Exploring the Effect of Financial Literacy Programs on Low-Income Adults

Financial literacy is a necessity of modern adult life. Obtaining control of personal finances is challenging for everyone. The lack of financial literacy in the low income adult grouping has become more problematic as personal finances become more complex. Utilizing a series of interviews the shared experiences of the study participant’s reflected in-depth descriptions of the personal lived experiences relating to financial literacy concepts, educational programs, and future expectations from the participants. This study addresses the perceptions and expectations of low-income adults regarding financial literacy programs and attempts to isolate ways to increase attendance in educational financial literacy programs. Using a series of thematic questions, three significant areas emerged relating to participants’ characteristics, types of services required and access to programs are explored. The results reverse the top down approach of financial program development from what lowincome adults need to learn to participate in mainstream financial sector to what low-income adults want to learn to secure a stable financial future. The conclusions, recommendations and implications reached are generalizable and appropriate for developing best practices delivering financial literacy programs to the low income adult population