J. of Acc. Ed. 28 (2010) 103–113
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J. of Acc. Ed.
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Teaching and Educational note
Teaching financial literacy in a co-curricularservice-learning model
Laura D. DeLaune a,1, Jessica S. Rakow b, K.C. Rakow c,⇑a 3101 Patrick Taylor Hall, Department of Accounting, Louisiana State University, Baton Rouge, LA 70803, United Statesb Federal Bureau of Investigation, 2111 W. Roosevelt Road, Chicago, IL 60608, United Statesc Saint Xavier University, Graham School of Management, 3825 W. 103rd Street, Chicago, IL 60655, United States
a r t i c l e i n f o a b s t r a c t
Article history:Available online 2 April 2011
Keywords:Financial literacyPersonal financeService-learning
0748-5751/$ - see front matter � 2011 Elsevier Ltdoi:10.1016/j.jaccedu.2011.03.002
⇑ Corresponding author. Tel.: +1 773 298 3614.E-mail addresses: [email protected] (L.D. DeLaun
1 Tel.: +1 225 578 6227.
The current economic environment has brought to light the finan-cial literacy epidemic in this country. A lack of personal financialeducation has contributed to the increase in consumer credit debt,a trend evident for many college students who often have signifi-cant credit card debt. One way to combat this problem is throughfinancial literacy education. This paper describes a service-learningproject implemented through a Beta Alpha Psi chapter, which ful-fills the educational objectives of the accounting curriculum andaddresses an educational need. The project provides reciprocityof learning between members of Beta Alpha Psi and their audience,college underclassmen. The results indicate that the project is suc-cessful in educating both presenters and audience members onbasic financial knowledge as well as developing technical and com-munication skills of Beta Alpha Psi members. The project outlinepresented in this paper provides a framework for others to use.
� 2011 Elsevier Ltd. All rights reserved.
1. Introduction
The American Institute of Certified Public Accountants (hereafter, AICPA) defines financial literacy‘‘as the ability to effectively evaluate and manage one’s finances in order to make prudent decisionstoward reaching life goals and achieve financial well being’’ (AICPA, 2008, p. 5). Recent surveys andstatistics provide a startling reality of how a lack of personal financial education is affecting collegestudents. A survey of 13,000 college students found that more than half had more than $5000 in credit
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e), [email protected] (K.C. Rakow).
104 L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103–113
card debt, and one third had more than $10,000 in credit card debt (Sallie Mae., 2007). While the Cred-it Card Accountability, Responsibility, and Disclosure Act recently passed by Congress makes it harderfor credit card companies to lure college students into opening an account, the underlying problem ofcollege students not understanding how to manage their personal finances has not been solved. Putt-ing this together with student loan debt and costs associated with moving into the ‘‘working world,’’ itis not surprising that financial problems continue after graduation. Bryant, Stone, and Wier (2007)document the growing amounts of debt facing college students caused by pressures to look successfulafter graduation. While there is no single solution to this growing problem, there are numerous meansto educate college students on personal finance. The purpose of this paper is to describe one innova-tion in teaching financial literacy to college students by using a student organization in a service-learning model.
The Beta Alpha Psi (BAP) Board of Directors established ‘‘Financial Literacy of College Students’’ asthe organization’s Best Practices topic for the 2007–2008 school year. The Board realized that manycollege students do not acknowledge the importance of a financial plan until they have graduated,which may be too late due to financial mismanagement during their college years. Louisiana StateUniversity’s BAP chapter joined this initiative at the beginning of the 2007–2008 academic yearand developed a service-learning project to educate college underclassmen on the importance offinancial literacy. The service-learning project consists of BAP members presenting three skits toundergraduate students. The topics of the skits are credit, spending wisely, and retirement. The goalof the project is to provide students with a foundation of basic personal financial knowledge andencourage them to build on their financial literacy skills going forward. The project also developstechnical, communication and teamwork skills, which are important for a successful career inbusiness.
Service-learning (S-L) is a type of experiential education defined as ‘‘a teaching and learning strat-egy that integrates meaningful community service with instruction and reflection to enrich the learn-ing experience, teach civic responsibility, and strengthen communities’’ (National Service-LearningClearinghouse., 2009, p. 1). Within the accounting discipline, there are several examples of S-L projectsbeing used in specific courses.2 However, it is not always feasible to include S-L projects within the cur-riculum. An alternative would be for students to experience S-L projects through extracurricular activi-ties, such as student organizations (Mech, 1998). In fact, the Accounting Education Change Commission(AECC, 1993, p. 433) suggests that students ‘‘seek campus opportunities to build communication andbusiness skills.’’
