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45-579: Beneficial Corporation was one of the largest consumer finance companies in the United States, prior to its acquisition by Household International, Inc. in 1998. Beneficial began as the Beneficial Loan Society in 1914 in Elizabeth, New Jersey , founded by “Colonel” Clarence Hodson (1868-1928). Norwegian immigrant Olaus Westby Caspersen (1896–1971) joined Beneficial in 1920. In 1929, the company

90-483: A wiki can encourage learners to become more self-directed, thereby enriching the classroom environment. Andragogy gives scope to self-directed learners and helps in designing and delivering the focused instructions. The methods used by andragogy can be used in different educational environments (e.g. adolescent education). Internationally there are many academic journals, adult education organizations (including government agencies) and centers for adult learning housed in

135-581: A Philosophy (PhD) and focused their dissertation utilizing andragogy as a main component of their theoretical framework. In the 20th century, adult educators began to challenge the application of pedagogical theory and teacher-centered approaches to the teaching of adults. Unlike children, adult learners are not transmitted knowledge. Rather, the adult learner is an active participant in their learning. Adult students also are asked to actively plan their learning process to include identifying learning objectives and how they will be achieved. Knowles (1980) summarized

180-462: A continuum ranging from teacher-directed to student-directed learning and that both approaches are appropriate with children and adults, depending on the situation." Hanson (1996) argues that the difference in learning is not related to the age and stage of one's life, but instead related to individual characteristics and the differences in "context, culture and power" within different educational settings. In another critique of Knowles' work, Knowles

225-610: A lack of research on whether this framework of teaching and learning principles is more relevant to adult learners or if it is just a set of good practices that could be used for both children and adult learners. The way adults learn is different from the pedagogical approach used to foster learning in K-12 settings. These learning differences are key and can be used to show that the six characteristics/principles of andragogy remain applicable when designing teaching and learning materials, in English as

270-439: A marginal role. "Andragogy" was, from 1970 on, connected with emerging academic and professional institutions, publications, or programs, triggered by a similar growth of adult education in practice and theory as in the United States. "Andragogy" functioned here as a header for (places of) systematic reflections, parallel to other academic headers like "biology", "medicine", and "physics". Early examples of this use of andragogy are

315-458: A plethora of international colleges and universities that are working to promote the field of adult learning, as well as adult learning opportunities in training, traditional classes and in online learning. In academic fields, andrologists are those who practice and specialize in the field of andragogy. Andragologists have received a doctoral degree from an accredited university in Education (EdD) or

360-413: A process where students learn on their own with some guidance from the teacher. The motivation to learn comes from the students' interest in not only performing, but being recognized for their accomplishment (Akiyildiz, 2019). In addition, in heutagogy, learning is learner-centric - where the decisions relating to the learning process are managed by the student. Further, the student determines whether or not

405-488: A professor of Home Economics at the same university, is recognized as one of the pioneers in the study of consumer behavior and Household behavior. In 1947, Herbert A. Simon , a Nobel laureate, suggested that a decision-maker did not always make the best financial decision because of limited educational resources and personal inclinations. In 2009, Dan Ariely suggested the 2008 financial crisis showed that human beings do not always make rational financial decisions, and

450-557: A shorter employable age reinforces the need for a large enough retirement corpus and the importance of personal finance. 4. Rising medical expenses : Medical expenses including cost of prescription medicine, hospital admission care and charges, nursing care, specialized care, geriatric care have all seen an exponential rise over the years. Many of these medical expenses are not covered through insurance policies that might either be private/individual insurance coverage or through federal or national insurance coverage. These reasons illustrate

495-448: A specialty in personal finance was developed, various disciplines which are closely related to it, such as family economics , and consumer economics , were taught in various colleges as part of home economics for over 100 years. The earliest known research in personal finance was done in 1920 by Hazel Kyrk . Her dissertation at University of Chicago laid the foundation of consumer economics and family economics . Margaret Reid ,

