Mingsheng Zhan|Sonia R. Anderson|Jeff Scott
Financial Knowledge of the Low-income Population: Effects of a Financial Education Program
University of Illinois Urbana-Champaign|University of Illinois Urbana-Champaign|University of Illinois Urbana-Champaign
study examines effects one large financial management training program lowincome peoplethe data tests preand posttraining financial knowledge 163 participantsthe test designed measure basic knowledge participants five content areas predatory lending practices public workrelated benefits banking practices savings investing strategies credit use interest ratesthe findings demonstrate substantial pretraining knowledge deficiencies existed basic financial management issues especially public workrelated benefits savings investingresults also indicate program effective improving financial knowledge participants five content areasfurther analyses suggest pretraining knowledge levels varied according participant characteristicsin addition participants education english proficiency race ethnicity marital status associated knowledge gains programpolicy practice implications developing effective financial management training lowincome population discussed