1. Financial Literacy Needs, Demographics, & Comparisons among Minority Millennial Females: Suggestions for Financial Educators
- Author
-
Janine M. Bolling
- Abstract
This quantitative study describes results of cross-sectional demographical research conducted on minority women and Millennial women to address their reported lower levels of financial literacy. This study potentially disrupts the status quo of low financial literacy levels among women and young adults shown in past research by seeking to understand the underserved and underrepresented with expectations for new insights. Seven hypotheses were tested to inform two research questions using sample population of women (N = 265). Financial literacy needs were the dependent variable potentially influenced by the independent variables: age, racial/ethnic identity, educational attainment, financial literacy experiences and family structure. This study used the NFCC's 2020 Consumer Financial Literacy Survey as well as the 2021 NFCS's 2021 State by State Survey with permission to comprise an index of self-identified financial literacy needs. These surveys were used with permission and underwent reliability testing. Correlational analysis revealed six predictor variables for respondents who indicated needs that were statistically significant for the sample tested. In this study, income level, financial satisfaction level, and racial identification as Asian correlated with indicating lower self-identified financial literacy needs. Full-time student status and single marital status were predictors correlated with indicating higher self-identified financial literacy needs. Implications for future research involve a more in-depth examination of demographic and predictor variables. Financial educators may benefit from incorporating culturally contextualized learning, intervention guidelines, and engaging active learners in their experiential learning opportunities with adult women. The study concludes that financial literacy among minorities and Millennials might require continuing education with differentiation for maximum and community wide effect. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]
- Published
- 2023