Citation

Financial Literacy: A Path to Creating Economic Wealth

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Abstract:

For 90 percent of households with wealth, 62 percent of that wealth comes from their principal residence. Homeownership is key to wealth creation, in particular for African American. However, a working knowledge of credit and money management begins long before an individual approaches a lender to obtain a mortgage to buy a home. It begins with managing a weekly allowance or opening up those first checking and savings accounts. Later it progressive to obtaining and regularly using revolving credit lines and consumer installment loans.
The purpose of this study is to examine the attitudes, perceptions and experiences that influence credit behavior among African American college students in order to improve credit and personal financial management curriculums. The methodology includes online credit habits and behavior survey, money management and credit workshop evaluations, and descriptive and inferential statistics. The descriptive statistics are used to describe the sample characteristics and inferential statistics are used to make inferences from results based on the sample to the larger population. The expected outcome of the study is to find that students are already active in the credit market and behavior will vary across selective characteristics. In addition, the study should pinpoints key credit topics that needs to be incorporated into the curriculum, e.g., defining and managing a credit score.
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Association:
Name: 95th Annual Convention
URL:
http://www.asalh.org


Citation:
URL: http://citation.allacademic.com/meta/p436055_index.html
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MLA Citation:

Lindsey-Taliefero, Debby., Kelly, Lynne., Brent, William. and Price, Russell. "Financial Literacy: A Path to Creating Economic Wealth" Paper presented at the annual meeting of the 95th Annual Convention, Raleigh Convention Center, Raleigh, North Carolina, <Not Available>. 2014-11-27 <http://citation.allacademic.com/meta/p436055_index.html>

APA Citation:

Lindsey-Taliefero, D. A., Kelly, L. , Brent, W. and Price, R. "Financial Literacy: A Path to Creating Economic Wealth" Paper presented at the annual meeting of the 95th Annual Convention, Raleigh Convention Center, Raleigh, North Carolina <Not Available>. 2014-11-27 from http://citation.allacademic.com/meta/p436055_index.html

Publication Type: Invited Paper
Abstract: For 90 percent of households with wealth, 62 percent of that wealth comes from their principal residence. Homeownership is key to wealth creation, in particular for African American. However, a working knowledge of credit and money management begins long before an individual approaches a lender to obtain a mortgage to buy a home. It begins with managing a weekly allowance or opening up those first checking and savings accounts. Later it progressive to obtaining and regularly using revolving credit lines and consumer installment loans.
The purpose of this study is to examine the attitudes, perceptions and experiences that influence credit behavior among African American college students in order to improve credit and personal financial management curriculums. The methodology includes online credit habits and behavior survey, money management and credit workshop evaluations, and descriptive and inferential statistics. The descriptive statistics are used to describe the sample characteristics and inferential statistics are used to make inferences from results based on the sample to the larger population. The expected outcome of the study is to find that students are already active in the credit market and behavior will vary across selective characteristics. In addition, the study should pinpoints key credit topics that needs to be incorporated into the curriculum, e.g., defining and managing a credit score.


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