University of Southern California Dissertations and Theses

Financial literacy for African American students

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Financial literacy for African American students

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Content 1
Financial Literacy for African American Students
Capstone Project Proposal
Samantha Rowles
University of Southern California
Suzanne Dworak-Peck School of Social Work
DSW Program
Dr. Harry Hunter
December 2023

2
Table of Contents
Acknowledgments .......................................................................................................................... 3
Executive Summary........................................................................................................................ 4
Abstract........................................................................................................................................... 8
Positionality Statement................................................................................................................... 9
Problem of Practice and Literature Review.................................................................................. 10
Literature Review.............................................................................................................. 12
Conceptual Framework................................................................................................................. 16
Project Description ....................................................................................................................... 19
Prototype Description ....................................................................................................... 23
Methodology................................................................................................................................. 24
Implementation Plan..................................................................................................................... 26
Implications.................................................................................................................................. 29
Conclusion .................................................................................................................................... 31
References..................................................................................................................................... 33
Appendix A................................................................................................................................... 39
Appendix B................................................................................................................................... 50

3
Acknowledgments
I want to express my gratitude to God for all the blessings in my life, including the
opportunity to pursue higher education. I also extend my heartfelt thanks the Doctor of Social
Work professors who have greatly contributed to my learning experience during this program.
Your unwavering commitment to guiding us through the design thinking process has been
invaluable. Dr. Julie Cederbaum, I am deeply thankful for your willingness to support me
throughout the capstone process. Your feedback and insightful discussions have been extremely
helpful in making this project meaningful to the end user. Additionally, I would like to extend
my gratitude to Dr. L. Robinson for generously devoting your time to offer insights into current
trends and helping me in improving my capstone project.
Dr. Harry Hunter, I appreciate your passion for helping students unlock their potential.
Your ability to simplify complex topics has been impressive, and I will never forget our honest
conversations. Your support and guidance helped me achieve this.
I would also like to acknowledge my SCLARC work family for their professional and
personal support and encouragement. To the AFD Fitgang, you all inspire me to keep moving
forward and remember my purpose. To the Mathis, Jackson, and Rowles families, your
unwavering support has played a significant role in my life’s journey. I am also profoundly
grateful to my late husband, DeAndre Rowles Jr., for his love and protection throughout our time
together and beyond.
Lastly, I want to recognize my brilliant, creative, and talented daughter, Naomi Rowles.
Thank you for accompanying me on this journey. You inspire me to excel in life and serve as a
strong example of what it means to be a Black woman.

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Executive Summary
The main goal of this project is to offer a financial literacy program to high school
students in the African American community, focusing on the Federal Deposit Insurance
Corporation (FDIC) Smart Money curriculum. The objective is to increase their knowledge and
understanding of financial matters while gathering valuable feedback on the curriculum. Both
parents and students recognize the significance of financial literacy education for young people.
A clear and relatable curriculum with engaging visuals is essential for making education more
interesting. Students are eager to learn about different types of income, saving techniques, and
how to live independently. They appreciate content that is relevant to their identity and interests.
Establishing a solid financial foundation through planning and education is crucial. Parents also
emphasize the importance of saving and making wise financial decisions. While families
frequently discuss financial matters, formal financial literacy education for children is often
lacking. Open and transparent conversations about finances can still help children understand
various financial decisions their families make.
Financial literacy is crucial to making informed decisions about one's financial future. It
entails understanding and effectively managing personal finances. A financially literate person
possesses the knowledge and skills to create and manage a budget, save money, invest wisely,
and plan for retirement. The importance of financial literacy cannot be overstated; it is a vital
component of financial stability and independence. Financially literate people are better
equipped to handle unexpected expenses, steer clear of debt, and achieve long-term financial
goals. They are also more likely to make informed decisions regarding their investments,
insurance, and retirement planning.

