Date of Conferral

2021

Degree

Ph.D.

School

Management

Advisor

Steven Tippins

Abstract

Financial literacy is something that is important for financial well-being for individuals, but it is lacking, leading to problems such as inadequate saving and poor financial decision making. This research was conducted to examine the impact of financial education for citizens of Cherokee Nation on saving and financial decision making and was grounded in prospect theory and quasi-rational economics. Accordingly, the research questions focused on the extent of differences between individuals with and without financial education for decision making and saving as well as the extent demographic factors play a role. The research design was non-experimental causal comparative with financial literacy and saving data gathered from a survey instrument via mail in the 14-county jurisdiction of Cherokee Nation. To be included in the study participants had to be citizens of Cherokee Nation. The total sample size for the study was 302 with participants placed into groups of those who had financial education or did not. Differences between these groups for the number of financial literacy questions that were answered correctly, and reported savings behavior were analyzed with chi-squared tests for differences of means, independent samples t tests, multiple regression analyses, and multinomial logistic regression analyses. Results of the study indicated that financial education leads to an increase in saving and better financial knowledge and decision making and that demographic factors play a role. This research has implications for positive social change as it can be used to create financial education programs that will lead to better financial well-being for Cherokee Nation citizens as well as greater resources for Cherokee Nation to use in the community from a reduced need for economic assistance programs.

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