Cook, DeBerg, Michenzi, Milano, and Rama (2003) discusses advantages of using S-L activities instudent organizations. First, there is more flexibility since the service activities do not have to belinked to a specific course. Second, there is increased development of personal competencies suchas leadership, interaction, communication, and teamwork. Third, there is prolonged student involve-ment since the activities typically last more than one semester. Finally, there is opportunity for assess-ment through formal evaluations such as presentations at regional and national competitions. Thispaper continues the discussion of Cook et al. (2003) and adds to the body of S-L literature by describ-ing the implementation of a S-L project that meets the national requirements of BAP, promotes devel-opment of technical and communication competencies of the BAP members, and includes formalevaluation of outcomes.
In Section 2, we provide a description of the financial literacy project used at Louisiana State Uni-versity. This detailed description should aid other student organizations that may want to implementa similar project. We conclude the paper in Section 3.
2 Examples of S-L used in tax courses include Carr (1998), Milani (1998), Oestreich, Venable, and Doran (1998), Strupeck andWhitten (2004), and Anderson and Bauman (2004). Examples of S-L used in accounting information systems courses includeMichenzi (1998), Lenk (1998), and Rose, Rose, and Norman (2005). Pringle (1998) describes a S-L project in the first intermediateaccounting course. Woolley (1998) discusses using S-L activities in a capstone course. Examples of S-L used in accounting ethicscourses include Ravenscroft (1998) and McPhail (2005). Still and Clayton (2004) provide examples of S-L used in auditing andgovernment/not-for-profit courses.
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2. The financial literacy project
2.1. Determine the community need and educational objectives of the project
S-L projects should fulfill a community need and be planned and coordinated with the educationalobjectives of the respective curriculum (Bringle & Hatcher, 1999). The community need being ad-dressed by the BAP project is financial literacy education of college students. The educational objec-tives being met by the BAP project are those of the department of accounting at Louisiana StateUniversity. The following learning objectives are from the department of accounting’s assurance oflearning plan for the undergraduate accounting degree:
1. Students will demonstrate technical competence in the area of financial accounting.2. Students will deliver an effective oral presentation on an accounting topic and incorporate appro-
priate technologies to enhance the effectiveness of the presentation.3. Students will work effectively in a team environment to generate an acceptable solution to an
accounting problem.
BAP members addressed all three of these objectives over the course of the financial literacyproject. Members conducted in-depth research of financial literacy topics, thus increasing theirtechnical competence in that area. Teams were used throughout all phases of the project, and thedelivery format of the financial literacy education component was an oral presentation. The followingsub-sections provide more information on how the project was designed, implemented, andevaluated.
2.2. Identify the target audience of the project
The target audience for the project, as set forth by the national BAP best practices initiative, wascollege students. Before designing their project, BAP members looked for defined groups of studentsto whom they could present. BAP members approached the Business Residential College, a residencehall for business freshman, requested and were granted permission to hold a financial literacy presen-tation for its residents. In addition, faculty teaching introductory accounting classes were asked if theywould encourage their students to attend financial literacy presentations hosted by BAP. The facultynot only agreed to encourage their students to attend, they also decided to offer bonus point incen-tives to their students for attending. Therefore, the target audience of this S-L project was primarilyfreshman and sophomore business majors.
2.3. Design and budget the project
After the audience was established, the BAP members were given the task of creating a financialliteracy presentation that would be informative as well as hold the audience’s attention. In the springof 2007, the chapter presented a financial literacy workshop to a group of local high school studentsand their parents. Based on the feedback from that workshop, discussing the needs of college under-classmen, and after researching various personal finance topics, the BAP chapter decided to covercredit, spending wisely, and investing. The members chose to use an interactive skit format whichincorporated humor to keep the audience’s attention while still delivering the message to the targetaudience of college underclassmen. ‘‘Crossroads of Financial Literacy’’ (hereafter, ‘‘Crossroads’’) waschosen as the theme and used to promote the presentation. Based on corporate donations to BAP, abudget of $1000 was established to use during the course of the project.
