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ERIC Number: EJ1409687
Record Type: Journal
Publication Date: 2023
Pages: 8
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-1925-0746
EISSN: EISSN-1925-0754
The Effects of Financial Literacy of Low-Income Females on Their Long-Term Financial Behaviors
Ryan Fahey; Hooman Estelami
World Journal of Education, v13 n5 p15-22 2023
Much of modern education has focused on developing individuals' skills to be productive parts of society. The developed skills can become enablers of financial stability, independence and economic security. Yet, on a relative basis, considerably less effort is expended on building the financial skills for individuals to preserve their wealth and assets. As a result, for certain consumer segments, lack of financial education can become a source of hardship. In this study, we use data from the U.S. Financial Industry Regulatory Authority's (FINRA) 2021 "National Financial Capability Study." The correlation between financial literacy and long-term financial behaviors is empirically examined and further dissected by gender and income, to identify population segments who may be vulnerable due to lack of adequate financial education. Significant patterns of financial literacy scores are identified, highlighting the need to enhance financial education offerings to vulnerable consumer segments.
Sciedu Press. 1120 Finch Avenue West Suite 701-309, Toronto, ON., M3J 3H7, Canada. Tel: 416-479-0028; Fax: 416-642-8548; e-mail: jct@sciedupress.com; Web site: https://www.sciedu.ca/journal/index.php/wje/index/
Publication Type: Journal Articles; Reports - Research; Tests/Questionnaires
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A