You are on page 1of 10

INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

1. Data Analyses

In analyzing the data collected through the questionnaire, the researchers will

use structural equational model to achieve the study’s objectives and test its

hypotheses. These will all be executed through the XXX statistical software. The

researchers will test the differences between the perceptions of educators and

practitioners. Upon its completion, attitude, subjective norms, and perceived

behavioral control will individually be checked through their latent variables because

the attributes cannot be directly measured. Upon its completion, attitude, subjective

norms, and perceived behavioral control will individually be checked for any

significant relationship using simple linear regression. This relationship will be

analyzed to see whether or not these three factors are significant predictors of

intentions in this context. The moderating effects of personal profile and financial

literacy knowledge will also be analyzed, as it is perceived to affect intention. The

researchers will perform the chi-square test on the personal profiles other than age

and ANOVA specifically on age and its brackets to their actual intentions to see if these

considerations vary their perception. Meanwhile they will breakdown the level of

financial literacy into three components mainly knowledge, behavior and preference.

These mediating variables will be used to explain their ultimate choice on whether

they want to implement financial literacy or not.

1
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

REFERENCES:

Abel, S. (2014, September 10). Importance of financial literacy. Retrieved March 19, 2018,

from https://www.herald.co.zw/importance-of-financial-literacy/.

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human

Decisions Processes, 50, 170-211.

Ajzen, I. (2008). The theory of planned behavior: Frequently asked questions. Retrieved

May 5, 2012, from University of Massachusetts, Icek Ajzen Faculty Website:

http://www.people.umass.edu/aizen/faq.html

Arceo-Gómez, E. O., & Villagómez, F. A. (2017). Financial literacy among Mexican high

school teenagers. International Review of Economics Education, 24, 1-17.

Armitage, C. J., & Conner, M. (2001, December). Efficacy of the Theory of Planned

Behaviour: A meta-analytic review. Retrieved March 26, 2018, from

https://www.ncbi.nlm.nih.gov/pubmed/11795063

Arteaga, D. (2014, July 21). CPAs Call for More Financial Literacy Education After U.S.

Students Disappoint on OECD Test. Retrieved February 12, 2018, from

https://www.accountingweb.com/aa/auditing/cpas-call-for-more-financial-

literacy-education-after-us-students-disappoint-on-oecd.

Bandura, A. (1986). Social foundations of thought and action: A social cognitive theory.

Englewood Cliffs, NJ, US: Prentice-Hall, Inc.

Beal, D. and Delpachitra, S. (2003). Financial Literacy among Australian University

Students. Economic Papers, 22 (1): 65–78.

2
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

Bernheim, B. and Garrett, D. (2003). The Effects of Financial Education in the Workplace:

Evidence from a Survey of Households. Journal of Public Economics, 87 (7–8):

1487–1519.

Biggs, J (2003). Aligning Teaching and Assessment to Curriculum Objectives, (Imaginative

Curriculum Project, LTSN Generic Centre).

Bloom, B. S. (1956). Taxonomy of educational objectives. Vol. 1: Cognitive domain. New

York: McKay, 20-24.

Borden, L., Lee, S., Serido, J., & Collins, D. (2008). Changing college students’ financial

knowledge, attitudes and behavior through seminar participation. Journal of Family

and Economic Issues, 29(1).

Chen, Haiyang, and Ronald P. Volpe. (1998). An Analysis of Personal Financial Literacy

among College Students. Financial Services Review, 7 (2): 107–128.

Christensen, M. (2004). The social construction of accounting: A curriculum dilemma for

first year business students. Accounting Education: An International Journal, 13(1),

119-121.

Cole, S. A., & Shastry, G. K. (2009). Smart money: The effect of education, cognitive ability,

and financial literacy on financial market participation (pp. 09-071). Boston, MA:

Harvard Business School.

Cooper, D. R., & Schindler, P. S. (2014). Business research methods. New York, NY:

McGraw-Hill Education.

Danes, S. and Haberman, H. (2004). Evaluation of the NEFE High School Financial

Planning Program: 2003-2004. Retrived March 7, 2018, from

http://hsfpp.nefe.org/loadFile.cfm?contentid=273.

3
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

Danes, S. M. & Haberman, H. R. (2007). Teen Financial Knowledge, Self-Efficacy, and Be-

havior: A Gendered View. Financial Counseling and Planning. 18(2): 48-60

Retrieved from htpp://www.afcpe.org/assets/pdf/7-2866-volume-18-issue-2.pdf.

Disney, R., & Gathergood, J. (2013). Financial literacy and consumer credit portfolios.

Journal of Banking & Finance, 37(7), 2246-2254.

Erickson, E. J. (1997). Financial Literacy at CSB/SJU. Celebrating Scholarship & Creativity

Day. Retrieved February 20, 2018, from

http://digitalcommons.csbsju.edu/elce_cscday/97.

Festinger, L. (1954). A theory of social comparison processes. Human Relations, 7, 117-

140.

