onwhat
tospend.
Overall,theresultscontradictthenotionthatthereisno dif-ferenceintheperceptionaboutfinancialissuesbetweenmenand women(Norvilitis,Szablicki,&Wilson,2003;Norvilitisetal.,
2006).Thefindings corroboratewithLyons(2004),Yilmazer
andLyons(2010),wherewomenaremorelikelytospendmore
than necessary.Reports by O’Guinn andFaberand O’Guinn
(1989),D’Astous(1990)andNorum(2008)onthecompulsive consumptionofwomenwerealsofoundinthisstudy.Finally,the
evidenceoflowerfinancialeducationforwomenisconfirmed,
accordingto(Lusardi,2009;Potrichetal.,2015).
The findings of this research contribute to governments