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540-519: A survey done by Harris Interactive , 99% of the adults agreed that personal finance should be taught in schools. Financial authorities and the American federal government had offered free educational materials online to the public. However, a Bank of America poll found that 42% of adults were discouraged. In comparison, 28% of adults thought that personal finance is difficult because of the vast amount of online information. As of 2015, 17 out of 50 states in

585-415: A theory on adult learning would be meaningless, as there is no real basis for it. Jarvis even implies that andragogy would be more the result of an ideology than a scientific contribution to the comprehension of the learning processes. Knowles himself mentions that andragogy is a "model of assumptions about learning or a conceptual framework that serves as a basis for an emergent theory." There appears to be

630-463: A theory, others posit that there is no single theory of adult learning or andragogy. In the literature where adult learning theory is often identified as a principle or an assumption, there are a variety of different approaches and theories that are also evolving in view of evolving higher education instruction, workplace training, new technology and online learning (Omoregie, 2021). Malcolm Knowles identified these adult learner characteristics related to

675-465: Is especially true in European countries where andragogy is a term used to refer to a field of systematic reflection. The acceptance of andragogy in European countries, according to St. Clair and Käpplinger (2021) is to accept andragogy as the "scientific study of learning in adults and the concomitant teaching approaches" (p. 485). Further, the definition of andragogy and its application to adult learning

720-493: Is more variable currently due to both the impact of globalization and the rapid expansion of adult online learning. The term was originally coined by German educator Alexander Kapp in 1833. Andragogy was developed into a theory of adult education by Eugen Rosenstock-Huessy . It later became very popular in the US by the American educator Malcolm Knowles . Knowles asserted that andragogy (Greek: "man-leading") should be distinguished from

765-456: The Journal of Personal Finance . As the concerns about consumers' financial capability increased during the early 2000s, various education programs emerged, catering to a broad audience or a specific group of people, such as youth and women. The educational programs are frequently known as " financial literacy ". However, there was no standardized curriculum for personal finance education until after

810-746: The 1950s to the 1970s. The establishment of the Association for Financial Counseling and Planning Education (AFCPE) in 1984 at Iowa State University and the Academy of Financial Services (AFS) in 1985 marked an important milestone in personal finance history in the US. Attendances of the two societies mainly come from faculty and graduates from business and home economics colleges. AFCPE started to offered several certifications for professionals in this field, such as Accredited Financial Counselor (AFC) and Certified Housing Counselor (CHC). Meanwhile, AFS cooperates with Certified Financial Planner (CFP Board). Before 1990,

855-553: The 2008 financial crisis. The United States President's Advisory Council on Financial Capability was set up in 2008 to encourage financial literacy among the American people. It also stressed the importance of developing a standard in financial education. It is hard to define universal personal finance principles because: A financial advisor can offer personalized advice in complicated situations and for high-wealth individuals. Still, University of Chicago professor Harold Pollack and personal finance writer Helaine Olen argue that in

900-710: The United States require high school students to study personal finance before graduation. The effectiveness of financial education on general audience is controversial. For example, a study by Bell, Gorin, and Hogarth (2009) stated that financial education graduates were more likely to use a formal spending plan. Financially educated high school students are more likely to have a savings account with regular savings, fewer overdrafts, and more likely to pay off their credit card balances. However, another study done by Cole and Shastry ( Harvard Business School , 2009) found that there were no differences in saving behaviors of people in American states with financial literacy mandate enforced and

945-440: The United States, good personal finance advice boils down to a few simple points: The limits stated by laws may be different in each country; in any case personal finance should not disregard correct behavioral principles and the diligence of a "good family father" : people should not develop attachment to the idea of money, morally reprehensible, and, when investing, should maintain the medium-long-term horizon avoiding hazards in

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990-671: The Yugoslavian (scholarly) journal for adult education, named Andragogija in 1969, and the Yugoslavian Society for Andragogy; at Palacky University in Olomouc (Czech Republic) the Katedra sociologie a andragogiky (Sociology and Andragogy Department) was established in 1990. Also, Prague University has a Katedra Andragogiky (Andragogical Department); in 1993, Slovenia's Andragoski Center Republike Slovenije (Slovenian Republic Andragogy Center)

