Money Doesn’t Grow on Trees: How financial literacy is learned and developed within American childhood

Authors

Nate Lewis, St. John Fisher UniversityFollow

Keywords

financial literacy, financial knowledge, personal finance, financial education, childhood, habits, socialization, parenting, money, schooling, learning, inequality, poverty cycle, American Dream, intergenerational

Abstract

Financial literacy refers to the ability to process and utilize economic information to make informed decisions for their wellbeing. Given concerning indicators of financial outcomes within the United States, it is crucial to understand how and when strong financial behavior is developed. Efforts to enhance financial education have explored incorporating financial concepts into children’s literature and games. Yet, research indicates that financial literacy is far more rooted in the habits learned from one’s family, despite the emphasis often placed on schooling and socioeconomic status. It is therefore evident that efforts to promote financial literacy must always involve empowering family members to serve as strong financial role models.

Recommended Citation

Lewis, Nate (2024) "Money Doesn’t Grow on Trees: How financial literacy is learned and developed within American childhood," Soaring: A Journal of Undergraduate Research: Vol. 2024, Article 11.
Available at: https://fisherpub.sjf.edu/soaring/vol2024/iss1/11