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Essay / Research Paper Abstract
A 6 page paper reporting the results of a survey of individuals regarding their knowledge of personal finance. The study surveyed three groups of 28 individuals each, in age groups ranging from 30 to over 50. The hypothesis, that financial IQ increases with age, was not supported by the results of statistical analyses of raw data. One of the limitations mentioned is that the study should have included college students and adults in their 20s. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSpsycFinIQ.rtf
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Unformatted sample text from the term paper:
There has been much attention to the use of credit and Americans failure to save enough of their personal incomes. College students use of and free access
to credit cards has been a matter of concern for years and continues to gain attention (Norvilitis and Santa Maria, 2002). Older adults have not been seen to be
greatly improved. A McKinsey study revealed that the primary driver in asset growth among households in the prosperous 1990s was asset appreciation rather than active saving or investing (Devine,
Flur, Mendonca, Parker and Hammarskjold, 1998). As the baby boomers approach retirement age, there are concerns that in-place social systems (i.e., Social Security
and Medicare) will be able to support future recipients to the extent they now support current recipients. The boomers have had higher incomes than any generation preceding it; assuming
that they have learned more about personal finance and financial planning seems to be a reasonable act. Hypothesis There is a difference in
financial IQ according to age and sex. Older individuals will reflect increased knowledge in matters of personal finance. Literature Review Walker and
Llewellyn (2000) provide a multi-disciplinary review of "household accounting," defined as those series of practices by which households manage the funds available to them. As a "locus of production
and consumption" (Walker and Llewellyn, 2000; p. 425), it is necessary for households to manage their funds to their best advantage. What that best advantage may be varies greatly
between families and individuals. Whereas it may include extensive investments to the detriment of present gratification for some, others - and certainly the majority in todays consumer environment -
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