Tag Archives: Financial Literacy

Iowa State University study: Early exposure to banking may influence life-long financial health

19 May

The Financial Educators Council defined financial literacy:

Definitions of Financial Literacy
“Financial literacy is a combination of financial knowledge, skills, attitudes and behaviors necessary to make sound financial decisions, based on personal circumstances, to improve financial wellbeing” (Australian Securities and Investments Commission). http://www.financialliteracy.gov.au
“Personal finance describes the principles and methods that individuals use to acquire and manage income and assets. Financial literacy is the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security. Financial literacy is not an absolute state; it is a continuum of abilities that is subject to variables such as age, family, culture, and residence. Financial literacy refers to an evolving state of competency that enables each individual to respond effectively to ever-changing personal and economic circumstances. The combination of knowledge, skills, attitudes and ultimately behaviors that translate into sound financial decisions and appropriate use of financial services.” – The Center for Financial Inclusion
“A level of financial knowledge and skills that enables individuals to identify the fundamental financial information required to make their conscious and prudent decisions; and after the acquisition of identified data allows them to interpret said data, make decisions on their basis, all the while assessing potential future financial and other consequences of their decisions.” (National Bank of Hungary, 2008).

“The ability to read, analyze, manage, and communicate about the personal financial conditions that affect material well-being.” (National Endowment for Financial Education). https://www.nefe.org/
https://www.financialeducatorscouncil.org/what-is-financial-literacy/

Lack of financial literacy skills are one aspect of poverty.

Nancy L. Anderson wrote in the Forbes article, How Financial Literacy Can Lift Women Out Of Poverty:

Without financial literacy, you can’t lift yourself from poverty.
In order to have financial security and eventual financial independence, knowledge of personal finance basics—managing savings, banking and investment accounts—is mandatory.
Financial literacy can provide so much more, though. Think about this: When you are money savvy, no one can try to control your life by controlling your finances.
When your partner controls the money and you don’t have financial knowledge or access to accounts at all except for the “allowance” you are given, how can you walk away if you need to?
Not easily…. https://www.forbes.com/sites/nancyanderson/2019/05/11/how-financial-literacy-can-lift-women-out-of-poverty/#5d3417d37a49

A University of Iowa study points to the need for all communities to have access to financial institutions.

Science Daily reported in Early exposure to banking may influence life-long financial health:

Growing up in a community with or without banks or financial institutions has a long-term effect on how you build and manage credit, according to a new Iowa State University study.
Early exposure to local banking increases financial literacy and trust, said James Brown, Kingland MBA professor and chair of finance in ISU’s Ivy College of Business. The research shows individuals who grow up in what are essentially “financial deserts” are slow to apply for credit and as adults have lower credit scores and more delinquent accounts. The research is published in the Journal of Financial Economics.
“The fact that this has a lingering impact is important, because people don’t have a lot of control over where they grow up,” Brown said. “I remember growing up right across the street from a bank and going with my dad to open my first account. But a lot of people grow up in an environment where banks are not visible and it’s not as easy to connect to a financial institution at a young age.”
Brown and colleagues J. Anthony Cookson, University of Colorado Boulder; and Rawley Z. Heimer, Boston College, compared credit history data for individuals on Native American reservations with tribal courts to individuals on reservations under the jurisdiction of state courts. Brown says the differences in court enforcement — the result of a 1953 federal law — had an unintended effect on local financial markets.
As a result, tribal court reservations had approximately 20 percent fewer bank branches per capita by the 2000s. The reservations provide an environment for researchers to look specifically at the effects of financial exposure. Brown says the findings extend broadly to any community with no or few financial institutions, and illustrate the effect on borrowers who grow up without finance:
• They are 20 percent less likely to have a credit report
• They have 7 to 10 point lower credit scores
• They have 2 to 4 percent higher delinquency rates
• The effect on their credit scores is similar to the effect of reducing annual income by $6,000
Moving to a community with stronger financial markets does partially offset these effects, researchers found. However, it still takes approximately 17 years to overcome the negative effect on credit scores and 12 years to reduce delinquency rates…. https://www.sciencedaily.com/releases/2019/05/190516114621.htm

Citation:

Early exposure to banking may influence life-long financial health
Date: May 16, 2019
Source: Iowa State University
Summary:
Growing up in a community with or without banks has a long-term effect on how you build and manage credit, according to a new study. The research shows individuals who grow up in what are essentially ‘financial deserts’ are slow to apply for credit and as adults have lower credit scores and more delinquent accounts.

