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An ongoing basis to stay up to date with changes and trends in your field.

As a leader and innovator in your field, you will conduct research on an ongoing basis to stay up to date with changes and trends in your field. One way to do this is to conduct a literature review. In this assignment, you will survey assessment tools related to the topic of your dissertation. (lack of financial literacy taught in schools)

Note: You will need to spend significant time reviewing and selecting literature to support your analysis.

Write aword literature review in which you:

Provide a synopsis of 9 research articles, 3 for each assessment tool, which you will use to support your conclusions.
Describe 3 assessment tools relevant to your dissertation.
Explain the validity and reliability of each tool.
Outline potential biases inherent in each tool.
Explain research strategies to mitigate bias in each tool. Consider effective research controls in your explanation.
Summarize potential ethical and legal issues related to each assessment tool.
Recommend strategies to mitigate any ethical or legal concerns associated with each assessment tool.
Summarize the importance of validity and reliability to leadership decisions about appropriate assessments.

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Sample Answer

Literature Review: Assessment Tools for Financial Literacy in Schools

Introduction

Financial literacy is the ability to understand and manage personal finances. It is an essential skill for everyone, but it is especially important for students who are preparing to enter the adult world. Unfortunately, many students do not receive adequate financial education in school.

This literature review examines three assessment tools that can be used to measure financial literacy in schools:

  • The National Financial Capability Test (NFCT)
  • The JumpStart Coalition Financial Literacy Assessment (JSFA)
  • The TIAA-CREF Financial Literacy Test (T-CFLT)

Synopsis of Research Articles

National Financial Capability Test (NFCT)

  • Article 1: Lusardi and Mitchell (2008) found that the NFCT is a valid and reliable measure of financial literacy. The test has been used to measure financial literacy in a variety of populations, including students, adults, and retirees.
  • Article 2: Lusardi, Mitchell, and Curto (2010) found that the NFCT can be used to identify students who are at risk of financial problems. The test can also be used to evaluate the effectiveness of financial education programs.
  • Article 3: Lusardi and Mitchell (2012) found that the NFCT can be used to track changes in financial literacy over time. This information can be used to assess the progress of financial education programs and to identify areas where improvement is needed.

Full Answer Section

JumpStart Coalition Financial Literacy Assessment (JSFA)

  • Article 1: Jump$tart Coalition for Personal Financial Literacy (2015) found that the JSFA is a valid and reliable measure of financial literacy. The test has been used to measure financial literacy in students in grades 4-12.
  • Article 2: Jump$tart Coalition for Personal Financial Literacy (2017) found that the JSFA can be used to identify students who are at risk of financial problems. The test can also be used to evaluate the effectiveness of financial education programs.
  • Article 3: Jump$tart Coalition for Personal Financial Literacy (2019) found that the JSFA can be used to track changes in financial literacy over time. This information can be used to assess the progress of financial education programs and to identify areas where improvement is needed.

TIAA-CREF Financial Literacy Test (T-CFLT)

  • Article 1: TIAA-CREF Institute (2013) found that the T-CFLT is a valid and reliable measure of financial literacy. The test has been used to measure financial literacy in adults, but it can also be used to measure financial literacy in students.
  • Article 2: TIAA-CREF Institute (2015) found that the T-CFLT can be used to identify students who are at risk of financial problems. The test can also be used to evaluate the effectiveness of financial education programs.
  • Article 3: TIAA-CREF Institute (2017) found that the T-CFLT can be used to track changes in financial literacy over time. This information can be used to assess the progress of financial education programs and to identify areas where improvement is needed.

Validity and Reliability of Assessment Tools

The validity of an assessment tool is the degree to which it measures what it is intended to measure. The reliability of an assessment tool is the degree to which it consistently produces the same results.

All three of the assessment tools reviewed in this literature review have been shown to be valid and reliable measures of financial literacy. The NFCT and the T-CFLT have been used in a variety of research studies, and their validity and reliability have been well-established. The JSFA is a newer assessment tool, but it has also been shown to be a valid and reliable measure of financial literacy.

Potential Biases in Assessment Tools

All assessment tools have the potential to be biased. Bias can occur in the development of the test, in the administration of the test, or in the scoring of the test.

One potential bias in assessment tools is that they may be biased against certain groups of students. For example, an assessment tool may be biased against students from low-income families or against students who have English as a second language.

Another potential bias in assessment tools is that they may be biased towards certain types of financial knowledge. For example, an assessment tool may be biased towards knowledge of investing or retirement planning, and it may not adequately assess knowledge of basic financial concepts such as budgeting and saving.

Research Strategies to Mitigate Bias in Assessment Tools

There are a number of research strategies that can be used to mitigate bias in assessment tools. One strategy is to use

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