SPSS Analysis of Financial Literacy

Abstract

Financial education has been a complex issue among society today. Often, it has been found that low-income communities are uninformed of the steps they can take to maximize their monetary goals. This gap in healthy financial behaviors in comparison to Caucasians particularly affects minority groups. Throughout the 5 years, researchers have examined the effects of piloting culturally sensitive workshops to low-income minority communities to promote healthy financial behaviors. The culturally sensitive workshops discuss the following: Money management, social security and retirement, and credit and insurance. The data collection came from years 1 to 5 through grant research at a plethora of different seminars and workshops. Although many of the activities at workshops were similar, pre- and post-test were different. When finding similarities between the different tests there was consistency among only demographics. Each year, there were four demographics present in each workshop held. These demographics included gender, age, income, and race. Fellows transposed the demographic information from each seminar across the 5 years. After completing each individual year, the data were then consolidated to provide total sums per each year. Descriptives, frequency, t-test, and mean test were ran in SPSS to receive a full analysis of the information captured.

Keywords: Financial; Education; Low Income; Money Management; Social Security and Retirement; Credit; Insurance

Australian Academy of Accounting and Finance Review, vol 4, issue 2, April 2018, pp 53-58