Phase 2: Project Final Paper

40 points (40% of overall grade)

Based on the critical analyses, the students will work independently to recommend a new or
revised policy, program, OR service. This can be an adaptation to an existing
Policy/program/service, or it could be entirely new. You must use the information from your
project proposal worksheet assignment to inform the final paper. Reference and support your
arguments throughout the paper. MINIMUM of 5 academic references. This paper must be 7-
10pages.

THIS MUST BE IN PAPER FORMAT AND APA STYLE!!

1. Identify the social problem targeted by your NEW policy/program/service and how would it
address the problem.
a. Who would the program/policy/service target?
b. What components would be included?
c. What would be the aim of your program/policy/service? Identify specific outcomes you would
hope to achieve if your program/policy was successful.
2. Provide rationale and support for why this program/policy is needed.
a. What risk/protective factors would it address?
b. How is it an improvement over the previous policy/program/service you identified in the
midterm worksheet?
c. Do similar policies/programs/services exist? If so, is there support for their effectiveness?
3. What potential opposition and criticisms might there be?
4. If you are recommending a policy, how does it fit with existing programming/service
delivery? If you are recommending a program, how does it fit with existing policy and
interventions? If you are recommending an intervention, how does it fit with existing
policy/programming?
5. What cross-system issues impact the policy/program/service?
a. How can cross system issues improve or diminish policy/program/service?
b. How does collaboration among service providers improve or diminish
policy/program/service?
6. What strategies would you have for improving cross-system issues?
7. Why is your policy/program/service important?
(Project proposal work sheet assignment below):

Submitted as part one, please take from this.

FYI: My instructor stated that more empirical evidence/support needs to be shown in the next paper

Abstract

In the literature review, the focus will be put on the assessment of the effectiveness and
efficiency of financial literacy educations programs and their effects on intervening youth
problems associated with business management. Some various models and designs tend to
explain and relate the financial-education curriculum and their impacts on consumers. These
include theories and past research carried out by scholars who have proved that financial
education programs in high schools can significantly improve children's business knowledge and
skills hence enabling them to make better financial decisions. These studies also assess the
intention to practice sound fiscal discipline and their outcomes on consumers' final and future
business decisions. However, studies that assess the effects of financial education on children's
actual economic behavior are scarce and barely show any impact. Practical methods of teaching
financial literacy education should be introduced at the lowest levels in primary and secondary
school to help change children’s behavior towards financial management and decision making.
In high learning institutions like college and universities, the programs should focus on specific
life events of students and life after school.
Table of Content

s
A. Financial Literacy Education................................................................................................4
1. Problems Financial Literacy Education addresses..........................................................4
2. Summary of Financial literacy education.........................................................................5
3.1. The arguments for financial literacy education...............................................................5
3.2. Arguments against financial literacy education...............................................................5
4. To what degree does this policy address relevant risk....................................................6
B. JumpStart................................................................................................................................7
5. What is the program?.........................................................................................................7
6. How is this program related to the identified policy?.....................................................7
C. Money Minded........................................................................................................................8
9. What is Money minded?....................................................................................................8
10. How does Money Minded carryout the intervention?.................................................8
11. Risks and Protective factors addressed by Money Minded........................................8
12. The evidence of Money Minded has led to positive outcomes.....................................9
Conclusion......................................................................................................................................9
References.......................................................................................................................................9
 A. Financial Literacy Education
Financial literacy educations are the set of skills and knowledge that when instilled in individual
influences his or her business decisions on investment and future planning. The definitions of
financial literacy are focused on financial education, well-being, attitude, confidence, and
behavior. Financial literacy is the ability to process macro information and make informed
decisions about financial planning, wealth creation, debt financing, and planning retirement. A
comprehensive definition of financial literacy is more than knowledge and information, as stated
in the 2017 JumpStart National Standards. Economic scholars present financial literacy as a
construct that reflects relationships between skills, knowledge, behavior, attitude, emotions, and
other relevant factors, including a dynamic commercial environment (Annamaria etal.2018).

1. Problems Financial Literacy Education addresses

Complex financial decisions
Current consumers face hardship in planning their retirement. Previous generations
hinged on pensions as the source of income during their retirement, and the employers of these
individuals felt this burden. The employees of the current age are offered with the knowledge
and skills to guide them in setting future financial plans which intend to help them in making
investment decisions.
Complex options
Individuals have a large basket of financial services and products in which to make their
selections and investments. With changing and innovation in technology and modernity, these
services and products so sophisticated than in the past. Therefore it is hard for consumers to
choose among several products and services because they lack the knowledge and are illiterate
about these options hence making wrong financial decisions.
Lack of government aid
In past generations, Social security was a primary source of income for individuals in
retirement. However, the current amount of Social Security paid to employees is not enough to
cater to their financial need and decisions in the future.
Changing the environment
The economic environment is changing at a high rate, with a change in technology and
modernity. The money market has got significant competitors who want to lead in the financial
markets. The issues of digital currency have significantly affected financial markets where
consumers now feel safer to use digital money than cash. However, the changing financial
markets are also associated with many challenges, including scums which make it more volatile.
These factors have impacted consumers' final business decisions.
Too many choices
There is a variety of financial service providers, including commercial banks, brokerage firms,
insurance companies, credit card companies, business consultants and planners, mortgage
companies and other micro and macro-financial companies that have confusion in consumers'
decision making.
2. Summary of Financial literacy education

