Acquiring Financial Literacy
We all need to make financial choices. What’s the best loan deal? Where should I invest? What type of insurance should I have? But, how do we learn to make these decisions? That is, develop our financial literacy? And, what role do parents play in developing children’s financial literacy and how do children perceive this? Our project focuses on these questions.
What do we want to achieve?
We want to improve young adult’s financial decision making by better understanding what they learn from their parents. We want to design better financial literacy programs that better consider the role of parents.
Why do we want to do this?
The UWA Business School has a financial literacy teaching and research program. We teach “Managing Your Personal Finances” as a broadening unit to undergraduates and collect data from these young adults, including their perceptions about parents. Now we want to focus on students before university – those in years 10, 11, and 12 – and their parents. Combining parent’s data with their children’s data is what we want to do in the project.
Combining parent and student data is challenging. We are looking for parents of students currently in year 10, 11, and 12 to complete a survey and then consent to a survey invitation being sent to their child to complete.
What does participation involve?
- Completing a 20-25 minute online survey yourself;
- Consenting to a survey invitation being sent to their year 10, 11, 12 children;
- The student survey is the same survey (excluding household data) so parents can first see what is being asked of their children;
- Completion of the survey entitles you to participate in a draw for a $50 gift card