FINRA (2003). NASD investor literacy research: Executive summary. Retrieved From

http://www.finrafoundation.org/surveyexecsum.pdf.

Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction

to theory and research. Reading, MA: Addison-Wesley.

Fox, Jonathan J., Suzanne Bartholomae, and Jinkook Lee. (2005). Building the Case for

Financial Education. Journal of Consumer Affairs, 39(Summer): 195–214.

Gathergood, J., & Weber, J. (2017). Financial literacy, present bias and alternative

mortgage products. Journal of Banking & Finance, 78, 58-83.

Grant, S., Low, M., & Taylor, J. (2012). Incorporating Financial Literacy into the Secondary

School Accounting Curriculum: A New Zealand Perspective. Australian Accounting,

Business and Finance Journal,6(4), 5-30. Retrieved February 1, 2018.

4
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

Goetzmann, W. N., & Peles, N. (2014, August 27). COGNITIVE DISSONANCE AND MUTUAL

FUND INVESTORS. Retrieved March 14, 2018, from

http://onlinelibrary.wiley.com/doi/10.1111/j.1475-6803.1997.tb00241.x/full

Ham M., Jeger M. & Ivković A.(2015) The role of subjective norms in forming the intention

to purchase green food, Economic Research-Ekonomska Istraživanja, 28:1, 738-

748, DOI: 10.1080/1331677X.2015.1083875

Herawati, N. T. (2018). Financial Learning: Is It The Effective Way to Improve Financial

Literacy among Accounting Students? SHS Web of Conferences, 42.

doi:10.1051/shsconf/20184200056.

Hidalgo, V. B. (2015, October 26). PH firms recognize rising value of freelancers.

Retrieved March 19, 2018, from http://business.inquirer.net/201298/ph-firms-

recognize-rising-value-of-freelancers.

Hung, A., Parker, A. and Yoong, J. (2009). Defining and Measuring Financial Literacy.

RAND Working Paper Series WR-708. Retrieved February 18, 2018, from

https://ssrn.com/abstract=1498674 or http://dx.doi.org/10.2139/ssrn.1498674.

Huston, S. J. (2010), Measuring Financial Literacy. Journal of Consumer Affairs, 44: 296–

316. doi:10.1111/j.1745-6606.2010.01170.x.

Kennedy, Brian P., "The Theory of Planned Behavior and Financial Literacy: A Predictive

Model for Credit Card Debt?" (2013). Theses, Dissertations and Capstones. 480.

http://mds.marshall.edu/etd/480

Khanna, S. (2018, January 9). How Accounting Students Can Help Communities Improve

Financial Literacy. Retrieved February 11, 2018, from

5
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

https://www.journalofaccountancy.com/newsletters/extra-credit/how-

accounting-students-can-help-financial-literacy.html.

Klopping, I.M.; McKinney, E. Extending the technology acceptance model and the task-

technology fit model to consumer e-commerce. Inform. Technol. Learn. Perform. J.

2004, 22, 35.

Kozina, F. and Ponikvar, N. (2014). Students’ Confidence In Their Financial Manajemen

Abilities: The Role Of Socio-Demographic Characteristics And Education. Journal of

Problems of Education, 58. Retrieved from htpp://

htpp://www.cgsnet.org/ckfinder/userfiles/files/PracticesofCollege

Students_Final.pdf.

Livingstone, S., & Lunt, P. (1992). Predicting personal debt and debt repayment:

Psychological, social and economic determinants. Journal of Economic Psychology,

13, 111.

Lowe, A & Locke, J 2005, ‘Perceptions of journal quality and research paradigm: results of

a web-based survey of British accounting academics’, Accounting, Organizations

and Society, vol.30, no.1, pp81-98.

Lusardi, A. (2003). Saving and the Effectiveness of Financial Education (PRC Working

Paper 2003-14). Retrieved from

http://rider.wharton.upenn.edu/~prc/PRC/WP/WP2003-14.pdf.

Lusardi, A. (2008a, February). Household saving behavior: The role of financial literacy,

information, and financial education programs. NBER Working Paper 13824.

Lusardi, A. (2008b, June). Financial literacy: An essential tool for informed consumer

choice? Dartmouth College Working Paper.

6
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

Lusardi, A., and Mitchell, O. (2007b). Financial Literacy and Retirement Planning: New

Evidence from the Rand American Life Panel. (Michigan Retirement Research

Center Working Paper 2007-157). Retrieved from

www.mrrc.isr.umich.edu/publications/publications_download.cfm?pid=509.

Lusardi, A., and Mitchell, O. (2007c). Financial Literacy and Retirement Preparedness:

Evidence and Implications for Financial Education.Business Economics, 42 (1): 35–

44.

Lusardi, A and Tufano, P. (2009). Debt Literacy, Financial Experiences, and

Overindebtedness (NBER Working Paper 14808). Retrieved March 7,2018, from

http://www.nber.org/papers/w14808.

Martinez, V. (2016). Financial Literacy Among our Students: Assessing and Improving

Their Knowledge. Journal of Financial Education, 42(3-4), 291-303.

doi:103.231.241.233

Valenzuela-Manalo, M., & Manalo, R. (2011). Basic Accounting: Service Business Study

Guide.

