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HOUSEHOLD CONSUMPTION SPENDING DISPARITIES AS A FUNCTION OF ECONOMICS EDUCATION
Michael Elonge, University of Maryland, United States of America

(Presented at the International Conference on Life Sciences, Engineering and Technology (iLSET) April 21-24, 2022, Los Angeles, CA, https://www.2022.ilset.net/ organized by International Society for Technology, Education and Science ((ISTES)-http://www.istes.org)

A major challenge in economics and financial education is frequently the attempt to explain the disparities in household consumption spending. Household income determines the quality and quantity of goods and services that a household could consume. The amount of income available to a household is a major determinant of the disparities in household consumption spending. Although the role of income in household consumption spending is widely documented, other economic factors also contribute to the disparities such as accumulated wealth, price, tastes, and preferences of the household (Landes, 1990; Appleton, 2001; Lyubomirsky, 2001; Smeeding, 2006; Case, & Fair, 2007). Interestingly, these economic factors are learnable from basic economic or financial education, and as such, this paper assumes that economic or financial education knowledge predicts household consumption spending disparities. A pre-survey of 120 out of 150 individuals in professional development training indicated that they have difficulties living financially well as compared to some of their friends with the same or less salaries and similar family responsibilities. After participating in basic economics education classes and acquiring knowledge, the after-class survey was analyzed using SPSS multiple regression. The results indicated economics education as a significant predictor of household consumption spending disparities. The methodology, results, and conclusions are discussed later with far-reaching implications.