BAP members were divided into four groups; one for each financial literacy topic (Credit, SpendingWisely, and Investing) and one for overall project coordination. Financial literacy topic groups con-sisted of eight members each, including a designated leader. The fourth group was composed of 24additional members who worked on planning, organization, and marketing.
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2.4. Develop the project
Each of the four groups was given a specific timeline and task list for the project. The topic groupsworked separately to develop their presentations but also had a few combined meetings to ensureconsistency. Groups were encouraged to use any method they preferred to research their topic anddecide on specific material within their topic to cover. Some members read books such as The MoneyBook for the Young, Fabulous, and Broke by Suze Orman (2005) and Generation Debt: Take Control of YourMoney – A How-to Guide by Carmen Wong Ulrich (2006). Other members relied on websites like theAICPA’s ‘‘360 Degrees of Financial Literacy’’ and ‘‘Feed the Pig’’ campaigns to find information. Afterdeciding what material to cover, each group developed its skit and incorporated it into the overall‘‘Crossroads’’ theme. Each group developed a financial literacy brochure for its topic which listedimportant information, tips, and websites.3
The Credit group chose to include information on credit reports and calculating credit scores. Fol-lowing the ‘‘Crossroads’’ theme, the group created a skit called ‘‘The Rating Game,’’ which high-lighted the differences between good credit and bad credit. The skit scenario was based on aconversation between three college freshmen: one with good credit, one with bad credit, and onewith no credit. In addition to the skit, color coded note cards were handed out to audience membersat the beginning of the presentation. The group interacted with the audience by asking participantsto stand according to the color on their card. Each group of participants was used to visually repre-sent the percentage of college students that statistics show have over $25,000 in loan debt after theygraduate from college, have a credit card without their parents’ approval, and are at risk for identitytheft.
The Spending Wisely group incorporated the ‘‘Crossroads’’ theme by showing good versus badspending habits. The group demonstrated how to create a basic budget and gave advice on cost-cut-ting tips and controlling debt in a skit titled, ‘‘The Wild West.’’ The presentation included a damsel indistress who was throwing her money away on useless items, an evil ‘‘credit card cowboy,’’ a ‘‘cashcowboy,’’ and a ‘‘budgeting bartender.’’
The Investing group used a ‘‘Vacation Getaway’’ skit to promote the benefits of investing for retire-ment early as opposed to waiting. The group decided to use investing through a retirement plan as thefocus of the presentation. The skit included a chance meeting of two former high school sweethearts.The group showed a disparity between Linda, who started saving for retirement at 25, and Howie, whowaited until 35 to start saving. The group showed amounts invested for Linda and Howie in both aRoth IRA and a 401(k) and their value at retirement age.
2.5. Coordinate and market the project
BAP members who were not part of the skit groups were charged with marketing and coordi-nating the project. These students created flyers, emails, and website postings to advertise the pre-sentation. The group also designed T-shirts for all participating members to wear at eachpresentation. Corporate sponsors were listed on T-shirts and all other marketing material. Otherresponsibilities of this group included reserving rooms on campus for presentations, providing food,drinks, and door prizes, and insuring that all necessary equipment and materials for skit groupswas provided. The BAP members managed their costs and completed the project under budgetusing only $976.76.4
2.6. Implement the project
Our BAP chapter hosted a total of three presentations, one to freshman in the Business ResidentialCollege and two presentations for students in introductory accounting classes. Multiple presentationswere planned to accommodate the anticipated attendance, which totaled 490 students.
3 The topic brochures were created as a tri-fold Microsoft Publisher document and are available upon request.4 The majority of the costs went to the purchase of shirts ($671), pizza ($130), and door prizes ($120).
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All BAP members participating in and coordinating the presentations wore matching T-shirts de-signed for the event so they could be easily recognized to help with organization and directingattendees. Members greeted students, facilitated sign in tables, and distributed financial literacy bro-chures. They helped move the flow of traffic and ensured presentations started on time. Membersalso helped serve pizza and drinks, which were provided for the Business Residential Collegepresentation.
