Title:Money management on a shoestring: a critical literature review of financial literacy & low-income people.
Citation:Research paper prepared for the Task Force on Financial Literacy
Subject:Income security programs – general
Publisher:Menno Simons College
Place of Publication:Winnipeg
Date of Publication:2011
This report examines evidence from the academic and policy literature about the financial literacy of low-income people. The purposes of the study are to provide a critical review of evidence about low-income people’s financial literacy measurement, the programs used to promote their financial literacy, and the information uncovered about the programs by evaluations. Finally, the study was to provide recommendations about how policies might be more supportive for building low-income people’s financial literacy. The paper presents some concepts useful for the study of financial literacy, and then presents findings related to the measurement of financial literacy, drawing on results from several national surveys, including four from Canada, New Zealand, the United Kingdom, and the United States. The third section presents an examination of financial literacy programs and evaluations from many countries including Australia, Canada, the UK, and the US. The conclusion pulls together key results before a series of recommendations are made at the end of the report.