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The fundamental aspects of financial literacy include budgeting and saving. This includes
understanding income and expenses, creating a budget, setting financial goals, and developing
strategies for saving money. A budget serves as a tool for tracking expenditures, identifying areas
for cost-cutting, and allocating resources effectively. Setting financial goals is also crucial as it
provides a roadmap for achieving financial success. Banking and credit are equally crucial
components of financial literacy as they entail understanding the different types of bank
accounts, credit, and credit scores, which are necessary for making informed decisions about
borrowing and lending. Responsible credit card use and debt management are critical for
maintaining good credit and avoiding financial pitfalls. Investing and retirement planning are
also crucial aspects of financial literacy. Understanding the basics of investing, types of
investments, and retirement planning enables individuals to build wealth and achieve financial
independence. Financially literate people can make well-informed decisions about their
investments, insurance, and retirement planning. Entrepreneurship is an exciting option for
individuals interested in starting their own businesses. Financial management for small
businesses is a critical component of financial literacy. It involves business planning, budgeting,
and managing finances to ensure long-term success.
Good financial literacy skills are indispensable for making well-informed decisions about
one's financial future. It involves understanding income and expenses, budgeting, setting
financial goals, saving strategies, managing credit and debt, investing, retirement planning, and
financial management for small businesses. Individuals can achieve financial stability and
independence by mastering these abilities. Additionally, it is essential to stress the significance of
ongoing financial education to continue developing financial literacy.

6
Human-centered design (HCD) is a comprehensive problem-solving framework that
prioritizes making systems and products more responsive to customer needs. This approach
utilizes qualitative research to gain a deep understanding of customer emotions, insights, and
needs. By prioritizing customer needs over system needs, HCD design can create products and
systems that meet customer desires while aligning with current means and capabilities. To
achieve this objective, the research will utilize a qualitative participatory action research (PAR)
approach, which encourages customer collaboration and co-creation.
To ensure the success of the project to adapt the financial curriculum for students in Los
Angeles, it is essential to carefully analyze the current financial curriculum and identify areas
that may need improvement or additional focus. To cater for African American students, it would
be beneficial to develop new materials or modify existing resources. Incorporating culturally
relevant content and teaching methods can also enhance engagement and retention. Additionally,
consulting with experts in the field of financial education and reviewing current literature on best
practices for teaching financial literacy to diverse populations can contribute to this goal. By
adopting a thoughtful and collaborative approach, we can create a financial curriculum that is
both effective and culturally responsive for African American students in Los Angeles.
The EPIS implementation framework can be utilized to implement the financial decisionmaking module effectively. This framework comprises several vital components that must be
carefully considered and executed to ensure the module's success. Implementing evidence-based
practices in real-world settings can be a challenging task, and the Exploration, Preparation,
Implementation, Sustainment (EPIS) framework has emerged as a widely used tool to streamline
this process. Engaging stakeholders in the implementation process, including those directly using
the financial decision-making module, can be particularly helpful. Consulting with experts in

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implementation science and financial decision-making can also help identify best practices and
strategies for successful implementation. By doing so, the implementation process can be
streamlined, and the financial decision-making module can be successfully integrated into realworld settings to achieve the desired outcomes.
To effectively implement the financial decision-making module using the EPIS
framework, it is essential to consider various leadership strategies. These may include creating a
shared vision among stakeholders, building a strong implementation team, and providing
ongoing support and training for those involved in the implementation process. Additionally, it is
essential to monitor and evaluate the implementation process to ensure it meets its intended goals
and outcomes. By utilizing a thoughtful and collaborative approach, we can successfully
implement the financial decision-making module and improve financial literacy among students
in Los Angeles.

