Financial Capability and Asset Building with Diverse Populations by unknow

Author:unknow
Language: eng
Format: epub
Tags: Nonfiction, Social & Cultural Studies, Social Science, Sociology
ISBN: 9781351202299
Publisher: Taylor and Francis
Published: 2018-12-07T05:00:00+00:00

Implications for financial education research

That we could only identify seven financial education interventions with Latino samples is concerning given the prevalence of Latinos in the United States and the financial struggles they face. The number and types of studies prevented us from generalizing about the impacts of financial education on Latinos. This analysis does, however, yield important next steps in advancing this research. Explicit sample descriptions and generalizable subgroup comparisons, with attention to the diversity of the Latino population can help determine whether interventions are differentially effective for distinct subgroups (Resnicow et al., 1999). To understand the impacts of assimilation, researchers must be clear when testing an intervention which generation(s) of Latinos is being targeted, and with an immigrant sample, length of time in the United States.

Critically, measures of knowledge, attitude, and behavioral outcomes must be culturally and empirically valid. Future research should seek to validate outcome measures with samples of Latino participants in order to facilitate comparisons of interventions. Furthermore, to inform culturally-appropriate—and effective—interventions for Latinos, research must build on knowledge gained from qualitative studies, and quantitatively examine and compare the effectiveness of various surface and deep culturally sensitive strategies in terms of their impacts on the financial knowledge, attitudes, and behaviors of Latinos.

Furthermore, future research should also measure how these strategies impact levels of program engagement and attrition. For example, surface structure adaptations can inform effective recruitment strategies. Since Latinos place a high value on reputational networks, offering educational programs within community organizations with existing ties to the Latino community, or utilizing opinion leaders (such as the promotora model in health settings) within the community, may increase recruitment. Researchers can then evaluate such engagement strategies to identify effective approaches. Just one study discussed attrition, a possible challenge to financial education interventions with vulnerable populations, finding that a deep structure adaptation (i.e., sharing food) decreased attrition (Sprow Forte, 2012). Future research should present attrition rates and examine ways in which cultural adaptations may impact attrition.

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