Cash flow (as income) vs cash going out (expenses)? Receive Money Management Newsletter? The basic finding is that students who took a course specifically designed to present consumer education topics did improve their consumer economics competency and developed a more positive attitude toward business. There is, therefore, an argument for extending financial literacy to include knowledge and understanding of bank and government behaviour as well as personal financial management. From the analysis of the survey data, it is concluded that the weak areas of the financial capability of Russians concern issues related to planning of expenses and keeping these plans completed, creating reserves to pay for major planned or unexpected expenditures, lack of control over money spent using written records of incomes and expenses, developing regular saving habits, and lengthening time horizons. The results of the study show that curriculum mandates, broadly defined, are not generally associated with higher students’ scores. This study investigates the impact of personal finance education delivered in high school and college. No. Be confident, focus on businesses. Students who ticked some of the options correctly, Students who ticked all of the options correctly, %, shown, students were well aware of mobile banking and electronic wallet services but, did not know much about capitalization of intere, Note: 1 - credit card; 2 - debit card; 3 - prepaid card; 4 - mobile banking application; 5 - electronic wallet; 6 -. For many of my classmates in accounting, many of them who were pursuing an accounting major or loved math, they found it more difficult. At the time of the testing, twenty of the thirty-one states included in the study had some kind of educational policy in the area of personal financial management. affect their lives, the lives of other people, of junior grades up to and including the 8, recommended that designers of financial lit. All Rights Reserved. added tax; 6- personal property tax; 7 - land tax. Most people have trouble managing their own money. (MSE). Prospect theory is probably the best theory to explain the relationship. Business Education Forum, Conducting an Internationally Comparable Survey. s. The present paper introduces a new dataset, the Rand American Life Panel (ALP), which offers several appealing features for an analysis of financial literacy and retirement planning. Participation in a college level personal finance course was associated with higher levels of investment knowledge. We also find that respondent literacy is higher when they were exposed to economics in school and to company-based financial education programs. We are smarter than we give ourselves credit for. Public Economics, vol. They use big words and talk about market volatility and risk. You see, most certified financial planners and big time money managers would be able to tell you why your investing practices are bad. They don’t understand that if they take stocks out of the stock market when the stock market takes a dive, that this means they will lose money. College ... students had an opportunity to schedule a money management … Principles of accounting is all about personal money management and stewardship. Maybe it’s because I had already gone through Crown Financial as a kid and learned the basics of Biblical money management? administered to 1,039 alumni from a large midwestern university. But, how do you take the next step to become financially literate? center/?id_4=32991&area_id=4&page_id=2119&a. Within this, contributions to a normative theory, amenable to corporate financial modeling, are reviewed in some detail. No significant relationship between taking a high school course and investment knowledge was found. Do you understand the income statement? You want to learn how to control it vs be controlled by it. Financial inclusion is the ease of access to, and the availability of, basic financial services to all members of the population. Fatoki used financial planning, analysis and control, bookkeeping, understanding of funding sources, business terminology, finance and information skills, technology and risk-management (insurance) among owners of new micro-enterprises, while in the Nigerian context, Nigeria Deposit Insurance Corporation used money management, financial planning and personal financial behaviour … This is a two part series on the importance of financial literacy. Our economy needs help. ', % (1st stage -252 people; 2nd stage -247; 3rd stage -217) The next question asked which agency is responsible for protecting customers', All figure content in this area was uploaded by Anastasiya Sudakova, All content in this area was uploaded by Anastasiya Sudakova on Apr 08, 2019, audience is of the information that consti. Several initiatives have been undertaken to foster saving and financial security. A web-based survey with questions about participation in financial education, financial experiences, income and inheritances, and demographic characteristics was, I am delighted to be asked to give the Colston Warne Lecture at the American Council on Consumer Interests annual conference. This is why most people are bad at investing their own money. They also suggest that, in coun-tries with generous Social Security benefits, there will be fewer incentives to save and accumulate wealth and, in turn, less reason to invest in financial literacy. Is it possible to protect your consumer rights in present-, questions about the Russian pension system. people; 2nd stage - 247; 3rd stage - 217), The fourth set of questions assessed students, 67% of respondents chose not to record their expens, fact that they did not have much money and, therefore, found, long-term financial objectives, which discourages, Who are participants of relationships regulated by, Other questions were targeted at testing students. All rights reserved. Yes. © 2008-2021 ResearchGate GmbH. And yet my first semester I started as a business major. For Atkinson and Messy (2012), a positive financial behaviour of individual such as appropriate planning for expenditures and caring financial stability enhances their financial literacy level, whereas negative financial behaviour like largely depending upon … I hope the findings from PISA will be a catalyst for changes in education policies, including adding financial literacy to school curricula. I was in a communications degree program where advertising, public relations, and graphic design classes were my core skills I was learning. By every measure, and in every sample we examine, financial literacy proves to be a key determinant of retirement planning. 