Financial literacy is the science of instilling a set of knowledge and skills, including
mathematical methods, knowing financial instruments and theory, and the ability to utilize the
knowledge that will enable individuals to make informed and effective decisions regarding their
financial resources. Latest fiscal studies have significantly related financial literacy to someone’s
positive business results. The examinations emphasize classifying the pathways between
financial education and acquisition of asset as well as portfolio choice and credit election.
Evidence has also shown that attaining financial literacy education improves the quality of a
business decision. However, there are conflicting ideas on whether financial literacy education
could be sufficient. Meanwhile, the lack of financial literacy skills and knowledge among the
youth has led to increased high school financial literacy programs and studies.

3.1. The arguments for financial literacy education

Financial literacy education model shows how economic studies in schools lead to
personal financial literacy, change individual's behaviors, habits, and arrogance in dealing with
financial matters. The consumers throughout their entire life make different lifetime financial
decisions, for example, deciding on choosing mortgages and houses, saving for children
education and their retirement, as well as making small decisions including how to use credit
cards, financing debts, and obtaining risk and health insurance for the family.
According to Lewis, (2008), personal values, demography, and a person's economic
socialization will impact on his or her financial knowledge, habits, behaviors and attitudes,
therefore, leading to success his/her life. The study concluded that a persons' childhood has a
significant impact on whether he or she will in future be financially literate hence determining his
or her financial well-being.
In the past generations, financial literacy education had a direct connection with emerging
complexity in financial markets, services, and products. Modern technology and increased
innovation in financial markets characterized by the competitive world have led to a
sophisticated financial industry with several functions and product providers.

3.2. Arguments against financial literacy education

 Different individuals manage their financial matters in their ways. Whereas some people
tend to save their money, others buy impulsively according to their behaviors and spending
cultures. Individuals cannot be categorized as each person acts in a different way basing on
his/her experience, anxiety, and personal interest in financial management.
Consumers' habits, preferences, and tastes tend to continually change in the evolving financial
world hence causing behavioral and inappropriate attitudes which always lead to consumption
neglect and high-risk taking. Individual or personal money management education is an
evaluative standard where people are taught in a systematic, structured, and authoritative
approach. The systemic education procedure has taught students that there is an optimum
individual money management model that the students should always strive towards. Different
researchers have found out that personal financial knowledge and behaviors are related but have
failed to determine the direction of causality. Persons or students who score high marks in
financial literacy education tests are bound to exhibit best practices in financial management
(Annamaria et al.2018).
In many developed and developing countries where there is better access to credit
facilities, the youth and higher-income individuals are mostly over-indebted. Consumers with
high incomes are always highly educated, therefore indicating that it might not necessarily be the
illiterates or the poor who mismanages their finances. In that regard, a free access to credit
services as well as educational services are potentially significant factors in terms of determining
over-indebtedness. For that matter, financial literacy education might not be an appropriate
solution to general personal challenges. This is because of the different ways through which
people manage their finances. There are a number of arguments against financial literacy
education. Some of these include inadequate practical support. It is for that reason that financial
literacy education and consumer illiteracy are of vital importance.

4. To what degree does this policy address relevant risk

Based on the national survey carried out on students who attended or where enrolled in
high school finance syllabus supplied by the National Endowment for Financial Education
(NEFE). In the short run, the students' financial behaviors and attitudes immediately improvised.
Another brief period survey of three months was carried out, and respondents reported that they
had already changed their expenditures and saving cultures. Students furthermore released that
they had more knowledge on the cost of buying on credit and believed that a lack of money
management would affect their future finances.
On the other hand, other longtime surveys carried out by Jumpstart Coalition for Personal
Financial Literacy on high school seniors consistently indicated that students who acquired a
high school class studies in financial management are not more financially knowledgeable than
those who did not study. Therefore, this led to the development of financial literacy index, which
related students' responses to economic knowledge. The significant areas curved in this survey
included consumer's income, finance management, savings and investing expenditure, and credit
management. Casey et al. (2015) illustrated experimental evidence which supported student's
motivation factor as necessary in increasing their financial literacy. Therefore, researchers
concluded that motivated adults benefit from targeted economic studies. It further showed the
evidence of mixed results regarding the outcome of financial education and how it impacts both
on subsequent behavior and financial literacy in the long-term.

B. JumpStart

5. What is the program?

JumpStart is an organization comprised of thousands of individual-owned companies,

nonprofit organizations, Governmental enterprises, and educationalists that facilitate and
promote financial literacy education among the youth. JumpStart's national standards which are
also referred as the gold standards in financial literacy education are categorized into different
core topics, including a) expenditure and saving, b) employment and income, c) credit and debt,
d) risk management and insurance, e) investment and f) financial decision-making. JumpStart
furthermore has an online clearing-house which can be accessed by students, parents, teachers,
and sponsors who can download useful resources and tools for financial literacy education.