The presentation started with an explanation of the purpose of the event and an outline of how thepresentation was structured. The groups began each skit by showing a YouTube clip related to per-sonal finances. For example, a commercial from FreeCreditReport.com was shown as an introductionto the Credit presentation. Door prizes were also awarded between skits. The video clips and doorprizes entertained the audience and allowed presenters time to set up new skits. The skit groupsended their section of the presentation by summarizing the financial information their skit had en-tailed and explaining their portion of information included in the financial literacy brochure. Each sec-tion lasted approximately twenty minutes, including the clip shown at the beginning and thesummary at the end of each section. A question-and-answer session was held at the end of the pre-sentation. The total length of the presentation was between an hour and a half and an hour and45 min depending on the location and the audience size.
Attendees were surveyed on their level of knowledge and asked to complete comment sheetsregarding content and overall effectiveness of the presentation.5 Comment sheets included the follow-ing three questions:
1. Was there something that you thought you were going to learn at BAP’s Financial Literacy, but thetopic was missing? Please describe.
2. What do you think is the most important thing you learned from BAP’s Financial Literacy presen-tation? Please describe.
3. Do you have other comments or suggestions? Your feedback will be used to help us prepare forfuture presentations.
BAP members collected the sheets after the presentation, compiled the comments, and distributedthem to the BAP chapter so everyone could read the feedback from the audience and use it to improvefuture presentations. The attendee sign-in sheets for each presentation were distributed to the teach-ers of the introductory accounting classes to verify attendance.
Each BAP group was given a time sheet and asked to track and report their time for the project.These sheets were turned into the BAP Vice President of Membership. This officer compiled the timesheet data and submitted the chapter’s service hours on this project to the national headquarters ofBAP.
2.7. Audience outcomes
The survey results of the audience members showed a 42% improvement on the level of knowledgeregarding the personal finance topics addressed in the presentations. The comments received from theaudience were all positive and provided evidence of possible behavioral changes on the part of someaudience members. Several audience members said they were going to sign up for credit monitoring,which they learned through the presentation is free to students at Louisiana State University. Someaudience members said they planned to start using a budget and others commented on opening a RothIRA. The consensus throughout all of the comments received was that the audience learned valuablepersonal finance information, which they planned to use in the future. Positive feedback regarding thepresentation style was also received. Audience members commented on how funny and entertainingthe presentation was and how much they enjoyed the skit format. One comment stated, ‘‘You shoulddo this for all college students, very good information.’’
5 An example of the post-survey is presented in Appendix A. The pre-survey asked the same questions but did not include thequestions for the student comments.
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2.8. Reflection and evaluation of the project
An important component of S-L is reflection, which provides the link between the service activ-ity and the educational learning objectives (Bringle & Hatcher, 1999). For student organization pro-jects to be considered S-L, Rama (1998) states the project should be structured to meet thefollowing requirements: (1) fulfill a community need, (2) improve understanding of accountingcourse content, (3) help in developing an appreciation for the accounting profession, (4) promotea sense of civic responsibility, and (5) develop communication, teamwork, and interpersonal skills.Rama (1998) emphasizes that a critical reflection component is imperative to enhance learningfrom service projects. The reflection can take the form of journals, reports, presentations, and otherstrategies.
BAP members were asked to individually reflect on their experiences with the ‘‘Crossroads’’ presen-tation by providing written comments about how the presentation affected their understanding ofaccounting, what skills were developed or improved during the process, and their sense of civicresponsibility as it related to the project. The member responses were extremely positive. Studentsexpressed the importance of not only providing a service to college underclassmen, but enhancingtheir own learning experience through development of technical and communication skills. AppendixB contains excerpts from the BAP members’ reflection comments.
An advantage of implementing a S-L project through a student organization is the opportunity forformal evaluation and assessment of the project at regional and national competitions (Cook et al.,2003). In February of 2008, the LSU chapter participated in the BAP southeast regional conference BestPractices: Financial Literacy competition. In preparation for this competition, the BAP members collec-tively reflected on their experiences with the Crossroads project. The members held a brainstormingsession to discuss what they learned from the project and to prepare a summary of the project thatcould be presented at the regional competition. At the competition, the BAP officers delivered a tenminute summary of what their ‘‘Crossroads of Financial Literacy’’ presentation entailed including a vi-deo clip of their presentation and a breakdown of the organization of each event. They received firstplace, which enabled them to compete in the national BAP Best Practices: Financial Literacy competi-tion in August of 2008. The officers competed against six other regional winners in the national com-petition and were awarded first place. The judging was done by a panel of International Board ofDirectors members and Advisory Forum members, which includes prominent members from acade-mia, the profession, and the community. The rubric used for judging each presentation is includedin Appendix C. This national first place recognition supports the overall effectiveness and quality ofthis service-learning project.