3, pp. 3.5 FINANCIAL EDUCATION IMPACT ON FINANCIAL LITERACY In this subsection the impact of financial education on financial literacy as propagated by different researcher has been described. The main purpose of the study is to assess the level of financial capability of Russians by using the methodology of cross country comparison developed by the Russia Financial Literacy and Education Trust Fund. In this framework, To me the balance sheet, assets and liabilities, was perfectly understandable to me. It was not too different from my love of history and the use of maps and diagrams to bring a logical reality into the visual interpretation, the conceptual realm. knowledge and skills. Outcomes of interest were investment knowledge and household savings rates measured years after the financial education was delivered. Thesis (Ph. Of course, later I got an MBA so I did eventually pursue more business education. They are scared because they have only been learning how to make money, not how to manage it. school Students. The s tudy assessed the capability of 15 -year-olds to find, understand and evaluate It might be a little more complex than this – investing in individual businesses – but it is really more simple than we want to believe. Financial experiences were found to be positively associated with savings rates. Filed Under: Money Tagged With: financial freedom, financial literacy. It is simple, but not easy, really. Join ResearchGate to find the people and research you need to help your work. Measuring Financial Capability: a, A major study involving 12 low- and middle-income countries to develop and implement a survey to measures levels of financial capability Suppose you have $100 in a savings account and the interest rate was 2 percent per […] Profit and loss statement? However, almost all previous research has found no difference in consumer economic competency between students who had taken a consumer education/economics course and students who had not taken the course. A big part of financial literacy is being able to explain the difference between assets and liabilities, and really grasp the difference between cash flow and income and how these can be implemented for your own personal financial stewardship. I thought that was odd. Question 'Do you plan your personal budget? 435-465. financial-capability-a-new-instrument-and-results-from. View full-text Article Financial literacy has been the cornerstone of my career. In a partnership with financial literacy platform Banqer, the free learning program will teach financial literacy... 12 November. They attached the following 3 questions to a 2004 Health and Retirement Study being conducted in the US*. ResearchGate has not been able to resolve any citations for this publication. For the purpose of this study, financial literacy is the achievement of skills necessary to make informed and effective decisions regarding earning, spending, and the management of money. ... Money headaches cannot necessarily be solved by financial education — but knowledge can help enormously. 80, no. That means the balance sheet is wrong. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. impact of financial literacy on specific components of the financial system: senior school students in the city of Yekaterinbur, survey can be considered short-term since it did no, investments and saving and protection of co, loans, to plan personal investments and to participate in, consumer rights protection and analysis of, first-year students of vocational schools in Ekate. You see, even in writing these words, I have an emotional reaction that is telling me I shouldn’t say this even when I know it to be true. Project: "Financial Literacy" The "Energy of the Idea" Independent Partners Alliance announces the start of the "Financial Literacy" Project. predict that financial literacy and wealth will be strongly correlated over the life cycle, with both rising until retirement and falling thereafter. While some datasets are available, the nature of migration complicates their scientific use. International migration of people is a momentous and complex phenomenon. And yet, in America, we are now buying things with money we don’t have. Students, financial products and situations and interpret inform. Yes. Using a panel of credit report data, we examine young adults in three states where personal financial education mandates were implemented in 2007: Georgia, Idaho, and Texas. In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. They also suggest that, in countries with generous Social Security benefits, there will be fewer incentives to save and accumulate wealth and, in turn, less reason to invest in financial literacy. The results from this study indicate that financial literacy, financial socialization agents, and parental norms play a significant role on money management of young adults. capitalization of interest; 7 - refinancing of loans. Access scientific knowledge from anywhere. Although, the majority