TY - JOUR
T1 - Financial management knowledge of the low-income population
T2 - Characteristics and needs
AU - Zhan, Min
AU - Anderson, Steven G.
AU - Scott, Jeff
N1 - Funding Information:
linked to the provision of matched savings from public and private funds, which can be used for specified purposes such as a first-time home purchase, small business start-ups, or educational expenses. The Individual Development Account (IDA) program models developed by Sherraden and his associates exemplify this latter strategy (Sherraden, Page-Adams, and Johnson, 1999). The interest in these programs is attested to by the fact that over 200 community IDA programs either are underway or in the planning stages nationally, and some states have included IDAs in their TANF plans (Edwards and Gunn, 2002). Many non-IDA financial management programs for low-income persons also are being implemented with the support of both public and private foundation funding.
PY - 2006/11/29
Y1 - 2006/11/29
N2 - While financial management programs for the low-income population have developed in recent years, little is known about financial knowledge levels of participants in these programs. This study examines pre-training financial knowledge and related participant characteristics among participants in one large financial management training program for low-income people. Results indicate that knowledge deficiencies exist on basic financial management issues, especially with respect to public and work-related benefits and savings and investing. Results from regression analyses also indicate that participants' education, English proficiency, race/ethnicity and banking experience are among the factors associated with financial knowledge levels. Policy and practice implications for developing effective financial management training for low-income audiences are discussed.
AB - While financial management programs for the low-income population have developed in recent years, little is known about financial knowledge levels of participants in these programs. This study examines pre-training financial knowledge and related participant characteristics among participants in one large financial management training program for low-income people. Results indicate that knowledge deficiencies exist on basic financial management issues, especially with respect to public and work-related benefits and savings and investing. Results from regression analyses also indicate that participants' education, English proficiency, race/ethnicity and banking experience are among the factors associated with financial knowledge levels. Policy and practice implications for developing effective financial management training for low-income audiences are discussed.
KW - Financial knowledge
KW - Financial management training
KW - Low-income audience
KW - Welfare reform
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U2 - 10.1300/J079v33n01_09
DO - 10.1300/J079v33n01_09
M3 - Article
AN - SCOPUS:33845735538
SN - 0148-8376
VL - 33
SP - 93
EP - 106
JO - Journal of Social Service Research
JF - Journal of Social Service Research
IS - 1
ER -