Promoting Financial Literacy: A Path to Alleviating Social Inequality

Amira Annabi, Ph.D., Grishma Shah, Ph.D., and Aileen Farrelly, CPA, MS

ABSTRACT

In the last decade, following the 2008 financial crisis, there has been a well-intentioned focus on the rise of income inequality, its antecedents and effects. While the existence of a link between social inequality and income is indisputable, the dynamics of the relationship between income inequality, race and gender are highly complex. We recognize that, although these issues are deeply complex and multifaceted, they need to be addressed through institutional policies and educational programs. Specifically, we argue that financial literacy should be the first step toward long-term financial stability and wellbeing. In doing so, we recognize the efforts Catholic institutions are making in the field of personal finance education in order to mitigate income inequality and promote social equality. On the other hand, we examine how some NGOs in the Bronx, NY, are addressing the issue of financial illiteracy through financial literacy services. After examining these two interventions, we discuss best practices, shortfalls and recommendations on how Manhattan College’s Lasallian mission can be better fulfilled by addressing the long-term financial wellbeing of the underserved. To this end, we propose a feasible three-step program in collaboration with financial literacy NGOs in the Bronx.

Full Text:

Promoting Financial Literacy: A Path to Alleviating Social Inequality

Keywords: Catholic; Economics (E.g., American Catholic Higher Education; Catholic higher education; de LaSalle; Higher education research; Instructional pedagogy; Lasallian; Lasallian pedagogy; Scholarship of teaching and learning)