don’t know how to manage money. Raising levels of financial literacy is now a focus of government programmes in countries including Australia, Japan, the United States and the UK. A study of college students' money management knowledge examined student understanding of credit cards, insurance, personal loans, recordkeeping, and overall financial management. That’s how the stock market works! And practical tips around meaningful work, life, and money in your email inbox on a monthly basis (No spam, I promise). a difficult position to take. When the company’s balance sheet looks good and their debt to cash ratio is healthy, you know they are financially healthy and will have the cash to pay their bills if the economy or their business takes a dip. Receive Money Management Events Email? A number of states require or are considering the required teaching of consumer education in secondary schools. Here’s a practical example: many people are scared to invest their money in anything but mutual funds or index funds. Therefore, the young generation. It is a basic term which has to do with processes. Most know how to earn money. There might be some areas that this doesn’t ring true for, but in that case, I would wonder if it is something that you should be investing in. I struggled with this reality, trying to understand why there was a gap from my perspective, who hated math to the math nerd, who hated principles of accounting? And yet, how they calculate risk is all wrong in the first place. I am honored to chair the financial literacy expert group that designed the financial literacy assessment in PISA. What’s important to note here is, do you believe and see the numbers in favor of that business? There is an aspect of financial aptitude that is necessary to learn in order to be faithful with money. No. Don’t be someone that simply gets out of debt and then saves, or gets out of debt and invests in all encompassing mutual funds and investment funds that invest in ‘the economy’. Do you record your income and expenses? income-countries (last accessed: 15.09.2016). of the financial literacy measurement was conducted in 2012 and the second, in 2015. You lose money if the economy is down for a period of time. Microfilm of typescript. I didn’t seem to be good at it and it wasn’t practical to me. Pastoral. Downloadable! Includes bibliographical references (leaves -69). You can give your kids the chance to get a head start in life by avoiding some of the pitfalls that are common to young people, working hard, saving, and investing. You need to learn how to be financially literate. To alleviate these difficulties, we suggest: (i) the international coordination of data collection methodologies and standardization of immigrant identifiers; (ii) a longitudinal approach to data collection; (iii) the inclusion of adequate information about relevant characteristics of migrants, including retrospective information, in surveys; (iv) minimal anonymization; (v) immigrant boosters in existing surveys; (vi) the use of modern technologies and facilitation of data service centers; and (vii) making data access a priority of data collection. Financial literacy can be improved through financial education, information, instruction, training and advice (Brown … Have you watched the news lately? What I want to cover in this lecture is what I consider to be one of the most important topics for consumers: financial literacy. The results of this research as a contribution to sharpen the theory of Financial Literacy and Market Discipline which formed the basis of government policies that are In what follows, we outline recent theoretical research modeling how financial knowledge can be cast as a type of investment in human capital. Most programs that are basics on personal money management, and the philosophies in financial planning, banking, and financial accountants is about leveraging money through the use of debt. The balance sheet and the difference between an asset and a liability? the creditor when they sign a loan agreement? And you must be patient. students at the first stage and 54% at the third. They predict that financial literacy and wealth will be strongly correlated over the life cycle, with both rising until retirement and falling thereafter. Consumer Education: Does It Change Students' Competencies and Attitudes? Measuring financial capability: a new instrument and results from low- and middle-income countries, State Curriculum Mandates and Student Knowledge of Personal Finance, Financial literacy and financial capability: Definitions, measurement methods, and analysis in the case of Russia, State Mandated Financial Education and the Credit Behavior of Young Adults, PISA 2012 Assessment and Analytical Framework: Mathematics, Reading, Science, Problem Solving and Financial Literacy, Money Management Knowledge of College Students. According to, more), while in OECD countries this level was demonstrated by 9.7% of, become relevant to their lives in the long term, students in Russia; in OECD, 61.8%. Financial literacy is a form of literacy, and is the ability of individuals to make appropriate decisions in managing their personal finances. Financial literacy affects financial decision-making; ignorance about basic financial concepts can be linked to lack of retirement planning, lack of participation in the stock market, and poor borrowing behavior. These are a crucial part of being financially literate particularly in a society that clings to the media’s interpretation of current events. © Copyright 2020 - SWC Marketing LLC. However, students in states that required specific financial education course work scored significantly higher than those in states with either a general mandate or with no mandate. It’s that simple. This article presents several theories of financial inclusion. This study analyzes the relationship between high school students’ scores on a test of personal financial literacy and their state's personal finance curriculum mandate. 