Financial literacy and Necessity of its Measurement in the New Educational System: Case Study Shahreza City

Abstract

The purpose of this study is to introduce the status of financial literacy inthe world's new educational system and to evaluate the factors affecting itamong high school students of Shahreza city. The research method isdescriptive-analytic. The statistical population consisted of all students of the8th grade of secondary school in Shahreza city, and the sample size was 328by the Cochran formula. To collect data, a researcher-made questionnaire isused that combines financial knowledge tests of the US National EconomicEducation Council and national standards for Personal Financial of Jumpstartmodel, which is adjusted with the requirements of Iranian students. Validityand reliability of the questionnaire was confirmed by professors and expertsof the economics department of Isfahan University and Ministry of Educationand calculating Cronbach's alpha 0.75. Descriptive statistics (mean,percentage and frequency) and inferential statistics (Probit model) were usedto study and analyze the data. The results show that the students average scoreis 90 from 154 that is low. Furthermore, among the examined variables, mathscore of student, family Socioeconomic status, have a housewife or employedmother and the degree of her education are influenced the financial literacyof the student in 95% confidence level. Also the results show that there isn'tany difference in financial performance of boys and girls.

Keywords

• economic of education
• financial literacy
• personal finance
• financial education
• content standards