The Effects of Financial Literacy of Low-Income Females on Their Long-Term Financial Behaviors

Ryan Fahey, Hooman Estelami


Much of modern education has focused on developing individuals’ skills to be productive parts of society. The developed skills can become enablers of financial stability, independence and economic security. Yet, on a relative basis, considerably less effort is expended on building the financial skills for individuals to preserve their wealth and assets. As a result, for certain consumer segments, lack of financial education can become a source of hardship. In this study, we use data from the U.S. Financial Industry Regulatory Authority’s (FINRA) 2021 National Financial Capability Study. The correlation between financial literacy and long-term financial behaviors is empirically examined and further dissected by gender and income, to identify population segments who may be vulnerable due to lack of adequate financial education. Significant patterns of financial literacy scores are identified, highlighting the need to enhance financial education offerings to vulnerable consumer segments.

Full Text:



Copyright (c) 2023 Ryan Fahey, Hooman Estelami

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.


World Journal of Education
ISSN 1925-0746(Print)  ISSN 1925-0754(Online)

Copyright © Sciedu Press

To make sure that you can receive messages from us, please add the '' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.