Journal Reference:
James R. Brown, J. Anthony Cookson, Rawley Z. Heimer. Growing up without finance. Journal of Financial Economics, 2019; DOI: 10.1016/j.jfineco.2019.05.006

Here is the press release from Iowa State University:

NEWS RELEASE 16-MAY-2019
Early exposure to banking influences life-long financial health
IOWA STATE UNIVERSITY
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AMES, Iowa – Growing up in a community with or without banks or financial institutions has a long-term effect on how you build and manage credit, according to a new Iowa State University study.
Early exposure to local banking increases financial literacy and trust, said James Brown, Kingland MBA professor and chair of finance in ISU’s Ivy College of Business. The research shows individuals who grow up in what are essentially “financial deserts” are slow to apply for credit and as adults have lower credit scores and more delinquent accounts. The research is published in the Journal of Financial Economics.
“The fact that this has a lingering impact is important, because people don’t have a lot of control over where they grow up,” Brown said. “I remember growing up right across the street from a bank and going with my dad to open my first account. But a lot of people grow up in an environment where banks are not visible and it’s not as easy to connect to a financial institution at a young age.”
Brown and colleagues J. Anthony Cookson, University of Colorado Boulder; and Rawley Z. Heimer, Boston College, compared credit history data for individuals on Native American reservations with tribal courts to individuals on reservations under the jurisdiction of state courts. Brown says the differences in court enforcement – the result of a 1953 federal law – had an unintended effect on local financial markets.
As a result, tribal court reservations had approximately 20 percent fewer bank branches per capita by the 2000s. The reservations provide an environment for researchers to look specifically at the effects of financial exposure. Brown says the findings extend broadly to any community with no or few financial institutions, and illustrate the effect on borrowers who grow up without finance:
• They are 20 percent less likely to have a credit report
• They have 7 to 10 point lower credit scores
• They have 2 to 4 percent higher delinquency rates
• The effect on their credit scores is similar to the effect of reducing annual income by $6,000
Moving to a community with stronger financial markets does partially offset these effects, researchers found. However, it still takes approximately 17 years to overcome the negative effect on credit scores and 12 years to reduce delinquency rates.
Financial literacy, trust
To understand why early exposure affects consumer credit behavior, researchers also looked at data on mandated financial literacy training in high schools across different states. Brown says this helped them determine that formative exposure to financial markets improves financial literacy and trust in financial institutions.
“Exposure and trust go together. If you grow up in an environment with more banks, you’re more inclined to trust banks and the financial system,” Brown said. “If you grow up in a financial services desert, you’re much less likely to trust financial institutions, which may be one reason you don’t engage or you don’t pay back your credit card bills with the same frequency.”
The researchers also surveyed Native Americans about their experiences with banks, attitudes about financial matters and skills for solving basic consumer financial problems. Survey respondents who grew up near a bank had better financial literacy and more trust in banks, Brown said. Researchers controlled for income and education.
###
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Talon Lister wrote in Financial Literacy Programs Could Save Families From Poverty:

Why We Need Financial Literacy Programs for the Poor
All things considered, I think my family would be in a better financial position had my mother received financial education in high school. That knowledge could have helped drive the monetary decisions that she made — as it should do.
While the role of financial literacy in class mobility is contested, there are financial professionals who agree with me.
“Many lower- and middle-class individuals do not understand the massive negative ramifications of payday loans, credit card debt, and defaulting on obligations,” says investment adviser Gabriel Pincus. “A course in financial literacy offered for free by communities could potentially deliver amazing benefits to their constituents.”
More education and knowledge about your situation is always a useful tool to counteract the forces working against you, and in this case, it could save you from poverty…. https://centsai.com/must-reads/insufficient-funds/financial-literacy-programs-save-from-poverty/

See, Annual Poverty Project Focuses on Financial Literacy https://uanews.arizona.edu/story/annual-poverty-project-focuses-financial-literacy

Resources:

What is Financial Literacy – Your Life Your Money | PBS                             http://www.pbs.org/your-life-your-money/more/what_is_financial_literacy.php