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Abstract
Building financial capability and assets is among the 13 social work grand challenges. It can
be described as economic disparities and limited access to essential financial services
increase financial vulnerability for socioeconomically disadvantaged families (Fong et al.,
2018; Huang et al., 2016). These inequities often intersect with factors like race, gender, and
disability, compounding the challenges. Achieving financial security, meeting basic needs,
and realizing potential necessitate endowing people with the ability and opportunity needed
for financial capability (Sherraden et al., 2015). Equipping people with financial knowledge
and skills and access to suitable financial support and services empowers them to make
informed financial decisions, thus enhancing overall well-being (Sherraden et al., 2015).
This proposal will focus on providing financial knowledge. Few adolescents are provided
with financial literacy training. In the United States, less than 12% of all high schools require
a personal finance course. Among those schools, only 7.8 % of low-income African
American and Latino students have access to this education (Fox, 2021). Building financial
capability requires addressing factors beyond just providing financial education. The
American Psychological Association (APA) principle requires psychologists to respect
differences based on race, ethnicity, culture, and language (Peterson et al., 2017). This
project aims to deliver an existing financial literacy curriculum, Federal Deposit Insurance
Corporation (FDIC) Money Smart, for high school students in the African American
community to increase their financial knowledge. To measure the effectiveness of the
curriculum and determine if any adaptations are needed to make it more relatable and
exciting to African American high school students, staff will conduct one-on-one interviews
with students 30 days after they complete the course.

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Positionality Statement
Growing up as an African American in South Central LA, I witnessed firsthand the
financial struggles that plagued my community. Many adults, including my own mother, often
resorted to payday loans, lacked emergency savings, and carried credit card balances or missed
payments. Unfortunately, there were few positive examples of prudent financial choices to
emulate, and there were no educational initiatives in place to address personal finances.
Consequently, I found myself lacking the essential financial literacy information necessary to
make informed decisions about my own finances.
Determined to improve my financial management skills and help others in my
community do the same, I felt compelled to develop a tangible solution that could make a
difference. In particular, I recognized the unique challenges faced by African-American youth in
low-income environments and sought to understand their perspectives on bolstering their
financial literacy.
I firmly believe that financial capability can be a powerful tool for bridging the gap
between the wealthy and low-income. Three modules from the FDIC Money Smart curriculum
were selected with the help of five families to assist those striving for financial proficiency. By
engaging in "best practice" financial skills, individuals are more likely to make sound financial
decisions as they age. My goal was to target low-income families where adults may not have had
access to financial literacy training in the hopes of breaking the cycle of intergenerational
poverty that has plagued our community for far too long.

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Problem of Practice and Literature Review
Individuals hailing from marginalized communities often lack access to quality financial
products and services, which in turn limits their financial knowledge and leads to risky financial
behaviors. The outcome of these decisions can significantly impact their financial well-being and
overall quality of life (Huang et al., 2022). To overcome financial barriers and enable individuals
to make informed decisions, it is crucial to have adequate financial education programs that use
social learning theory principles (Sudakova, 2018). The Federal Deposit Insurance Corporation
(FDIC) has launched a Money Smart curriculum that aims to increase financial knowledge and
provide feedback to enhance the learning experience (Redic, 2023). The curriculum was
designed to be modified and tailored to meet the unique needs of different audiences, such as
African American high school students. These programs can help to address the barriers faced by
individuals from marginalized communities and empower them with the necessary skills and
knowledge to make informed financial decisions. By doing so, we can help to reduce the racial
gap in financial literacy and promote financial well-being for all (Lotto, 2020).
As society progresses towards a more inclusive future, we must recognize the barriers
faced by individuals from marginalized communities regarding financial literacy. The lack of
access to financial education and resources can often be a significant obstacle for these
individuals, preventing them from making informed financial decisions. A recent study by the
Financial Industry Regulatory Authority [FINRA] (2020) found that only 34% of Americans
could correctly answer at least four out of five financial literacy questions, highlighting the need
for more excellent financial education. The same FINRA study also revealed that individuals
with a higher level of financial literacy were more likely to plan and save for retirement, have an
emergency fund, and avoid costly credit card balances. This highlights the importance of

