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Financial Knowledge Of The Low-Income Population: Effects Of A Financial Education Program, Min Zhan, Steven G. Anderson, Jeff Scott
Financial Knowledge Of The Low-Income Population: Effects Of A Financial Education Program, Min Zhan, Steven G. Anderson, Jeff Scott
The Journal of Sociology & Social Welfare
This study examines the effects of one large financial management training program for low-income people. The data are from tests of pre- and posttraining financial knowledge of 163 participants. The test was designed to measure basic knowledge of participants in five content areas: predatory lending practices, public and work-related benefits, banking practices, savings and investing strategies, and credit use and interest rates.
The findings demonstrate that substantial pre-training knowledge deficiencies existed on basic financial management issues, especially on public and work-related benefits and savings and investing. Results also indicate that the program was effective in improving the financial knowledge of …