What Is Financial Literacy?                                                          https://www.edutopia.org/blog/what-is-financial-literacy-lennette-coleman

Addressing Poverty Through Digital And Financial Literacy https://www.forbes.com/sites/causeintegration/2016/01/07/addressing-poverty-through-digital-and-financial-literacy/#21589e4210b3

Financial Literacy: School Poverty Indicator https://nces.ed.gov/surveys/pisa/pisa2015/pisa2015highlights_11e.asp

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University of Illinois at Urbana-Champaign study: Many young adults lack financial literacy, economic stability

26 Aug

Bradford Richardson wrote in the Washington Times article, Millennials would rather live in socialist or communist nation than under capitalism:

The majority of millennials would prefer to live in a socialist, communist or fascist nation rather than a capitalistic one, according to a new poll.
In the Victims of Communism Memorial Foundation’s “Annual Report on U.S. Attitudes Toward Socialism,” 58 percent of the up-and-coming generation opted for one of the three systems, compared to 42 percent who said they were in favor of capitalism.
The most popular socioeconomic order was socialism, with 44 percent support. Communism and fascism received 7 percent support each.
Marion Smith, executive director of the Victims of Communism Memorial Foundation, said the report shows millennials are “increasingly turning away from capitalism and toward socialism and even communism as a viable alternative.”
“This troubling turn highlights widespread historical illiteracy in American society regarding socialism and the systemic failure of our education system to teach students about the genocide, destruction, and misery caused by communism since the Bolshevik Revolution one hundred years ago,” Mr. Smith said in a statement…. https://www.washingtontimes.com/news/2017/nov/4/majority-millennials-want-live-socialist-fascist-o/

An University of Illinois at Urbana-Champaign study may explain the preference of some millennials for socialism.

Science Daily reported in Many young adults lack financial literacy, economic stability, study finds:

Nearly a third of young adults in a recent study were found to be “financially precarious” because they had poor financial literacy and lacked money management skills and income stability.
Only 22 percent of the 18- to 24-year-olds in the study sample were deemed to be financially stable, according to lead author Gaurav Sinha, a graduate student in social work at the University of Illinois.
These individuals were better at planning and managing their finances, had checking or savings accounts in mainstream banks and were less likely to use costly alternative financial services such as payday lenders. They also were more likely to be white males who were employed and college educated, according to the study.
Sinha and co-authors Kevin Tan and Min Zhan, both social work professors at the U. of I., examined the financial attributes and behavioral patterns of emerging adults. Based on these characteristics, the researchers classified them into four groups: financially precarious, at risk, striving or stable.
About 36 percent of the people in the study were deemed to be “financially at risk” because they had experienced a significant, unexpected drop in income during the prior year. They reportedly had no savings with which to pay their living expenses for three months if needed and said they lacked the resources to come up with $2,000 in the event of an emergency.
The financially precarious group, which composed 32 percent of the sample, “had the poorest actual and perceived financial literacy,” Sinha said. “Because they lacked access to mainstream financial institutions, they were frequent users of alternative financial services, which tend to charge high interest rates and fees.”
Similarly, their counterparts in the financially striving category, which composed 10 percent of the sample, struggled with money-management behaviors such as budgeting and credit card usage. People in this group also put their health at risk by skipping doctors’ visits, medical tests and prescriptions due to financial constraints.
What differentiated people in the financially precarious and at-risk groups from their peers was that they experienced much less financial socialization, which the researchers defined as formal or informal learning about financial concepts and prudent money-management behaviors…. https://www.sciencedaily.com/releases/2018/08/180824135007.htm

Citation:

Many young adults lack financial literacy, economic stability, study finds

Date: August 24, 2018
Source: University of Illinois at Urbana-Champaign
Summary:
Many young people lack financial literacy and money-management skills, indicating an urgent need for educational programs to help them enter adulthood better equipped to handle their financial affairs, a new study finds.
Journal Reference:
Gaurav Sinha, Kevin Tan, Min Zhan. Patterns of financial attributes and behaviors of emerging adults in the United States. Children and Youth Services Review, 2018; 93: 178 DOI: 10.1016/j.childyouth.2018.07.023

Here is the press release:

