Focus on Fin Ed: The Policy Convenings Podcast - Episode Six
This episode reflects on the importance of placing a diversity, equity and inclusion lens on financial education. Host Raven Newberry interviews Anne Price, President of the Insight Center for Community Economic Development, on the need for the field to reexamine how financial markers, history and generating wealth are taught to ensure accuracy and foresightedness.
Topics we cover in this episode
- The benchmarks and language used or misused when teaching financial education.
- The role parents, culture and community can – and should – play.
- The false narrative of “one-size-fits-all” regarding financial education.
- The concept of “mental models” and the relationship between assumptions and behaviors.
The stakeholder energy around this convening topic…
“Often times we don’t come to events thinking that we are going to dig into deep thinking. So, I thought [the conversations] were really exciting to be involved in.” [2:40]
On what families need to learn about building wealth and passing it on to the next generation…
“We have to begin to understand how wealth is actually built. It sounds very basic, but it’s not something that we typically learn in school. So, we don’t really understand how wealth is accumulated. And, our understanding really comes from some of our greatest American myths.” [6:30]
On how historical context should fit into financial education lessons…
“If you have no historical reference, then you can’t serve people in the way they need to be served. You may think you are, but you’re not because, one, you don’t even really understand the condition in which they are living.” [10:20]
On the role authenticity plays in teaching financial education to different cultures…
“Honoring their culture; their history. That the approach is to really ensure people’s dignity. These are all things that most financial educators want to do, but I think we have new opportunities now to look at where we have fallen short.” [19:15]