1035-575: The company was purchased by Household International, Inc., for about $ 8.25 billion in stock. Household International was in turn acquired by HSBC Group in 2003, and made a part of the HSBC Finance Company. Consumer finance Personal finance is the financial management that an individual or a family unit performs to budget , save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events. When planning personal finances,

1080-456: The development of adult learning, research and collaboration in educating adults. New and expanding online instruction is fostered by national organizations, literacy organizations, academic journals and higher education institutions that are helping adults to achieve learning and skills that will contribute to individual economic improvement. New learning resources and approaches are identified, such as finding that using collaborative tools like

1125-432: The expected return of investment. The key component of personal finance is financial planning which is a dynamic process requiring regular monitoring and re-evaluation. In general, it involves five steps: Typical goals that most adults and young adults have are paying off credit card/student loan/housing/car loan debt, investing for retirement, investing for college costs for children, and paying medical expenses. In

1170-512: The field of adult education during recent decades, a process of growth and differentiation emerged as a scholarly and scientific approach, andragogy. It refers to the academic discipline(s) within university programs that focus on the education of adults; andragogy exists today worldwide. The term refers to a new type of education which was not qualified by missions and visions, but by academic learning including: reflection, critique, and historical analyses. Dušan Savićević, who provided Knowles with

1215-448: The importance of learning personal finance from an early stage, to differentiate between needs vs. wants, improve financial literacy, and to build financial planning skills.. 2. Shortened employable age : Over the years, with the advent of automation and changing needs; it has been witnessed across the globe that several jobs that require manual intervention or that are mechanical are increasingly becoming redundant. These are some of

1260-443: The individual would take into account the suitability of various banking products ( checking accounts , savings accounts , credit cards , and loans ), insurance products ( health insurance , disability insurance , life insurance , etc.), and investment products ( bonds , stocks , real estate , etc.), as well as participation in monitoring and management of credit scores , income taxes , retirement funds and pensions . Before

1305-465: The key characteristics of andragogy in this model: 1) independency or self-directedness 2) using past experiences to construct learning, 3) association with readiness to learn, and 4) changing education perspectives from subject-centered one to performance centered perspectives. A new educational strategy has evolved in response to globalization that identifies learners as self-determined, especially in higher education and work-place settings: heutagogy ,

1350-510: The learning objectives are met. Differences between pedagogy, andragogy, and heutagogy include: Children Learning Adult Learning Self-directed Learning Experience to Learn and Role of Instructor There is no consensus internationally on whether andragogy is a learning theory or a set of principles, characteristics or assumptions of adult learning. Knowles himself changed his position on whether andragogy applied only to adults and came to believe that "pedagogy-andragogy represents

1395-492: The market is not necessarily automated and corrective of any imbalances in the economy. Research into personal finance is based on several theories, such as social exchange theory and andragogy (adult learning theory). In America, professional bodies such as American Association of Family and Consumer Sciences and the American Council on Consumer Interests started to play an important role in developing this field from

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1440-500: The modern world, there is a growing need for people to understand and take control of their finances because of the following reasons: 1. Lack of comprehensive formal education: Although many countries have some formal education for personal finance, the Organization for Economic Co-operation and Development (OECD) studies show low financial literacy in areas it is not required, even in developed countries like Japan. This illustrates

1485-452: The more commonly used term pedagogy (Greek: "child-leading"). Knowles collected ideas about a theory of adult education from the end of World War II until he was introduced to the term "androgogy". In 1966, Knowles met Dušan Savićević in Boston. Savićević was the one who shared the term andragogy with Knowles and explained how it was used in the European context. In 1967, Knowles made use of

1530-523: The motivation of adult learning.   Blaschke (2012) described Malcolm Knowles' 1973 theory as "self-directed" learning. The goals include helping learners develop the capacity for self-direction, supporting transformational learning and promoting "emancipatory learning and social action" (Blaschke, 2019, p. 76). Although Knowles' andragogy is a well-known theory in the English-speaking world, his theory has an ancillary role internationally. This

