How might we build consensus around financial education content that is relevant to diverse cultures? (February 11, 2021)
There is a persistence of commonly accepted markers of financial capability and well-being: a traditional bank account, investing in real estate, emergency savings, minimizing debt, paying off bills every month, retirement savings, a prime credit score and adequate insurance coverage. However, these markers were determined by those in power who had the means and access to achieve these markers. Systemic racism and discrimination have put minority populations at significant disadvantage in their ability to achieve this prescribed notion of financial capability. This convening examined the systemic barriers at play in financial education, especially how that influences personal finance curricula and pedagogy. Participants reflected on biases inherent in financial education and discussed reshaping common markers of financial well-being to better reflect the norms, values and resources within all of our nation’s diverse communities.