The State of Financial Literacy in Minorities
The wealth gap in the United States is threatening Americans’ aspirations for social advancement and equal opportunity. Minorities, women and the least educated, have some of the lowest financial literacy rates in the nation. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they do not know the answer. The gender differences are present for very basic, as well, as more advanced measures of financial literacy. This is important because financial literacy has been linked to economic behavior, including retirement planning and wealth accumulation. We know that research suggests, women live longer than men and are likely to spend time in widowhood. Thus, improving women's financial literacy is key to helping them prepare for retirement and promoting their financial security.
We took the liberty of researching the facts and created a digestible infographic that helps illustrate the state of financial literacy in minorities. We're here to help close these gaps and find opportunities to advance financial education for girls and young women so that they are at the forefront of their finances, and not behind them.