2.9. Project limitations and ideas for future implementation
A limitation of this project was that the BAP members were restricted to serving their peers, collegestudents, instead of interacting with a more diverse audience from the surrounding community. Forfuture presentations, BAP members could target a more diverse audience from the community, deter-mine what specific financial literacy topics the community audience may be interested in learning,and alter the presentation to meet the needs of the community audience.
Another recommendation for future presentations is to incorporate more reflection activities forthe BAP members and for the audience members. The BAP members could be required to keep a per-sonal journal of their experiences participating in the project. Also, at the conclusion of the presenta-tion, the audience members could participate in shared reflection with the BAP members. Theaudience members could provide feedback directly to the BAP members in an open dialog. Finally,on the comment sheet that the audience was asked to complete, a question could be added that spe-cifically asks the audience if they will change their financial literacy behavior based on informationthey learned from the presentation. Then, an idea for future presentations would be to somehow fol-low up with the audience members to determine if they did indeed change their financial literacybehavior. This type of follow up information could provide strong evidence of the effectiveness ofthe project.
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3. Conclusion
A lack of personal financial education has contributed to the increase in consumer credit debt by59.4% (Federal Reserve Statistical Release., 2009). Based on the alarming statistics for college studentsand the recognition that many financial mistakes can be avoided, this project provides one way to startfighting this growing problem. S-L projects like the one presented here can provide college studentswith a financial literacy foundation that can improve their future financial decisions and develop com-petencies that are required to be successful in the profession. There exists an ever increasing need formethods to educate the public on financial literacy, and this project provides one possibility.
A Beta Alpha Psi national ‘‘Best Practices’’ topic for the 2007–2008 school year provided the initialframework for this S-L project. The project builds on prior S-L literature (Cook et al., 2003; Mech, 1998;Rama, 1998) by demonstrating how S-L projects executed through student organizations can meeteducational objectives of the curriculum and fulfill a community need. Projects like the one presentedhere can be implemented by any student organization and structured to reach any audience. In 1 year,this S-L project directly reached nearly five hundred college students. While this project does not ad-dress all of the many different areas of financial literacy, it can be adapted to include different topicsthat may be better suited for various target audiences.
Acknowledgments
We thank Barbara Apostolou, Jan Shoemaker, and the editor for providing helpful comments. Wealso thank Julie Chenier, Beta Alpha Psi co-advisor, Beta Alpha Psi members who participated in theproject, and Beta Alpha Psi sponsors for making this project a success.
Appendix A
Post-Survey
Beta Alpha PsiFinancial Literacy SurveyPost Presentation
Please circle the best answer:
1. Which of the following is a good way to improve you credit score?A. Cancel all credit cards.B. Only pay the ones with the largest balances.C. Pay bills on time.D. File bankruptcy and start over.
2. APR is known as:A. Accelerated Payment Rate.B. Actual Percentage Rate.C. Annual Percentage Rate.D. Always Prime Rate.
3. Which of the following credit card users is likely to pay the GREATEST dollar amount in financecharges per year, if they all charge the same amount per year on their cards?A. Vera, who always pays off her credit card bill in full shortly after she receives it.B. Jessica, who only pays the minimum amount each month.C. Megan, who pays at least the minimum amount each month and more, when she has the
money.D. Erin, who generally pays off her credit card in full but, occasionally, will pay the minimum
when she is short of cash.4. Which of the following statements is true?
A. Your bad loan payment record with one bank will not be considered if you apply to anotherbank for a loan.
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B. If you missed a payment more than 2 years ago, it cannot be considered in a loan decision.C. Banks and other lenders share the credit history of their borrowers with each other and are
likely to know of any loan payments that you have missed.D. People have so many loans it is very unlikely that one bank will know your history with
another bank.5. Karen has just applied for a credit card. She is an 18-year-old high school graduate with few valu-
able possessions and no credit history. If Karen is granted a credit card, which of the following isthe most likely way that the credit card company will reduce risk?A. It will charge Karen twice the finance charge rate it charges older cardholders.B. It will start Karen out with a small line of credit to see how she handles the account.C. It will make Karen’s parents pledge their home to repay Karen’s credit card debt.D. It will require Karen to have both parents co-sign for the card.