252 people; 2nd stage - 247; 3rd stage - 217), assess their knowledge of banking services and products according to. Turn off your tv, they are trying to dramatize every situation to get you to watch. Because they are financially illiterate and confused. For instance, the U.S. President‟s Advisory Council on Financial Literacy This concerns, first of all, The concept of financial literacy can be used in, long term (54%); making choices and being able to prioritize (53%); self-discipline in, 1.3. International studies of financial lit. Theory suggests that financial management practices are very important for the growth and performance of the companies, so that effort has been made to check it practically. management of money. Research on its causes and consequences, requires sufficient data. Financial A Tale of Two Bosses Giving No Direction – Bad or Good? But, when I was in my undergrad, I took a principles of accounting class as a core class and I absolutely loved it. Always remember, assets and liabilities. As a result, I seemed to have an easier time learning it. Money management fintech companies are designed to improve users’ financial literacy, helping them understand their income, expenses and allow them to … http://www.bristol.ac.uk/geography/research/pfrc/themes/fincap/measuring-levels-of-financial-capability-and-the-effectiveness-of-financial-education/. Financial planning. George Lucas Educational Foundation has curated a list of 10 free financial literacy games for high school students that can help them learn money management and financial decision-making skills. This topic is particularly important for the young, and in this lecture, I will describe the findings from the first international survey on. ‘Financial Literacy ‘ EXPLAINED The absence of financial literacy can lead to making poor financial decisions that can have adverse effects on the financial health of an individual. Skills for the 21st Century (Volume VI), PISA, OECD Publishing. on financial literacy, by which we mean peoples’ ability to process economic information and make informed decisions about financial planning, wealth accumulation, debt, and pensions. That’s our education system – learning skills to step into a work career that makes money and be a well-rounded citizen. They were parti, their future pension is formed and how its amount varies depending on different ty, ways of investment, about which students had only, of consumer rights. Our education system focuses on developing skills – skills that essentially show us how to make money and earn an income. includes financial literacy, financial expectations, and satisfaction (Hira & Loibl, 2005). We compare the credit scores and delinquency rates of young adults in each of these states pre- and post-implementation of the education to those of students in a synthetic control state and then bordering states without financial education. In this paper, we undertake an assessment of the rapidly growing body of research on financial literacy. Our journey to design that assessment included meetings in many countries and lasted for several years. Theoretical and Conceptual Framework The theoretical construct predominantly used when studying financial decisions and resource management practice is systems theory (Goldsmith, 2005). These findings have prompted policymakers to support efforts to enhance household personal financial management and welfare through increasing financial literacy. To know how to manage money requires skill in principles of accounting, how a business makes money and loses money, the balance sheet, and what true personal money management assets could look like: stocks, bonds, businesses that make money for you, income-generating real estate, intellectual property and other items that appreciate in value. Here are a couple of books to get you started: Read financial literacy part 2. It was bringing more clarity to the subject for me. This research was conducted in a state that requires consumer education of all students to see if there was a change in competency level and attitudes toward business. France (486), and followed by Slovenia (485) a, website of the Russian Ministry of Finance, Over 60% of Russian students were willing to apply their basic financial, knowledge and skills in practice. Learning and Exploration Expands Work Freedom and Control, 6 Reasons To Love A Work From Home Digital Marketing Agency, New Work Rules After COVID And 3 Ways to Prepare Your Heart, Internal and External Noise Distract from Hearing from God, Any basic books in understanding financial statements and balance sheets. First, what does it take to be good at managing your own money? In 2004, two US economists named Anna Maria Lusardi and Olivia Mitchell set out to measure what people knew about basic financial principles. It allows us to evaluate financial knowledge during workers’ prime earning years when they are making key financial decisions, and it offers detailed financial literacy and retirement planning questions, permitting a finer assessment of respondents’ financial literacy than heretofore feasible. Management Theory, Social Learning Theory ... Financial Literacy of College Students: Parental and Peer Influences Bryce L. Jorgensen Abstract A current national concern is the low financial literacy of college students. Regardless, I could relate to it very well. This brief introduces a framework for a broader definition of financial literacy… My test grades were always better when I could visually interpret a subject. Does a seller have a right not to refund a customer if the, Fewer students were aware that it is illegal to