1. Using Math To Teach Financial Literacy AMBER MELLON, APPALACHIAN STATE UNIVERSITY

2. “ ” The number one problem in today's generation and economy is the lack of financial literacy. A LAN G REENSPAN

3. The Importance of Financial Literacy  According to a January 17, 2013 Time Magazine article, ¾ of renters overspend their paycheck, 20% by $100 or more.  Young adults are slower to pay off their credit card debts.  Students constantly ask why math is important.

4. What can we do?  The semester is already full.  We don’t want to rush through any material as we want our students to see the importance of math.

5. Financial Literacy Worksheets  They can be used as homework assignments.  They explain a single financial literacy topic in depth in simple, every day language.  They contain worked out examples of the topic as well as several open problems for the student to work out.  Each worksheet comes with answers and how it relates to the North Carolina Community College Math Classes.

6. Let’s look at an example……  Comparing Prices Comparing Prices  http://tinyurl.com/kulz9qw  Mortgages Mortgages  http://tinyurl.com/kzy3cfn  Financial Literacy Goals Financial Literacy Goals  http://tinyurl.com/n8qf6zs

7. Testing My Worksheets….. Summer and Fall 2013

8. Pre and Post Test Each student involved in the study were given a pre- and post- test to determine knowledge gain from the worksheets. Test was developed from worksheet questions. Test

9. Summer I: College Algebra 13 students in class Students were given a worksheet following each test in the class. No follow up discussion was done. Taxes, Simple Savings and Retirement worksheets covered. Pre-test vs Post –test, a gain of just 0.30 points, p = 0.6802

10. Summer I: Introduction to Mathematics 13 students in class. The students used similar materials to the worksheets in the lecture, but the students never saw the actual worksheets. Pre-test vs Post-test, a gain of 1 point, p = 0.1613

11. Summer II: Introduction to Mathematics 9 students in class. 14 out of 16 worksheets used in lecture during the financial literacy section of the class. Pre-test vs Post – Test gain of 2.778 points, p = 0.0036

12. Fall 2013: College Algebra 29 Students in class At time of post-test, 12 out of 16 worksheets were completed. All 16 worksheets will be used in class. Worksheets were assigned as homework, work collected and sheet discussed in class. Pre-Test vs post-test: 1.41 p = 0.001

13. Some Scores by Category Pre - Test Score  Federal Taxes: 17  Comparing Prices: 55  Tax implications of Home Ownership: 20  Credit Cards: 42  Life Insurance: 43 Post – Test Score  Federal Taxes: 28  Comparing Prices: 61  Tax implications of Home Ownership: 37  Credit Cards: 61  Life Insurance: 56

14. How could you use these in your class?

15. “ ” I would love to have your suggestions! A MBER M ELLON ( ME !) Please email me at mellonac@appstate.edu if you would like to have access to my worksheets.mellonac@appstate.edu

16. Thank you! To you for being here! To Dr. Mark Ginn, Dr. Rick Klima and Dr. Katrina Palmer of Appalachian State for all their help. To the Department of Mathematical Sciences at ASU. To Caleb Marsh, Dale Joyner and Sharilyn Owens for help with the Community College Math Curriculum.

17. Resources http://business.time.com/2013/01/17/todays-young-adults-will-never-pay-off-their- credit-card-debts/

18. Questions?