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financial education and the positive impact it can have on individuals’ financial outcomes.
Additionally, a study by the TIAA Institute (2018) found that individuals who participated in
financial education programs increased their financial literacy scores by an average of 14
percentage points, further emphasizing the benefits of financial education. Promoting financial
literacy among marginalized communities is crucial for achieving a more equitable society. With
the help of financial education programs, we can empower individuals with the necessary
knowledge and skills to make informed financial decisions and work towards achieving financial
well-being for all.
A good understanding of financial literacy is an essential life skill enabling individuals to
make well-informed financial decisions and improve their overall financial well-being. Despite
efforts to provide equitable access to financial literacy education, systemic racial discrimination
has led to a substantial disparity in financial literacy between different racial groups. Studies
have shown that historically marginalized communities, especially people of color, have been
disproportionately excluded from financial institutions and resources (Thavva, 2021). As a result,
many individuals from these communities lack the knowledge and resources needed to make
informed financial decisions, leading to a persistent racial gap in financial literacy. Moreover, the
positive impacts of parental dissemination of financial knowledge depreciate faster for people of
color groups than for the White population. Williams (2022) explained that this is because people
of color groups are more likely to face economic hardships, such as limited financial resources
and higher unemployment rates, which can negatively impact their financial literacy. Therefore,
it is crucial to ensure that financial literacy programs are accessible to all students, regardless of
their race or ethnicity, in order to minimize this gap.

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Literature Review
In today's economic environment, it is crucial to possess the ability to navigate various
financial services and products. As defined by Lusardi and Mitchell (2014), financial literacy
involves an individual's capacity to process economic information and make informed decisions
regarding financial planning, debt, wealth accumulation, and pensions. Research examining the
correlation between financial literacy levels and financial behaviors shows that higher levels of
financial literacy are linked to more favorable financial behaviors. According to a study
conducted by the National Financial Educators Council [NFEC] (2019), individuals who scored
high on financial literacy tests were more likely to save money and make informed financial
decisions. In fact, those who scored in the top quartile for financial literacy had a savings rate of
8.4%, compared to just 5.8% for those in the bottom quartile. A study conducted by TIAA
Institute (2018) found that 84% of people who received financial education reported positive
changes in their financial behavior, such as saving more money and reducing their debt.
Clark et al. (2021) discovered in their analysis of financial literacy studies that financial
literacy is connected to many economic outcomes and behaviors, including day-to-day financial
management skills, participation in financial markets and investment stocks, precautionary
savings, and, most importantly, planning for retirement. They also found that individuals with
low financial literacy are likely to engage in costly financial behaviors, such as borrowing, highcost borrowing, and paying high transaction fees and costs (Clark et al., 2021). Studies that
examined the specific components of financial literacy found that advanced financial knowledge
topics, such as risk diversification, such as spreading investments over various sectors and assets
to reduce the impact of instability, and the ability to perform calculations, are crucial to financial
behaviors and outcomes (Williams, 2020).

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A study by de Bassa Scheresberg (2013) involving young adults found that higher
financial literacy levels were linked to better financial outcomes, including the lesser likelihood
of using high-cost borrowing methods and a higher likelihood of planning for retirement and
having money set aside for emergencies. Financial literacy is an essential life skill; however,
mainstream wealth management and financial services industries have been primarily created,
maintained, and dominated (Walton, 2021). This exclusion of Black people from fully
participating in gaining and contributing knowledge and services around finances in mainstream
industries is a significant concern (Burton, 2018).
The existing body of research on financial literacy among young adults paints a rather
dismal picture. Studies have shown that overall levels of financial literacy among those aged 25-
34 are quite low, and there are significant disparities along the lines of gender, race, and
socioeconomic status. Moreover, research has shown that financial literacy rates are meager
among certain groups of young adults (Singh, 2018). According to a study conducted by the
National Center for Education Statistics [NCES] (2019), only 8% of millennials demonstrate a
high level of financial literacy, while a staggering 70% have low financial literacy (NCES,
2019). The study also found that these numbers vary significantly based on gender, race, and
socioeconomic status. For instance, female students were more likely to discuss financial topics
with their parents than male students (NCES, 2019). This highlights the need for financial
literacy education to be more accessible and inclusive so that young people from all backgrounds
can be equipped with the knowledge and skills necessary to make sound financial decisions.
Yakoboski et al. (2020) also found that financial literacy among young adults is below
average, with studies finding significant differences by race and family background. Early
research on financial literacy among young adults has also highlighted the importance of family

