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1、IntroductionIn recent years, the need for financial education has gained the attention of a wide range of entities including banking companies, government agencies, grassroots consumer and community interest groups, universities, schools, and other organizations. Numerous factors have led to a compl

2、ex, specialized financial services marketplace that requires consumers to be actively engaged if they are to manage their finances effectively. The forces of technology and market innovation, driven by increased competition, have resulted in a sophisticated industry in which consumers are offered a

3、broad spectrum of services by a wide array of providers. Other important demographic and market trends contributing to concerns include increased diversity of the population, resulting in households that may face language, cultural, or other barriers to establishing a banking relationship; expanded

4、access to credit for younger populations; and increased employee responsibility for directing their own investments in employersponsored retirement and pension plans. The prevailing concern is that consumers lack a working knowledge of financial concepts and do not have the tools they need to make d

5、ecisions most advantageous to their economic wellbeing. Financial decisions made by consumers affect an individuals or familys current financial wellbeing and ability to save for longterm goals such as buying a home, seeking higher education, or financing retirement. In addition, the consumer decisi

6、ons also play an important role in the overall economic health of the nation, as was experienced through the recent economic crisis. Most recent economic issues such as credit card debt, home foreclosures, reduced savings, declining values of investments, the collapse of the subprime lending market,

7、 and escalating numbers of personal bankruptcy have focused the nations attention on the importance of financial education.Technological advances have transformed nearly every aspect of the marketing, delivery, and processing of financial products and service. The forces of technology and market inn

8、ovation, driven by increased competition, have resulted in a sophisticated industry in which a wide array of providers offers consumers a broad spectrum of financial products and services. These developments have given consumers more options and greater flexibility in creating financial arrangements

9、 that best suit their needs. However, a complex and specialized financial services marketplace requires consumers to be informed and actively engaged if they are to manage their finances effectively.While there are many causes to the economic problems facing the country, it is undeniable that a lack

10、 of financial education is a contributing factor. Far too many Americans entered into home and other loan agreements that they did not understand and ultimately could not afford. More broadly, the lack of basic skills such as how to create and maintain a budget, understand credit, or save for the fu

11、ture are preventing millions of Americans from taking advantage of our vibrant economic system. Financial education is not an issue unique to any one population. It affects everyonemen and women, young and old, across all racial and socioeconomic lines （U.S. Department of the Treasury, Office of Fin

12、ancial Education, 2008）.Under these circumstances, there is a renewed attention to personal finance education. This subject matter is currently gaining attention from various quarters of society, such as academia, government, corporations and nonprofit organizations. There is an increasing recogniti

13、on of the importance of this area within several academic quarters, such as economics and finance, that were traditionally not involved in this subject matter. One of the challenges, with increased interest from diverse programs, is the loss of focus on the family and more of a concentration on indi

14、vidual decision making. Financial education programs are now being referred to by a variety of names, the most frequently used name being “financial literacy”; however, the term financial literacy means different things to different people. There is no national standard that describes the expectatio

15、ns of a course labeled “financial literacy” regarding the core content, core competencies, assessment of the impact, and professional preparation of the teacher.This paper briefly reviews the history of personal finance and then looks at the current status of the personal financial discipline and ed

16、ucation before identifying challenges and opportunities for the future. In the final section, steps necessary to strengthen the future of this discipline are also presented. An Interdisciplinary ApproachPersonal finance has its roots in economics, finance and management and incorporates general prin

17、ciples of decision making and the management of financial resources of the individual and family. It involves application of principles from a variety of disciplines such as economics, sociology, psychology, adult learning, and counseling to the study of ways that individuals, families, and househol

18、ds acquire, develop, and allocate monetary resources to meet their current and future financial needs. In the dynamic system of personal finance, decision makers are central. They influence and are influenced by various factors both in external and internal environments. This includes financial mark

19、ets and institutions; government agencies; economic, demographic, and social trends; and personal and family factors. Personal finance encompasses tools such as financial statements, checking and savings accounts, debt instruments, mortgages and investment vehicles. It also includes techniques relat

20、ed to cash flow management; risk assessment and management; and planning of taxes, retirement, and estates （Schuchardt et al. 2007）.Financial Education in the Current Economic EnvironmentCurrently a great deal of attention is being drawn to this area from public, private, profit and nonprofit entiti

21、es. As concerns about consumers financial capability have increased, so too have the number and variety of financial education programs and program providers. However, some programs offer comprehensive information on a variety of topics for a broad audience, including savings, credit, risk managemen

22、t, investments, retirement planning and similar topics. Others are focused on a single topic such as credit management, retirement planning, and investing; and they are tailored to a specific group, such as youth, women, or minorities （Braunstein and Welch, 2002）. Many are providing financial educat

23、ion to students, employees, customers, the general public and more; and most of these educational efforts are being presented under the name of “financial literacy.”However, multiple names are being used to identify teaching and research work that is being done in personal finance. Some of the names

24、 that have been used for a long time include Consumer Economics, Consumer Affairs, Family and Consumer Sciences, Family Economics, Family Economics and Resource Management, Family Finance, Family Financial Management, Household Economics, and Personal Finance. More recent names include Household Fin

25、ance, Household Behavioral Finance and Financial Literacy.Since the 1990s, the use of the term financial literacy has gained momentum; however, popularization of the term has created confusion. A web search on financial literacy returns nearly two million results. There are financial literacy progra

26、ms, tests, statistics, and training. Most are general, but some target audiences such as teens or preretirees. Most of these programs have different goals and different outcome expectations. There is no common agreement on the core content, overall and specific objectives, the qualifications of the

27、deliverers of these courses, and for the assessment of the outcomes （Hira and Schuchardt, 2008）. Most disciplines such as math, economics, history, sociology, and psychology are usually identified by one name only. There are specialties or concentrations for each of these disciplines, but only one n

28、ame. To reduce the confusion, there must be one name for financial education; and more importantly, there must be a common understanding of what can be expected from such courses. Before this can be accomplished, some basic questions must be answered: what is the overall objective, what is the core

29、content, what competencies and skills must the learner gain, what preparation or qualifications must the teachers of financial education have, and what standards must be used to assess the outcomes of such programs?Overall Goal for Financial EducationThe overall goal for financial education is to en

30、sure that everyone is equipped with appropriate information, knowledge, and skills to make good financial decisions. The challenge to educators is to determine what specific skills people need in order to understand the longterm costs and benefits of their financial decisions （Hira, 1995）. Financial

31、ly educated consumers are an important first line of defense in wellfunctioning markets. At the same time, it is important to recognize that financial education is not a panacea and that there remains a need for effective regulation that is responsive to market evolutions to ensure that consumers ar

32、e protected against abusive and fraudulent practices by unscrupulous players.Future Opportunities and ChallengesIn the past, professionals in the family economics and management field of personal finance made use of the interdisciplinary approach to study financial behavior. Today, professionals from those disciplines （economics, sociology, psychology, and many others） are studying financial behavior, expanding opportunities and potential for a stronger and richer discipline. Opportunities for transdisciplinary work offer a great promise for the future. The discipline must m