An Overview of Contemporary Financial Education Initiatives Aimed at Minority Populations

Abstract

(from the chapter) This chapter is designed as a reference for researchers and practitioners developing formal financial education efforts for minority groups. First, the chapter includes a brief overview of why financial literacy and the use of formal advisors may help ensure that individuals are saving, utilizing sound financial practices, and adequately preparing for retirement. Second, the chapter examines factors that contribute to the lack of financial literacy among Hispanics and Blacks and why they are less likely to use formal sources of financial education. Lastly, the chapter describes promising practices in the financial literacy literature for delivering formal financial education to minority populations and presents real-world examples of how these groups are being reached. (PsycINFO Database Record (c) 2012 APA, all rights reserved)