Author(s) :

Rhea Agarwal.

Volume/Issue :

Abstract :

The goal of this study was to investigate the impacts of the timing and method of learning financial literacy on a person’s future financial health. There is currently a lack of financial preparedness among teenagers and young adults worldwide. To improve the chances of a financially healthy life, it is essential for timing, the sourcing of education, and the method of learning to align. In this study, 229 respondents were surveyed on their financial habits. The survey included questions on budgeting, saving, emergency funds, and investment philosophy. By creating a composite score, ranging from 0 to 100, the financial health of respondents was analyzed. The survey’s results showed that those who learned personal finance between the ages of 20 and 25 demonstrated the highest financial health scores. 81.6% of these respondents were financially healthy based on their composite scores. This was especially true when self-study or life experiences were the methods of learning. Of those who learned through self-study or experience, 77.7% were financially healthy. Conversely, high school courses alone yielded lower scores (M = 52.3), indicating that they may be insufficient without reinforcement through time and practice.