Consumer Knowledge and Financial Decisions

Part of the series International Series on Consumer Science pp 77-97


An Overview of Contemporary Financial Education Initiatives Aimed at Minority Populations

  • Anya OlsenAffiliated withSocial Security Administration Email author 
  • , Kevin WhitmanAffiliated withSocial Security Administration

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Minority groups, particularly Hispanics and Blacks, are less likely to use formal financial advice compared to their White counterparts and have lower levels of financial literacy on average. This gap in literacy may have important implications for savings, investing, and retirement planning. To better reach these groups and improve financial literacy, the literature recommends making access to financial education easier, targeting the education to the population, and delivering it through preferred methods. Although they have not been thoroughly evaluated for effectiveness, this chapter provides an overview of several promising, real-world financial education initiatives targeted toward minority populations.