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Integrating Financial Literacy Concepts into the Introductory Financial Accounting Course

Author

Listed:
  • C. Andrew Lafond

    (Assistant Professor of Accounting, La Salle University, United States,)

  • Bruce Leauby

    (Associate Professor of Accounting, La Salle University, United States,)

Abstract

Financial illiteracy is a growing problem in this country and college students are amongst those not knowing enough about personal finance. However, few colleges and universities require or offer a course in personal finance; nonetheless we believe accounting educators are uniquely qualified to improve their students’ financial literacy. This paper describes an effective and efficient way to introduce some basic personal finance concepts to freshman business students in a Financial Accounting course while minimizing class time. In addition, the assignments require an active writing learning approach which addresses the numerous calls for incorporation of writing assignments into the business school curriculum. The assignments improved students’ interest in personal finance, make connections to the Financial Accounting course creating a more interesting and relevant course, and provides a rewarding teaching experience for instructors.

Suggested Citation

  • C. Andrew Lafond & Bruce Leauby, 2014. "Integrating Financial Literacy Concepts into the Introductory Financial Accounting Course," International Journal of Business and Social Research, LAR Center Press, vol. 4(5), pages 12-24, May.
    • Handle: RePEc:lrc:larijb:v:4:y:2014:i:5:p:12-24
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    File URL: http://thejournalofbusiness.org/index.php/site/article/view/426/416
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    References listed on IDEAS

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    5. C. Andrew Lafond & Bruce Leauby, 2014. "Integrating Financial Literacy Concepts into the Introductory Financial Accounting Course," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 4(5), pages 12-24, May.
    6. Chen, Haiyang & Volpe, Ronald P., 1998. "An Analysis of Personal Financial Literacy Among College Students," Financial Services Review, Elsevier, vol. 7(2), pages 107-128.
    7. van Rooij, Maarten & Lusardi, Annamaria & Alessie, Rob, 2011. "Financial literacy and stock market participation," Journal of Financial Economics, Elsevier, vol. 101(2), pages 449-472, August.
    8. Annamarie Lusardi & Olivia S. Mitchell, 2005. "Financial Literacy and Planning: Implications for Retirement Wellbeing," Working Papers wp108, University of Michigan, Michigan Retirement Research Center.
    9. repec:use:tkiwps:2323 is not listed on IDEAS
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    1. C. Andrew Lafond & Bruce Leauby, 2014. "Integrating Financial Literacy Concepts into the Introductory Financial Accounting Course," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 4(5), pages 12-24, May.

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