PUBLIC RELEASE: 24-AUG-2018
Many young adults lack financial literacy, economic stability, study finds
UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN
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CHAMPAIGN, Ill. — Nearly a third of young adults in a recent study were found to be “financially precarious” because they had poor financial literacy and lacked money management skills and income stability.
Only 22 percent of the 18- to 24-year-olds in the study sample were deemed to be financially stable, according to lead author Gaurav Sinha, a graduate student in social work at the University of Illinois.
These individuals were better at planning and managing their finances, had checking or savings accounts in mainstream banks and were less likely to use costly alternative financial services such as payday lenders. They also were more likely to be white males who were employed and college educated, according to the study.
Sinha and co-authors Kevin Tan and Min Zhan, both social work professors at the U. of I., examined the financial attributes and behavioral patterns of emerging adults. Based on these characteristics, the researchers classified them into four groups: financially precarious, at risk, striving or stable.
About 36 percent of the people in the study were deemed to be “financially at risk” because they had experienced a significant, unexpected drop in income during the prior year. They reportedly had no savings with which to pay their living expenses for three months if needed and said they lacked the resources to come up with $2,000 in the event of an emergency.
The financially precarious group, which composed 32 percent of the sample, “had the poorest actual and perceived financial literacy,” Sinha said. “Because they lacked access to mainstream financial institutions, they were frequent users of alternative financial services, which tend to charge high interest rates and fees.”
Similarly, their counterparts in the financially striving category, which composed 10 percent of the sample, struggled with money-management behaviors such as budgeting and credit card usage. People in this group also put their health at risk by skipping doctors’ visits, medical tests and prescriptions due to financial constraints.
What differentiated people in the financially precarious and at-risk groups from their peers was that they experienced much less financial socialization, which the researchers defined as formal or informal learning about financial concepts and prudent money-management behaviors.
However, even people in the financially stable group were only moderately confident about their financial literacy, “which clearly showed a need to invest more in strengthening the financial capabilities of children and youths,” Sinha said. “It is concerning that many young people are entering adulthood without adequate financial capabilities to ensure their future well-being and that of their children.”
The sample included 3,050 emerging adults who participated in the National Financial Capability Study, a survey that assesses the financial knowledge and practices of U.S. adults ages 18 and over. The NFCS evaluates participants’ financial aptitude, including their understanding of basic economic concepts such as interest rates and inflation, and assesses their use of credit cards, conventional financial institutions and alternative financial services.
###
The paper has been accepted for publication in the journal Children and Youth Services Review.
Disclaimer: AAAS and EurekAlert! are not responsible for the accuracy of news releases https://www.eurekalert.org/pub_releases/2018-08/uoia-mya082418.php

The National Financial Educators Council defines financial literacy:

The National Financial Educators Council answers the question “what is financial literacy?”

….possessing the skills and knowledge on financial matters to confidently take effective action that best fulfills an individual’s personal, family and global community goals. https://www.financialeducatorscouncil.org/what-is-financial-literacy/

Investopedia describes why financial literacy is so important:

Why It Matters
Financial literacy is crucial to help consumers save enough to provide adequate income in retirement, while avoiding high levels of debt that might result in bankruptcy, defaults and foreclosures. A few years ago, a study from financial services company TIAA-CREF showed that those with high financial literacy plan for retirement and, in essence, have double the wealth of people who do not plan for retirement. Conversely, those with low financial literacy borrow more, have less wealth and end up paying unnecessary fees for financial products. In other words, those with lower financial literacy tend to buy on credit, and are unable to pay their full balance each month and end up spending more in interest. This group also does not invest, has trouble with debt and a poor understanding of the terms of their mortgages or loans. Even more worrisome, many consumers believe that they are far more financially literate than they really are.
And while this may seem like an individual problem, it is broader in nature and more influential on the entire population than previously believed. All one needs to do is look at the financial crisis of 2008 to see the financial impact on the entire economy that arose from a lack of understanding of mortgage products. (For more, see: The 2007-08 Financial Crisis in Review.) Financial literacy is an issue with broad implications for economic health and an improvement can lead the way to a global economy that is competitive and strong…. https://www.investopedia.com/articles/investing/100615/why-financial-literacy-and-education-so-important.asp

Brian Page wrote in the Edutopia article, Financial Literacy in High School: Necessary and Relevant:

Following are three lesson principles I apply when preparing my financial literacy lessons.
1. Make It Relevant to Students’ Current Lives
I try to prepare for my class by seeing the financial world through the eyes of a teenager. Shopping for prom, saving for a car and choosing a mobile phone service are teenage priorities. These priorities are opportunities to teach concepts such as goal-setting, comparison-shopping techniques, saving strategies, behavioral finance strategies and the power of compound interest. One of my favorite lessons is teaching my students how to use their mobile phones to make better financial decisions and to manage their own money.
2. Emphasize Financial Concepts and Critical Thinking Skills
I do not get tied down with teaching rote-memory facts or the financial tools of yesterday. I focus on introducing the students to financial concepts that are applicable throughout their lives, and apply them to the scenarios they are facing today and will face in the years ahead.
Every child is different, and students with disabilities require a different approach. My semester course for special education and special needs students was designed collaboratively with Michael Roush of the National Disability Institute and Chris Shannon, thanks to a grant from Discover. The course is still a work in progress.
3. Seek Improvements of Knowledge, Behavior and Attitudes
My aim is to see marked improvement in what my students have learned. A greater quest is motivating them to put what they’re learning into action. I want to grow their appreciation for the financial tools that are available to them and can improve their lives. For example, I want them to have a positive view toward opening a savings account. Nearly a third of American families rely on costly fringe banking services, so I want to help break that cycle by showing the advantages of opening a savings account at an NCUA-insured credit union or FDIC-insured bank.
Lesson Ideas for High School Financial Literacy
AmericaSaves.org
I like to take advantage of student desires such as attending prom or buying a used car by giving them tools to reach their own goals through saving. The site is full of resources to save toward specific goals and practical cost-cutting tips. My favorite tool will send students nudging text messages that encourage them to save toward their own savings goal…. https://www.edutopia.org/blog/high-school-financial-literacy-resources-brian-page

Too much of education curriculum is designed toward INDOCTINATING students into the education establishment’s idea of social justice and diversity. See, MSU professor Indrek Wichman says ‘social justice warriors’ are destroying engineering https://www.washingtontimes.com/news/2017/aug/9/indrek-wichman-msu-professor-says-social-justice-w/

Resources:

What is Financial Literacy? http://www.pbs.org/your-life-your-money/more/what_is_financial_literacy.php

Why financial literacy is so important https://www.investopedia.com/articles/investing/100615/why-financial-literacy-and-education-so-important.asp

Social Justice Activists are Destroying Universities https://www.youtube.com/watch?v=Z-IrOB_FgcY

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Dr. Wilda Reviews: ‘Luke and Linda Learn What a Bank Can Do’

7 Aug

Moi received a complimentary copy of Luke and Linda Learn What a Bank Can Do. Here is the information about the book:

Title What a Bank Can Do: Luke and Linda Learn
Author John Tuzee
Publisher Kids Life Press, 2012
ISBN 0975534882, 9780975534885

Financial literacy is not only an issue for adults, but is a topic that children should be taught. Investopedia defines financial literacy in the article, Teaching Financial Literacy To Kids: Introduction:

Financial literacy is the ability to use knowledge and skills to make effective and informed money management decisions. Personal financial literacy encompasses a range of money topics, from everyday skills such as balancing a checkbook to long-term planning for retirement. While literacy – the ability to read and write – is a fundamental part of the education system, financial literacy is often left out of the equation. In the United States, fewer than half of states have any financial literacy requirements for their K-12 education systems, and only four states require high school students to take personal finance classes.

While there is a movement to include more finance-related coursework in elementary, middle and high school settings, parents and guardians are the primary educators when it comes to teaching children the skills they need to develop a strong foundation for life-long financial competence. Many adults, however, avoid talking to kids about money, because they lack confidence in how they’ve handled their own finances. This is unfortunate, because adults have two things that children do not when it comes to finances: experience and perspective. You do not have to be a financial rock star with a perfect track record to teach your child personal finance basics and get the money conversation started. If your finances are currently in a mess, you can work to get them in order and be a positive role model.
http://www.investopedia.com/university/teaching-financial-literacy-kids/

Tuzee’s book is a good basic primer about the financial system. The themes of the book are financial literacy and teaching an understanding of the banking system. It is basic knowledge, but Tuzee does a great job.

Moi liked the book because the illustrations were colorful and sure to catch a child’s eye. The graphics and pictures were good. Concepts were explained clearly and the text flowed.