6. You can withdraw your contributions to a Roth IRA (�).A. Only after age 71.B. At anytime without tax or penalty.C. Only in a month with five Mondays.D. After you pay income taxes and a penalty.
Please Circle your selection for True or False:
7
True False Interest rates and fees are about the same on all credit cards 8 True False Your credit history has no effect on your ability to get a job or rent anapartment
9 True False Credit card companies only approve credit limits that an individual is able toafford
10 True False You should keep enough in your savings account to cover 3 months ofexpenses
11 True False Each participating employee decides the amount to be withheld from his orher pay as a 401k contribution each month
12 True False Some employers choose to add to participants’ 401k contributions throughemployer matching, profit-sharing and/or qualified non-elective contributions
Was there something that you thought you were going to learn at BAP’s Financial Literacy, but thetopic was missing? Please describe:
What do you think is the most important thing you learned from BAP’s Financial Literacy presen-tation? Please describe:
Do you have other comments or suggestions? Your feedback will be used to help us prepare for fu-ture presentations.
L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103–113 111
Appendix B
Excerpts of Reflection Comments from BAP Members
‘‘This project has enhanced what I have learned in my accounting classes by taking thetextbook information and applying it to real-world situations. While classroom curriculums focuson business applications of the information, Financial Literacy enabled me to see how important afinancial understanding can be on a daily basis. (Most) people do not think in terms of debits andcredits, and this was a great chance to translate the technical knowledge into an applicableknowledge.’’
‘‘The accounting classes focus more on the theoretical practice of accounting and business. Thefinancial literacy project, though, focused entirely on the practical side of business and personal fi-nances. Through researching and preparing to give the financial literacy presentation, we combinedour theoretical understanding with the practical side to fully understand how to manage one’s per-sonal finances and why it is important.’’
‘‘My experience with Financial Literacy opened my eyes to things I had not realized about theaccounting profession. Most significantly, this knowledge is not reserved for the minds of a fewaccountants, but is really important for everyone to grasp, especially in today’s society. The account-ing profession is not just bean-counting anymore; it is a dynamic and highly communicative fieldthat demands interaction and places a high value on personal development and communityadvancement.’’
‘‘This experience shattered the stereotype that accountants spend their time sitting behind acomputer screen working through spreadsheets. This presentation required that we perform seriousresearch about our topics, prepare informative yet interesting presentations, and present our topicsto an audience. This experience taught me that accountants not only need to fully understandaccounting, but also must have the talent and confidence to present their knowledge to largeaudiences.’’
‘‘The most noticeable skills I developed from my participation in financial literacy were my com-munication skills. I had no previous experience of speaking in front of large groups of people. Havingthe opportunity to speak to over 200 business students at a time gave me confidence in communicat-ing clearly and effectively to large groups of people.’’
‘‘The role I played in my group was creator and organizer. Through the project, my creative andleadership skills improved. I feel that majoring in accounting inhibits your creative thinking to a de-gree (there is always a correct method or process to do something). By transforming the topics intoskits that relate/entertain college students, helped rejuvenate my creativity. Also, the project in-creased my ability to delegate and communicate with peers.’’
‘‘I feel that working on a project like this–one that is not for a grade–gives students who partici-pated in it a glimpse of what working on a project in the real world is like.’’
‘‘My understanding of civic responsibility has changed as a direct result of my involvement withFinancial Literacy. Financial knowledge and responsibility should be used as a way to expand oppor-tunities for people. Instead, it is often the lack of financial knowledge that is a source of confusion anddebt for many people. I think that those of us who understand credit and finances and budgeting arecharged with dispersing this knowledge as much as possible, and making sure that all people under-stand the long-term implications of their decisions today.’’
‘‘Through giving this presentation, I was amazed to discover how financially illiterate mostpeople are, and I realized just how important what we did was. I would not say that my sense of civicresponsibility necessarily changed. Rather, I simply realized that financial literacy is just as importantas other social issues that are plaguing society today. It makes me wonder how our current financialcrisis would be different if people fully understood how to properly manage their money andfinances.’’
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Appendix C
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