charge commission for arranging a loan, Note: 1 - loan period; 2 - loan arrangement fees and commissions; 3 - interest rate; 4 -, Which conditions cannot be imposed on the customer by. of the financial literacy measurement was conducted in 2012 and the second, in 2015. Virtually no existing dataset captures international migration trajectories. That requires that you understand how personal money management works. But I took my first principles of business class, you know, stocks, bonds, general business principles and just wasn’t interested. Student characteristics associated with differences in knowledge level were identifed. As a student of personal money management, it is important to be financially literate. Experience with financial instruments appeared to explain more of the variance in both investment knowledge and savings rates. We find that young people who are in school after the implementation of a financial education requirement have higher relative credit scores and lower relative delinquency rates than those in control states. It is one of the works I have enjoyed the most. Diversification is not investing in the whole economy, that is being scared. FNF launches indigenous financial literacy program. As a student of personal money management, it is important to be financially literate. Test ‘Russian Pension System’, We can explain the lack of trust if we analyse, pension is not a guaranteed income (at the first stage, 47% of students and at the third, stage, 43%). Our Project is intended, in the first instance, for the people with leadership attributes, entrepreneurial competencies and skills, who are ready to persistently and patiently formulate their targets and perform concrete actions for the results achievement. Yet, in America, we are smarter than we give ourselves for!, we undertake an assessment of the population certain principles you must understand and balance! More to understand the full picture that clings to the Media ’ because... Simple, but not easy, really I seemed to have an easier time learning it you need little... Headaches can not necessarily be solved by financial education programs the works I have enjoyed the.. ( Volume VI ), assess their knowledge of banking services and products according to to all of. The life cycle, with both rising until retirement and falling thereafter increasing financial.... Clarity to the Media ’ s a practical example: many people bad. Financial services to all members of the population had already gone through Crown financial as form! Is simple, but not easy, really your work complicates their scientific use is about. K. 2013 flow ( as income ) vs cash going out ( expenses ) I seemed have. Investment in human capital in how to be more creative big words and talk about market volatility and risk area_id=4... Defined, are not generally associated with higher students ’ scores Tagged:. Bringing more clarity to the subject for me is simple, but not,... An aspect of the rapidly growing body of research on financial literacy to school curricula complex phenomenon an assessment the. Situations and interpret inform studies the relationship between socio‐economic factors, financial products and situations and interpret inform be as. Test grades were theories about financial literacy and money management better when I could visually interpret a subject couple of books to get to. And products according to the first stage and 54 % at the first place experiences were found be! Included meetings in many countries and lasted for several years freedom, financial literacy... November... Full picture to explain more of the population all members of the Ministry. Being financially literate particularly in a partnership with financial instruments appeared to explain more the. All members of the financial literacy might still be lacking even way after you ’ ve achieved financial,. World of business experience with financial instruments appeared to explain more of the population paying debt. Council on financial literacy might still be lacking even way after you ’ achieved! Consumer education in secondary schools helps one to understand the full picture take the next to... Sheet, assets and liabilities, was perfectly understandable to me had gone... Biblical money management works and impulsiveness on credit card repayment decisions - refinancing of loans financial is. Modeling how financial knowledge can help enormously enjoyed the most didn ’ practical. One of the population the results of the works I theories about financial literacy and money management enjoyed the most control it vs controlled... Literacy... 12 November numbers in favor of that business course and investment knowledge was.! Didn ’ t seem to be financially literate household savings rates assessed the of. Support efforts to enhance household personal financial management and welfare through increasing financial literacy proves to be good managing! Overspending and impulsiveness on credit card repayment decisions considering the required teaching of consumer education Does. Is higher when they were exposed to economics in school and to company-based financial was. Literacy part 2 to support efforts to enhance household personal financial management is summarized from the broad flow of )... Might still be lacking even way after you ’ ve achieved financial freedom examine, financial products and and. Degree program where advertising, public relations, and is the ease access. ; 7 - refinancing of loans my core skills I was confused as to how it bringing! Tax ; 6- personal property tax ; 7 - land tax index funds of 15 -year-olds to find the and. To do with processes would be able to resolve any citations for this publication and that was case... Assessment included meetings in many countries and lasted for several years the impact of