Graduate Thesis Or Dissertation
 

An analysis of the acceptance and the conceptual clustering of personal finance competencies as identified by the business community and personal finance teachers

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  • This study was designed to determine the common personal finance competencies needed by graduating high school students in Oregon as perceived by personal finance teachers from the subject matter areas of business education, home economics, mathematics, and social studies and the business community. Two other purposes were to (1) determine if differences existed among five groups on the acceptance of the proposed content of 70 personal finance competencies and on the level of learning at which the content should be taught, and (2) determine the major clusters of the 70 competencies for both the acceptance of content and the level of learning. Methods and Procedures: A list of competencies was developed by reviewing the Oregon Personal Finance Education Guide (1974) and the tentative revisions for the Guide which had been prepared by the Oregon Department of Education. A questionnaire was developed, validated by a jury of experts, and field tested with members of the business community and teachers of personal finance. The final questionnaire contained 70 competencies with two scales, one with a five-point Likert-type scale to determine acceptance of content and one with a six-point scale to determine the level of learning. Instruments were mailed to a random sample of personal finance teachers and members of the business community from Oregon. Five hundred and forty-three usable responses were received. Data were analyzed statistically using (1) the one-way analysis of variance, (2) the Student-Newman-Keuls test where appropriate, and (3) factor analysis consisting of the R-mode and the Q-mode. Findings and Conclusions: The following major findings were noted: For the acceptance of content, 49 of the competencies were selected as desirable and 21 were considered to be of moderate value. For the level of learning needed for acquisition of the content, 7 competencies were rated at the synthesis level, 44 at the application level, and 19 at the comprehension level. Competencies identified as needing the most emphasis for content and level of learning related to the concepts of financial planning. The two highest ranked competencies for both acceptance of content and level of learning were Steps in Financial Planning (Budgeting) and Responsibilities for Using Credit. The lowest ranked competency for both acceptance of content and level of learning was Financial Implications of Future Travel and Recreation. Significant differences were found among the five groups on 59 of the competencies for acceptance of content and on 48 of the competencies for level of learning. Most agreement for acceptance of content occurred in the concept area of economics. Agreements for the level of learning occurred on competencies related to finance and saving. More differences existed between personal finance teachers and the business community than existed among the teachers from the four subject matter areas. The R-mode of factor analysis identified clusters of personal finance competencies. A six-factor solution for acceptance of content extracted 50 competencies with factor loadings of +.45 or higher and were identified for curriculum planning as follows: I - Consumer Protection and Regulation, II - Long Term Expenditures and Benefits, III - Financial Planning, IV - Credit and Contracts, V - Consumer Choices, and VI - Investments in Society and the Individual. A six-factor solution for the level of learning extracted 59 competencies with factor loadings of +.45 or higher and were identified for curriculum planning as follows: I - Consumer Choices, II - Credit and Contracts, III - Long Term Expenditures, IV - Finance and Savings, V - Economics and the Individual, and VI - Consumer Regulation and Protection. Recommendations: Based on the findings of the study, it was recommended that all competencies in the study be included in Oregon's personal finance curriculum, that instruction be provided at the specified levels of learning, and that the clusters of competencies be used in developing curriculum.
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