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Integrating Financial Literacy Concepts into the Introductory Financial Accounting Course

Author

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  • 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. repec:use:tkiwps:2323 is not listed on IDEAS
    7. Annamaria Lusardi, 2008. "Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs," NBER Working Papers 13824, National Bureau of Economic Research, Inc.
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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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