Recipient Organization
UNIV OF MINNESOTA
(N/A)
ST PAUL,MN 55108
Performing Department
Family Social Science
Non Technical Summary
The primary research question posed in this project is, "How does the formation of financial literacy occur within low-income minoritized families?". To begin to answer this question, the researcher will investigate the practices of a community-based program that combines financial education, community support, and coaching. By focusing on a program that addresses issues relevant and applicable to the real-life situations of Black families, this research will provide insights on the specific cultural values that influence the financial decision-making process in which minoritized families integrate factual knowledge about finances and their own financial situation
Animal Health Component
80%
Research Effort Categories
Basic
0%
Applied
80%
Developmental
20%
Goals / Objectives
Lower levels of financial literacy are particularly prominent among specific demographic groups, notably African-Americans and those with low income.By focusing on a program that addresses issues relevant and applicable to the real-life situations of Black families, this research will provide insights on the specific cultural values that influence the financial decision-making process in which minoritized families integrate factual knowledge about finances and their own financial situation. The primary goals of this project are two-fold:1) to develop a conceptual model of howfinancial literacy develops within lower-income families; and2) to develop new measures ofculturally relevant factors in financial education
Project Methods
We propose using qualitative inquiry methods to reflect the ideas and insights from the community and to define relevant factors in financial education programminga. Specifically, we will adopt agrounded theory approach (Charmaz, 2014; Strauss & Corbin, 1994) to1) examine the materials used by our community partner throughout recruiting, instruction, and follow-up to develop a series of open ended questions;2) conduct semi-structured interviewswith the educators to deveop theconceptual model of cultural financial literacy formation; and3) finally, conduct semi-structured interviews with members of the community, including those who participated in the program and those who did not, to refine the conceptual model and design new measures.QSR International NVivo qualitative software will be used to store and organize the coded data to answer the research questions.