Jumpstart Personal Financial Literacy Standards for
Young
These are standards which are designed for personal financial knowledge
and ability for your people to acquire throughout their elementary to
college graduate level to develop as independent adult financial
consumers confident enough to make wise financial decisions in their
lifetime. The Jumpstart coalition standards and questionnaires have been
used to by scholars in many instances in different
localities. For instance (Worthington, 2006) used the jumpstart
questionnaire to predict financial literacy in Australia,(Mandell, 2006)
employed the questionnaire to assess whether financial literacy
matters.(Norvilitis et al., 2006) used the Jumpstart coalition standards
to assess personal factors, money attitudes, financial knowledge and
credit card debts. And many more instances if not used directly the
questionnaires and standards are quoted. More evidences can be seen in
(Hughes, Wood, Konrad, & Test, 2006 Mandell, 2009). These are some of
the empirical evidences of how substantial are these standards when it
comes to assessing and instilling financial wellbeing to young
generation. However, the challenge comes on whether these standards are
suitably fit for developing economies. We take a closer look on each
items standard and from thence we tailor-make it to suit the developing
economies assessment. For instance with developed economies it easier to
talk of credit-card debts for college students in developing economies
we would better placed talking about possession/owning and account at a
certain financial institution. Therefore, these standards are well
analyzed redrafted into developing economy senses then used to assess
the education system stream’s ability to impose personal financial
knowledge. And then suggest the way forward. Our analysis is based from
primary school, secondary schools through college. As these standards
was employed from an American education system 4th grade standard
are considered to be equivalent to primary school level standards,
8th grade standards are taken to be secondary school standards
and 12 grade are taken to be standards at college and university level
Whereby Ms=Mathematics, Bk=Book keeping,
Com=Commerce, Acc=Accountancy, Eco=Economics, N=Non, S=Somehow, Y=Yes