1575-735: The need to have medical , accidental , critical illness , life coverage insurance for oneself and one's family as well as the need for emergency corpus; . Critical areas of personal financial planning, as suggested by the Financial Planning Standards Board, are: Although credit can provide a variety of benefits and opportunities to the borrower, it is important to fully understand the advantages and disadvantages of borrowing to ensure sound financial decisions. Using credit indiscriminately and lack of sufficient education can land an individual into debt and disadvantaged situations. Typical downsides of using credit are: According to

1620-469: The reasons why individuals should start planning for their retirement and systematically build on their retirement corpus, hence the need for personal finance. 3. Increased life expectancy : With the developments in healthcare, people today live till a much older age than previous generations. The average life expectancy has increased even in developing economies. The average life expectancy has gradually shifted from 60 to 81 and upwards, which coupled with

1665-464: The same year, Finn M. W. Caspersen , the son of Olaus Caspersen, became chairman and chief executive. The company bought Parliament Leasing in 1977, and First Texas Financial Corp., a savings and loan , in 1978. In 1977, Beneficial entered the reinsurance business through its insurance subsidiaries, but this business caused significant financial losses in the 1980s. Beneficial downsized this business and emphasized its second mortgage business. In 1998,

1710-547: The states without a literacy mandate. Kiplinger publishes magazines on personal finance. Andragogy There are many different theories in the areas of learning, teaching and training. Andragogy commonly is defined as the art or science of teaching adults or helping adults learn. In contrast to pedagogy , or the teaching of children, andragogy is based on a humanistic conception of self-directed and autonomous learners where teachers are defined as facilitators of learning. Although Malcolm Knowles proposed andragogy as

1755-402: The student's point of view. Not all adult learners will know exactly what they want to learn in a course and may seek a more structured outline from an instructor. An instructor cannot assume that an adult will desire self-directed learning in every situation. Kidd (1978) goes further by claiming that principles of learning have to be applied to lifelong development. He suggested that building

1800-470: The study of personal finance received little attention from mainstream economists and business faculties. However, several American universities such as Brigham Young University , Iowa State University , and San Francisco State University started to offer financial educational programs in both undergraduate and graduate programs since the 1990s. These institutions published several works in journals such as The Journal of Financial Counseling and Planning and

1845-472: The term "andragogy" to explain his theory of adult education. Then after consulting with Merriam-Webster , he corrected the spelling of the term to "andragogy" and continued to make use of the term to explain his multiple ideas about adult learning. Knowles' theory can be stated with six assumptions related to the motivation of adult learning: In most European countries, the Knowles discussion played at best,

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1890-468: The term andragogy, explicitly claims andragogy as a discipline, the subject of which is the study of education and learning of adults in all its forms of expression' (Savicevic, 1999, p. 97, similarly Henschke, 2003, ), Reischmann, 2003. Recent research and the COVID 19 pandemic have expanded andragogy into the online world internationally, as evidenced by country and international organizations that foster

1935-553: Was founded with the journal Andragoska Spoznanja ; in 1995, Bamberg University (Germany) named a Lehrstuhl Andragogik (Androgogy Chair). On this formal level "above practice" and specific approaches, the term "andragogy" could be used relating to all types of theories, for reflection, analysis, training, in person-oriented programs, or human resource development. Adult learning is based upon comprehension, organization and synthesis of knowledge rather than rote memory. Some scholars have proposed seven principles of adult learning: In

1980-407: Was not able to use one of his principles (Self-concept) with adult learners to the extent that he describes in his practices. In one course, Knowles appears to allow "near total freedom in learner determination of objectives" but still "intended" the students to choose from a list of 18 objectives on the syllabus. Self-concept can be critiqued not just from the instructor's point of view, but also from

2025-576: Was reorganized as Beneficial Finance Corporation by Olaus Caspersen who would spend 18 years as president of the company. In 1960, the company entered the British market. In 1961, the company purchased Western Auto Supply Co. , and in 1965 purchased Spiegel, Inc (later sold in 1981). In 1970, the company changed its name to Beneficial Corporation. In 1976, Beneficial began offering credit cards through its People's Bank & Trust Co. subsidiary in Delaware . In

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