Koonce, J. C., Mimura, Y., Mauldin, T. A., Rupured, M., & Jordan, J. (2008) Financial information: Is it related to savings and investing knowledge and financial behavior of teens? Financial Counseling and Planning, 19(2), 19-28.
Brief Description: This study investigates the association between sources of financial information and the saving/investing knowledge and the financial behavior of teens. Getting more financial information from parents was linked to setting financial goals and saving all or part of teens’ earnings. attitudes towards saving. Using media/Internet as a source of information and getting information educators were associated with having a spending plan. White teens reported that they obtained less financial information from the media/Internet and educators than did non-White teens. There was no difference in the reported amount of information from parents between White and non-White teens.
Implications: Saving and Investing knowledge was not linked to financial behavior, but information from parents and some other sources were association with positive financial behavior. Results show that teens are using the media and Internet as sources of financial information. Educators and parents should monitor their teen’s sources of information, since many sources may be biased toward products companies are selling. Having consistent sources of financial information through approved curricula in the schools would provide sound, unbiased information to all teens regardless of other opportunities they might have to gain information.