News Release

Research to profile community–based financial education

June 5, 2009

America’s recent economic struggles have intensified the need for effective personal financial planning in all sectors of society.

Data indicate that those most likely to take advantage of financial planning opportunities are from a professional class. But what about other areas of society?

Armed with a $149,000 grant, two Penn State Harrisburg Adult Education faculty members are embarking on a nationwide research study to identify which community–based financial educational methods best assist underserved segments of the population.

Associate Professor of Adult Education Elizabeth Tisdell, the principal investigator on the grant from the National Endowment for Financial Education, says the research project "will be aimed at those financial educators working with communities typically underserved by traditional financial planning venues – specifically women, people of color, immigrants, the elderly, the unemployed or underemployed, or those from working class backgrounds. In these troubled times, we need to know how financial educators are working with these groups and how we can do it more effectively."

She continues, "There is often little attention to issues related to how the content (financial advice) is delivered and whether it is delivered in a way that is culturally relevant to the adult learners it attempts to serve."

With fellow faculty member and research partner Associate Professor of Adult Education Edward Taylor, Tisdell points out the aims of the research are to identify techniques and strategies used by community-based financial educators in programs targeting underserved populations, to determine the depth of program development based on sociocultural factors, and to explore how effective programming is delivered and implemented.

Taylor says, "Financial literacy provides adults with the knowledge, aptitude, and skill base necessary to become informed consumers of financial services and manage their finances accordingly."

"What the grant will contribute to the financial education field is hopefully a database of financial educators across the country working with community–based programs that can service as an ongoing resource as well as who they serve and what they actually do," Tisdell adds.

Taylor points out that at the end of the 18–month project, the researchers will develop a resource for educators when creating programs for specific audience groups.