6. How is this program related to the identified policy?

 Teachers have direct access to financial education tools and instructions which teaches on
personal financial management, proper planning, and budgeting, savings and investments,
credit management as well as better insurance policies.
 It improves teachers’ capacity and skills in presenting financial literacy programs to students
as well as relating classroom presentations to real-life examples, hence reinforcing teachers’
instructions.
 It enhances the community's awareness and responsibility to educate children with personal
financial literacy education to overcome the challenges of a dynamic business world.
 Enable local organizations and teachers to come out with the same ideas and work towards a
common goal of sharing financial education strengths. According to Senate Bill 311, local
business enterprises should be involved in the teaching of proper finance management in
Ohio high schools.

7. Risks and protective factors addressed by JumpStart

JumpStart tents to solve the following risks and protective factors among the youth. Youth is
associated with high levels of poverty. Banks have high lending interest rates that have led to
individuals to resort to informal financial services, limited knowledge to financial services and
products, lack of savings, and high debts. For protective factors, there is high self-esteem,
physical development, intellectual improvement, depression and emotional regulation, problem-
solving skills, engagement, and having contacts in employment opportunities.

8. The evidence that the programs have led to positive outcomes

Financial researchers have found out that high school business education has positively
impacted students on money management during and after colleges and when they dissolve in
the labor force. Research also found out that if parents teach their children financial
management, some children will still face economic hardships because either their parents
possess little knowledge about money management or did not acquire university financial
education. Therefore, high school business education is of great importance to children who
come from backgrounds with less financial knowledge. Furthermore, intellectual ability does not
determine someone's financial literacy (Lewis, 2008). This variable is vital in highlighting the
variances in economic consciousness among the youth, but it might not be the only relevant
factor. Therefore financial education has a significant role in impacting and improving students'
abilities in business management. It is also more important to educate individuals on financial
management and literacy before engaging in financial transactions and contracts. Hence it is
significant to devise means and ways for effective financial literacy education programs in high
schools. It is also essential for youth who are already out of schools and joined the labor force
but lack financial literacy knowledge and skills to enroll in other commercial education
programs. Research has shown that youth who are vulnerable to financial mistakes they should
enroll in financial literacy educational programs.

C. Money Minded
9. What is Money minded?

Money Minded is a study that instills knowledge and the ability for individuals to make
informed decisions on money usage. It is an educational service which can be found online and
is user-friendly with a variety of tools and activities to learn at any time. The Money Minded
service covers set a financial goal, budgeting, and making money. Money Minded positively
impacts someone's money management manners. It increases high rates of saving and reduces
debt. It also increases the sense and the confidence of controlling finances as well as a high
propensity to fulfill future financial plans. These changes in behavior and approaches strengthen
participants' economic resilience by moving individuals from risky financial situations to a
position of stability. The service links between the micro and small businesses and the wellbeing
and growth prospects of the communities.
10. How Money does minded carryout the intervention?

Money Minded is a tool which provides financial studies focusing on different subjects,
including budgeting, debt financing, efficient banking and planning, savings, and retirement
policies. Money Minded has enabled community stakeholders, like counselors and mentors, to be
accredited as Money Minded resource persons to educate the youth on financial literacy. This
has been done either in developing separate education programs or integrated within existing
community education programs and services. The program accreditation includes free training
for resources persons, resources, and materials to support program delivery to the youth,
including, participant workbooks, teaching aids, and case studies.

11. Risks and Protective factors addressed by Money Minded

Money Minded tends to address risks and protective factors which include negative attitudes
towards money, setting financial goals, needs and wants, depression, lack of commitment to
school, drug abuse in youth, peer aggression, poverty, school dropout and community norms that
favor drug use.
12. The evidence of Money Minded has led to positive outcomes

The results of the facilitator survey confirmed that Money Minded continues to be a
valuable resource to community organizations in their work supporting youth and women.
Money Minded gives the child the skills needed to address their financial difficulties as well as
giving them a sense of confidence and strength. Money Minded is a useful tool in women as
many have experienced financial abuse, and they are heading towards financial independence. It
helps consumers to understand and manage their limited income more effectively. Money
Minded Facilitators reported that model provided them with the necessary tools and activities to
equip their clients with knowledge and skills. Money Minded has also become a core program of
organizations to offer financial skills and knowledge to their employees and clients.

Conclusion

Lack of financial literacy education impends the success and economic well-being of
many individuals, particularly the youth who in most cases do not have basic business
knowledge and skills as they become adults and dissolved in the workforce. The child has more
exposure to many financial challenges than in past generations. Ohio State education authorities
should introduce financial literacy to the youth before they graduate from high schools. Some
evidences show that youth who have been thoroughly educated with financial literacy education
does not experience economic challenges.