The age range for the book could be from about five years on. Yes, even some older children could benefit from the book because the level of financial literacy in the country is low among many populations. The cover is great because it lets the reader know exactly what the book is about. There is also good and concise biography information about the author and the illustrator on the cover.

Moi loved the book and would highly recommend the book to parents who are interested in teaching their children about the banking system.

Here is the press info about the book:

Union Bank Partners With Nationally Recognized Children’s Authors To Teach Kids About Money

Survey reveals more than three fourths of U.S. youth want to learn more about how to save money.

“We want to spread the word about What a Bank Can Do and the important story it tells,” says Leis. “The book is a great addition to John and Diane Tuzee’s collection and especially relevant for Union Bank and the financial industry at large.”

SAN FRANCISCO, CA (PRWEB) July 11, 2013

In an effort to demonstrate its commitment to responsible banking and financial education, Union Bank, N.A., today unveiled a new, limited edition children’s book, What a Bank Can Do, by nationally recognized children’s authors John and Diane Tuzee. The bank also announced the results of its national YouthQuery survey, conducted online by Harris Interactive® from June 13-26, 2013, providing insight into the financial needs and desires of 8 to 18 year olds.

The survey of more than 1,200 U.S. youth reveals that 83 percent agree that they should spend less of their money in order to save more, and 76 percent want to learn more about how to save money. Eighty percent agree it is very important for someone their age to have a savings account, and the majority of U.S. youth also want to talk more with the adults in their life (e.g., parents, teachers) about how to save money (63 percent) and wish they had better sources of information about how to save money (61 percent).

“This study is eye opening, and confirms that our nation’s youth are hungry for knowledge, including learning and talking more about how to save with teachers, parents and other adults,” says Union Bank Executive Vice President George Leis, regional president for the bank’s Central Coast division, which is hosting a special book signing in San Luis Obispo with the Tuzees in July. “What a Bank Can Do tells a great story about the importance of saving and the role that banks have in our communities and our nation, and we hope it will be a fun learning tool for all adults to share with the youth in their lives. Educating and empowering youth using tools like this book will help build and sustain strong communities for the future.”

Colorful and easy-to-read, What a Bank Can Do explores the fun and importance of saving money through its main characters Luke and Linda, who first learn with their toy banks and later with their own bank accounts. With rhyming verse-text, the book reminds children of “one thing that’s kind of simple…always save more than you spend…” To help tell its story, What a Bank Can Do also features bold, lively illustrations by Mike Kasun, a nationally recognized commercial artist.

“It was clear to us that there’s a great need for books like What a Bank Can Do and other learning materials,” says Leis. “We support financial education throughout the year at Union Bank, and it is one of our core areas of philanthropic giving – supporting this book is a natural continuation of our commitment.”

Union Bank provided underwriting support for the development and initial distribution of What a Bank Can Do, donating many copies to schools and youth groups. The Tuzees hope the story, a 30-page journey sure to please the young and young-at-heart, will generate interest from other underwriters to support additional copies. “We’re pleased that Union Bank stepped up to support our initial print of nearly 5,000 copies, and we want to create a demand for more books,” says John Tuzee.

“We want to spread the word about What a Bank Can Do and the important story it tells,” says Leis. “The book is a great addition to John and Diane Tuzee’s collection and especially relevant for Union Bank and the financial industry at large.”

To preview What a Bank Can Do online, please click here: What_A_Bank_Can_Do.pdf.

Survey Methodology
Harris Interactive® conducted the survey online within the United States on behalf of Union Bank from June 13-26, 2013, among 1,211 8-18 year olds. Results were weighted as needed for age, sex, race/ethnicity, parental education, education, urbanicity and region. All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words “margin of error” as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal. Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the U.S. 8-18 year old population. Because the sample is based on those who agreed to be invited to participate in the Harris Interactive online research panel, no estimates of theoretical sampling error can be calculated.

About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $97 billion at March 31, 2013. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 443 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on March 31, 2013. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group, one of the world’s largest financial organizations. In July 2013, American Banker Magazine and the Reputation Institute ranked Union Bank #1 for reputation among its customers. Visit http://www.unionbank.com/ for more information.

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Other Reviews:

Book Review: Luke and Linda Learn What A Bank Can Do

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Book Review: Luke and Linda Learn What A Bank Can Do

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