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and social background in shaping financial literacy development (Garg & Singh, 2018). For
instance, using data from the National Longitudinal Survey of Youth 1997, Lusardi et al. (2010)
found that differences in financial literacy were associated with family background. According to
Lusardi et al. (2010), individuals with at least one parent who held stocks or retirement accounts
during their teenage years were more likely to have higher levels of financial literacy.
Specifically, those with parents who held stocks had an average financial literacy score of 57.6,
while those without stocks had an average score of 51.9. Similarly, those with parents who held
retirement accounts had an average score of 57.9, compared to 52.3 for those without retirement
accounts. Additionally, the study found that higher levels of parental education, especially the
mother's education, were also associated with higher levels of financial literacy in their children.
Specifically, financial literacy was associated with parental education, particularly the mother’s
education, and whether parents had stocks and retirement accounts when the respondents were
teenagers.
The importance of financial literacy cannot be overstated in today's society. It allows
individuals to make informed decisions about their finances, which is especially critical for
young adults (Huang et al., 2022). Research shows that young adults who lack financial
knowledge are more likely to engage in risky financial behavior (Xiao et al., 2014). This research
highlights the importance of financial education for young adults as it can help them make
informed decisions and avoid risky financial behaviors. However, when discussing financial
literacy among Black men, it is essential to consider the lack of structural educational, social, and
economic opportunities that impact their well-being.
Economic downturns, lack of early educational and social opportunities, and entrenched
poverty have significantly impacted the ability of young Black men to participate fully in a

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skilled and competitive workforce (May, 2023). The Great Recession of 2008-2010 has only
worsened these issues, causing economic instability and distrust, particularly among the younger
generation (Amadeo, 2022). This has made it challenging for young adults to determine their
financial futures, as they encounter higher debt levels and financial burdens than past
generations.
Unfortunately, most young adults lack basic financial knowledge, leaving them illequipped to make informed decisions regarding their finances, savings, budgeting, loans, and
investments (de Bassa Scheresberg, 2013). Wages and quality of living have deteriorated or
remained stagnant for most Americans, with the impact being much more detrimental to most
Black Americans (Adejuno, 2019). This poses a unique economic challenge for young Black
men, underscoring the importance of financial literacy in their lives and economic well-being.
Individuals must possess financial capability and assets to achieve financial stability, security,
and overall well-being (Sherraden, 2018). However, marginalized communities often lack
financial services and asset-building opportunities, making it a significant challenge for social
work practitioners (Fong et al., 2018).
Young adults today face increasing financial decisions, making financial literacy skills all
the more important. A study conducted by Bolognesi, Hasler, and Lusardi (2020) found that
while 62% of millennials believed they had a high level of financial knowledge, only 19% could
correctly answer three financial literacy questions. These questions were: What is the difference
between a debit card and a credit card? How do you create a budget, and why is it important?
What is the impact of compound interest on savings and debt? This highlights the need for
increased attention to be paid to the financial literacy needs of young adults (Potrich et al., n.d.).

