Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Financial Skills 
 
The need for financial skills to provide effective money management has been well 
established within the historical literature (Collins, 2007; Carswell, 2009, Robb & Woodyard, 
2012). The financial literacy framework indicates that financial skills, which are represented by a 
combination of confidence and ability, are needed to improve financial literacy and affect 
behavior. Using the NCFS dataset, recent and relevant research by Robb and Woodyard (2011) 
found that financial confidence had a positive association with best practice behaviors. Financial 
confidence was a composite measure of subjective financial knowledge and financial skills. The 
Robb and Woodyard study tested current financial condition and financial management best 
practice behaviors, which did include the individual retirement plan ownership question, 
although it was a smaller representation within the composite measure of six best practice 
behaviors.