Click here to send mail. This situation represents a problem because students' positive social development and mobility necessitate effective money management. However, the academic setting may not be the main financial literacy influence for students.
Nonacademic sources appear to influence students' financial cognition more than the classroom.
Moreover, students learning most about managing their money from media sources, from handling their own funds, or from their family have demonstrated stronger cognizance of personal finance skills than those learning at school. Although their knowledge requires significant improvement, it appears that students learn about money more effectively outside the school setting than inside. Research into the factors causing this difficulty has found some interesting considerations. Factors in a child's formative years appear to provide the systemic causes of financial literacy. Financial literacy appears to be a personal and emotional concept that requires self-discipline for proper comprehension and application.