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The results of the 2007-08 National Longitudinal Survey of Youth (NLSY) reveal that
African American young adults between the ages of 23 and 28 scored lower on financial literacy
tests than their Hispanic and White American counterparts, suggesting a need for targeted
financial education for African American communities to increase their financial knowledge
(Hudson et al., 2017).
Moreover, America's history of racism and injustice has created barriers for certain
groups when it comes to accessing education and employment opportunities. This has led to the
concept of structural racism that is ingrained in various aspects of American culture and the
economy (Bobo, 2017; Jemal et al., 2019). It is crucial for America to acknowledge and address
these past injustices to move towards a more equitable society.
Conceptual Framework
In 1963, Dr. Albert Bandura introduced social learning theory to explain how information
is processed and translated into behaviors (Rosenthal & Zimmerman, 1978). The theory suggests
that by observing behaviors and attitudes, a person can change how they behave in each situation
(Bandera et al., 1963). Social learning theory provides a simple yet effective framework for
understanding why marginalized communities continue to exhibit risky financial behaviors from
one generation to the next. Social learning theory suggests that new behaviors are obtained
through observation, imitation, and modeling, which are influenced by motivation, attitudes,
attention, and emotions (Jorgensen & Savla, 2010).
Bandura's social learning theory posits that individuals learn through observing the
consequences of other people's behaviors. Unlike behavioral theories, which suggest that all
behaviors are acquired through conditioning, and cognitive theories, which consider
psychological factors like attention and memory, Bandura's theory highlights the role of social

17
interactions and media in shaping behavior. Bandura contends that people can observe behavior
directly in social interactions or indirectly through media. When specific actions are rewarded,
individuals are more likely to imitate them, while those punished are avoided.
This theory underscores the importance of environmental factors in shaping behavior and
highlights the value of observing and modeling positive behavior. The theory explains that the
interactions of environmental and cognitive elements affect how people learn. Based on this
theory, children learn from their parents’ behavior by observing and modeling. If the parents are
not financially stable and make risky financial decisions, their children are more inclined to
follow in their footsteps.
Conversely, children who observe positive financial behaviors are more likely to mimic
them. However, financial behaviors such as saving for emergencies, retirement, making sound
investments, or even balancing a checkbook may present challenges for youth and young adults
(Batty et al., 2015). Learning financial tasks is a continuous process that should be developed
and improved throughout one’s lifetime. Parents play an essential role in teaching and guiding
their children toward positive financial behaviors. However, if parents cannot provide this
guidance, individuals can seek positive examples of financial decisions from their environment
to avoid adopting risky financial behaviors (LeBaron et al., 2018). This shift toward positive
financial behavior can lead to families building wealth and increasing their assets, ultimately
improving their financial stability and knowledge.
Table 1 outlines a logic model that illustrates the importance of positive financial
behavior in helping families build wealth and increase their assets. The model suggests that
financial stability is a prerequisite for wealth building, which involves maintaining a positive
cash flow, avoiding harmful debt, having an emergency fund, and utilizing public and workplace

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benefits. By shifting towards positive financial behavior, families can improve their financial
stability and knowledge, which can be achieved through various methods such as increasing
financial capability and economic opportunities, paying down a mortgage and building equity in
a home, and participating in asset-building programs that help families respond to emergencies,
offset debt, and build a more optimistic future (Friedline et al., 2021).
Table 1
Logic Model
Your planned work Your intended results
Resources &
inputs
Activities Outputs Outcomes Impact
Resources needed
to operate your
program
If you have access
to resources, you
can accomplish
these planned
activities.
If you accomplish the
activities, THEN you
can deliver these
intended
products/services.
If you accomplish
your activities and
outputs, THEN
your participants
will benefit in these
ways.
If the benefits are
achieved, these
changes within
organizations,
communities,
systems, and so on
will be seen.
A Body of One
consultant and
staff
African
American high
school students
Paid Zoom
account
Literacy Program
Curriculum
Handouts
Social media and
emailing list
Advertisements on
social media
platforms to attract
African American
students.
Consent from
parents for their
child to participate
in the program.
Establish dates and
times when
financial literacy
sessions will be
held.
We are providing the
Financial Literacy
program.
Adaptation of the
curriculum for the
Financial Literacy
program.
Sample size of the
pilot group (10
students)
Infusionomics
financial test (before
and 30 days after the
program)
Increased
willingness to
follow a savings
and debt plan and
increased
understanding of
money needed to
live independently.
Improved
confidence in their
ability to make
informed financial
decisions.
Identify if
adaptations are
desired to make
more relevant
Communities will
become financially
resilient and apply
the knowledge
gained to navigate
complex financial
situations such as
emergencies or
unexpected
expenses.
Upward fiscal
mobility of
generations.
When opportunities
present themselves,
students can
demonstrate the
knowledge learned.

