Financial Education

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This article analyzes a demonstration program mounted by a major bank to understand whether access to information and communications technologies, combined with financial literacy training and training on how to use the Internet, can help low- and moderate-income individuals in inner-city neighborhoods be more effective financial actors. While quantitative analysis turns up few significant program effects, qualitative work implies that implementation issues likely compromised the effectiveness of the program. There was evidence of a potential link between information and communications… more

This study looked into current practice in the provision of personal finance education, information and advice for young adults across the UK. It focused on those in Further and Higher Education and those not in education, employment or training (NEET). Other young people (in school, in work, and through their families) are being addressed by other projects in the National Strategy for Financial Capability.

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Individuals are increasingly in charge of their own financial security after retirement. But how well-equipped are individuals to make saving decisions; do they possess adequate financial literacy, are they informed about the most important components of saving plans, do they even plan for retirement? This paper shows that financial illiteracy is widespread among the U.S. population and particularly acute among specific demographic groups, such as those with low education, women, African-Americans, and Hispanics. Moreover, close to half of older workers… more

Researchers are increasingly using interdisciplinary theory to bring rigor to the practice of financial education. Practitioners often do not see the value of the theory because it does not coincide with their observations of how people behave, and researchers do not yet have enough experience with interdisciplinary theory to demonstrate its usefulness to practitioners. If carefully applied, theory can be used to set appropriate financial goals and to positively change consumers’ financial behaviors. Better communication can bridge the gap between… more

How the Nuestro Bario Soap Opera Effectively Delivers Financial Education to Latino Immigrants

This report synthesizes current research and other available information on the assets and liabilities of low-income households into a variety of portraits. These data allow practitioners and researchers to begin to form a comprehensive representation of the balance sheets of low-income households and sets the stage for future research and policy discussion around the finances of low-income households.

Integrated Asset-Building Strategies for Reservation Based Communities is a 27 year retrospective from the First Nations Development Institute.

Neighborhood Housing Services of Chicago, founder of the Home Ownership Preservation Initiative, sponsored a series of surveys of mortgage default counselors in May and October 2007. The results suggest there are substantially increasing demands on the mortgage counseling field. One in three counselors have seen their client volumes more than double in 2007 alone. Much of the increase in demand is due to borrowers with adjustable rate or other loans that are unaffordable. Weaknesses in the housing market make finding solutions challenging without loan… more