Mandell, L. (2005). Financial Literacy: Does It Matter? Washington, DC: Jump$tart

Coalition. Retrieved from

http://www.jumpstartcoalition.org/upload/Mandell%20Paper%20April%20.

Morris, P. (2014, August 04). Diversified Financial Services: Investing Essentials.

Retrieved March 19, 2018, from

https://www.fool.com/investing/general/2014/08/04/diversified-financial-

services-investing-essential.aspx.

7
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

National Council for Economic Education (NCEE) (2005), What American teens & adults

know about economics. Retrieved From

http://www.ncee.net/cel/WhatAmericansKnowAboutEconomics_042605-3.pdf.

Norvilitis, J., Merwin, M., Osberg, T., Roehling, P., Young, P., & Kamas, M. (2006).

Personality factors, money attitudes, financial knowledge, and credit-card debt in

college students. Journal of Applied Social Psychology, 36, 1395-1413.

Opletalová, A. (2015). Financial education and financial literacy in the Czech education

system. Procedia-Social and Behavioral Sciences, 171, 1176-1184.

Palm, Chrisann T., de Zwaan, Laura, & Mack, Janet(2016) Teaching financial literacy in

introductory accounting course: A reflection and proposal. In RMIT Accounting

Educators’ Conference, 21 November 2016, Melbourne, Vic. (Unpublished).

Papert, S., & Harel, I. (1991). Situating constructionism. Constructionism, 36(2), 1-11.

Perry, V. G., & Morris, M. D. (2005, September 01). Who Is in Control? The Role of Self‐

Perception, Knowledge, and Income in Explaining Consumer Financial Behavior.

Retrieved March 14, 2018, from

http://onlinelibrary.wiley.com/doi/10.1111/j.1745-6606.2005.00016.x/full.

Piaget, J. (1970). Piaget's theory.

Philippines Stock Market (PSEi) 1986-2018 | Data | Chart | Calendar. (n.d.). Retrieved

March 19, 2018, from https://tradingeconomics.com/philippines/stock-market.

President’s Advisory Council on Financial Literacy (PACFL) (2008). 2008 Annual Report

to the President. Retrieved from http://www.treas.gov/offices/domestic-

finance/financial-institution/fineducation/council/index.shtml.

8
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

Price, J. E., & Haddock, M. D. (2014). College Accounting. New York.

Revans, R. W. (1991). Action learning and the third world. International Journal of Human

Resource Management, 2(1), 73-91.

Rotter, J. (1966). Generalized expectancies for internal versus external control of

reinforcement. Psychological Monographs: General and Applied. 80, 1-28.

Schagen, S. (1997). The Evaluation of NatWest Face 2 Face with Finance. NFER.

Sekaran, U., & Bougie, J. R. (2016). Research methods for business: a skill-building

approach. Chichester: Wiley.

Slavin, R. E. (2018). Educational Psychology: theory and practice. NY, NY: Pearson.

Sosniak, L. A. (1994). Bloom's taxonomy. L. W. Anderson (Ed.). Univ. Chicago Press.

Tennyson, S, and Nguyen, C. (2001). State Curriculum Mandates and Student Knowledge

of Personal Finance. Journal of Consumer Affairs, 35 (Winter): 241–262.

Arnel Onesimo, U. O. (2016). Raising globally competitive Filipino accountants: Re-

designing the Accountancy Curriculum. DLSU Research Congress 2016. Retrieved

January 28, 2018.

Volpe, R.P., Chen, H., & Pavlicko, J.J. (1996). Personal investment literacy among college

students: A survey. Financial Practice and Education, 6, 86-94.

Vyviyan, V. Blue, L. & Brimble, M. (2014). Factors that Influence Fianncial Capability and

Effectiveness: Exploring Financial Councelors Perspectives. Australian Accounting,

Business and Finance Journal, 8 (4): 3-22, Retrieved from

http://ro.ouw.edu.au/aabfj/vol8/iss4/2.

Wagner, Robert W. Edgar Dale: Professional. Theory into Practice. Vol. 9, No. 2, Edgar

Dale (Apr., 1970), pp. 89-95 - https://www.jstor.org/pss/1475566.

9
INCORPORATING FINANCIAL LITERACY INTO THE ACCOUNTING CURRICULUM

Willis, Lauren E. 2008. Against Financial Literacy Education. Iowa Law Review, 94: 197–

285.

Xiao J.J. (2008) Applying Behavior Theories to Financial Behavior. In: Xiao J.J. (eds)

Handbook of Consumer Finance Research. Springer, New York, NY.

Zsótér, B., & Németh, E. (2017). Characterisation of Young People According to Their

Financial Attitudes and Behaviours - A Survey on the Financial Behaviour and

Attitudes of Students in Higher Education. Applied Finance and Accounting, 4(1),

31-40. doi:10.11114/afa.v4i1.2780.

10

You might also like