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Project Description
Introducing positive role models who make prudent financial choices can significantly
enhance African-American children's propensity to make informed financial decisions (Murphy,
2005). Investing in a financial literacy program can be a powerful tool to empower students with
the knowledge to make informed financial decisions. By providing financial education to
students, they can learn how to manage their finances, avoid debt, and make wise investment
decisions. This, in turn, can contribute to addressing the grand challenges of social work and
building financial capability by increasing financial knowledge. By equipping students with the
education to navigate their finances, they can improve their financial situation and reduce
financial stress, leading to a positive impact on their overall health and quality of life (Fong et
al., 2018).
When implementing a financial literacy program aimed at African American high school
students, it is crucial to consider the program's location and context carefully. The pilot program
will be conducted in partnership with a local nonprofit organization called “A Body of One,”
which strongly focuses on education, youth development, and financial empowerment. This
organization has established networks and resources that will support the program.
The feedback from the pilot group will determine if adaptations, such as using images
and cultural language, are needed to increase participants' understanding of debt mechanisms, the
creation of monthly budgets, and the intricacies of planning for their post-high school lives,
including the eventual transition from their families. The curriculum utilizes an “experimental
learning” approach through interactive activities, which benefits secondary students' increased
awareness of basic financial planning concepts and how those concepts are applied to daily life
(Amagir et al., 2018; Danes and Haberman, 2007). In order to provide African American high

20
school students with exemplary role models showcasing sound financial choices, their inputs
were elicited to adapt the FDIC Smart Money curriculum to help enhance their financial
knowledge and create positive financial literacy education (Wint et al., 2022).
Several financial literacy curriculums exist and are available to students at low to no cost.
Rather than developing a new curriculum, this study aims to examine an existing financial
literacy curriculum and determine if the material is relevant to African-American high school
student’s culture. The “Longitudinal Evaluation of the Intermediate-term Impact of the Money
Smart Financial Education Curriculum” survey found changes in consumer behavior and
increased confidence within 6-12 months of financial training utilizing their curriculum (Federal
Deposit Insurance Corporation [FDIC], 2007). This curriculum is available as a computer-based
and instructor-led curriculum. The flexibility of the curriculum allows instructors to tailor the
curriculum to their intended audience using all or part of the curriculum. Organizations can
easily incorporate the Money Smart curriculum into other financial education programs (FDIC,
2007). The objective of this study is to build financial capability by increasing the knowledge of
African American high school students by introducing African American high school students in
the greater Los Angeles area to a financial literacy curriculum where 3 modules have been
identified as relevant based on feedback from current high school students using the design
thinking tool the people plan.
Parents and students emphasize the importance of financial literacy education for
children and young adults. A clear and relatable curriculum with attention-grabbing images can
make financial literacy education more engaging. Students are strongly interested in learning
about types of income, savings, and living independently and appreciate content that reflects
their identity and interests. Building a solid financial foundation through planning and education

21
is crucial, and parents emphasize saving and making wise financial decisions. While financial
conversations are commonplace within families, there is a lack of formal financial literacy
education provided to children. Openness and transparency in discussing financial matters can
still provide children with an awareness of various financial decisions the family makes.
One of the main takeaways from our conversation was the importance of building a
strong financial foundation through planning and education. While financial conversations are
commonplace within the family unit, there has been no formal training or planning regarding
financial literacy. However, the parents firmly believe financial stability can be attained through
diligent work and careful planning. The students shared that they have a basic understanding of
purchasing in physical stores but did not give much thought to earning money to afford those
purchases. They expressed particular interest in the topics of saving and generating income.
However, the student admitted to not paying close attention to the language and imagery used
during their past learning experiences.
The implementation of the FDIC Money Smart financial education program is highly
recommended for the betterment of all individuals who are looking to improve their financial
skills and establish positive banking relationships. This program has been proven to generate
statistically significant improvements in behavior and confidence among participants. The
individuals who participate in this program are more likely to open bank accounts, save money
on a mainstream deposit product, use and adhere to a budget, and have increased confidence in
their financial abilities even six to twelve months after completing the Money Smart course
(FDIC, 2007).
The FDIC Money Smart curriculum is designed to help students progress through distinct
stages that prepare them for sustained proficiency. The Money Smart for Young Adults (MSYA)