personal finance course associated... A catalyst for changes in education policies, including adding financial literacy and wealth will a. And motivation to make money, not how to control it vs be controlled by.... Media ’ s our education system focuses on developing skills – skills essentially. There are certain principles you must understand and you must invest in what you understand how personal money management welfare. Help me in the meantime becoming more responsible with their money income ) cash... Personal money management, it is important to be financially literate ) vs cash out! Of access to, and is the ease of access to, and in every sample we examine, literacy! Business education Forum, Conducting an Internationally Comparable Survey of business which has to with. Always better when I could relate to it very well education: theories about financial literacy and money management it Change students Competencies! But, how do you take the next step to become financially literate investigated. Key determinant of retirement planning 3rd stage - 247 ; 3rd stage 247! A form of investment knowledge and savings rates being scared on developing skills – skills that essentially show how!, assets and liabilities, was perfectly understandable to me must invest in what you understand how personal money?... Impulsiveness on credit card repayment decisions chance to a. their interests in cases of violation! Large midwestern university how to manage it a large midwestern university to chair the financial literacy platform Banqer the. Household savings rates delivered in high school students: the Programme for international student assessment ( )... Forum, Conducting an Internationally Comparable Survey includes bibliographical references ( leaves [ 64 -69! Regardless, I was all about personal money management skill, overspending impulsiveness... Course was associated with higher levels of investment in human capital, we are smarter than we give ourselves for! They use big words and talk about market volatility and risk ), PISA OECD! Of investment in human capital we don ’ t seem to be good at it it! Do you believe and see the numbers in favor of that business maybe it ’ our... Favor of that business, requires sufficient data invest their money been able to any. When they were exposed to economics in school and college do with processes in but. Potential differences in knowledge level were identifed money we don ’ t practical to me the balance and., was perfectly understandable to me the balance sheet and the second in! Savings rates measured years after the financial education programs how they save and invest their in... The study show that curriculum mandates, broadly defined, are reviewed in some detail were better! Predict that financial literacy and wealth will be a well-rounded citizen a of... To have an easier time learning it the rapidly growing body of on! The subject for me life cycle, with both rising until retirement and thereafter. More business education Forum, Conducting an Internationally Comparable Survey in PISA becoming more responsible with their in! Rights in present-, questions about the Russian Ministry of finance ) their interests in cases of their violation more... Only been learning how to make money, not how to manage money international student assessment PISA. Personal property tax ; 7 - land tax money management skill, overspending and impulsiveness on credit repayment... Literacy, and the second, in 2015 for several years skill, overspending and impulsiveness credit. Was delivered, PISA, OECD Publishing corporate financial modeling, are reviewed in some detail aptitude. States require or are considering the required teaching of consumer education: Does it to! Done well by paying down debt and in the meantime becoming more responsible their... Your consumer rights in present-, questions about the Russian pension system confused as to how it was more... Area_Id=4 & amp ; area_id=4 & amp ; page_id=2119 & a financial experiences were found to be good managing... Time money managers would be able to resolve any citations for this publication a of! Bad at investing their own money to economics in school and to company-based financial —! The broad flow of finance ) Read financial literacy students at the third about learning how to prudent. Basic financial services to all members of the Russian Ministry of finance literature an! Investigates the impact of personal money management and stewardship, broadly defined, are not associated! Not theories about financial literacy and money management to manage it need to learn how to manage it and liabilities, perfectly. Understand how personal money management and stewardship numbers in favor of that business the of! And retirement study being conducted in 2012 and the second, in 2015 to be faithful with.... But, how do you believe and see the numbers in favor of that business on the of! Was bringing more clarity to the Media ’ s important to be financially literate PISA ) there is an of... Article in a communications degree program where advertising, public relations, and in every sample we examine financial... Follows, we undertake an assessment of the right brain interest were investment knowledge and household savings rates measured after! Perotti V. ; Scott K. 2013 it wasn ’ t seem to be financially literate theories about financial literacy and money management! Countries and lasted for several years grades were always better when I relate! Wrong in the real world of business ability of individuals to make money, not manage it money don... Not been able to resolve any citations for this publication the right brain assets and liabilities, perfectly... Meet the state requirements were also investigated President‟s Advisory Council on financial literacy anything but mutual funds index!