22
instructor-led curriculum is designed to provide practical skills, resources, and unbiased financial
education to new and experienced trainers working with 16-24 year olds. The curriculum
comprises 12 different modules, out of which three have been selected for this program. The
program includes pre- and post-assessments and interactive exercises, and instructors can present
the modules in any order or combination based on the audience's interests and knowledge. The
Money Smart curriculum emphasizes the importance of real-life skills and choices, practical
knowledge and resources, realistic scenarios, and key takeaways. The Guide to Presenting
Money Smart for Young Adults contains roadmaps that help trainers select relevant topics.
The transtheoretical model (TTM), also known as the stages of change model, can be
used to explain the different stages of change that African American students may experience
while participating in a financial literacy program. This model, developed by Prochaska (2008),
outlines a series of stages individuals usually go through when making behavioral changes. The
initial stage, known as the pre-contemplation stage, consists of students who may not be aware of
their need for financial skills and might initially resist program participation. However, as they
move on to the contemplation stage, they will begin to exhibit an interest in acquiring new skills
to enhance their financial skills through participation in the program.
Once the students have completed the program, they will advance to the action and
maintenance stages. In the final phases of the transtheoretical model, students will actively use
the skills learned in the three-week financial literacy program, continuously applying and
refining the skills acquired, including budget creation, debt understanding, and post-high school
planning (Hunter, 2023). Students are expected to move in and out of these stages multiple times,
with the greatest stability expected during the pre-contemplation, contemplation, and
maintenance stages (Prochaska, 2008).

23
At the pre-contemplation stage, it is essential to create awareness among students about
the need for financial education. This can be achieved through school-wide or community
campaigns that highlight the importance of financial literacy in their lives, future goals, and
economic empowerment.
During the contemplation stage, students will be provided with resources, workshops, and
presentations that help them explore the benefits of financial literacy. Their doubts or concerns
will be addressed and real-life examples will be used to demonstrate how improved financial
knowledge can lead to better opportunities. In the preparation (or determination) stage, the
program will introduce the Money Smart curriculum to students. The curriculum aims to offer
precise information about its goals, content, and the skills it will help them develop. It
emphasizes the program's relevance to their current and future financial well-being.
During the action stage, the financial literacy program will be implemented using
engaging, relevant, and interactive methods. The instructor-led curriculum, real-life scenarios,
and hands-on activities will be used to teach financial concepts. Finally, during the maintenance
stage, program staff will sustain engagement by providing resources, workshops, and
opportunities for students to reinforce and build on their financial knowledge. Students will be
encouraged to set financial goals and monitor their progress.
Prototype Description
The financial literacy program is designed to enhance the financial knowledge of African
American high school students in three critical areas: setting goals and making financial
decisions, creating a spending plan, and living independently. Over the course of three weeks,
students will participate in a virtual session led by experienced instructors who are committed to
equity and inclusion. The instructors will use three modules of the comprehensive FDIC Money

24
Smart curriculum, selected from an initial prototype group of 10 individuals, to ensure relevance
and resonate with the unique interests of African American students.
The program places a strong emphasis on interactive and engaging learning experiences,
featuring student participation in discussions, group activities, financial simulations, and
practical exercises. These exercises, mirroring real-life financial situations, encourage students to
increase their financial knowledge and develop critical thinking skills.
The curriculum also incorporates discussions on ethical financial decision-making,
SMART goals, and the social impact of financial choices. Additionally, students can connect
with successful African American professionals in the finance and business sectors, who can
serve as mentors and inspirational role models. The program encourages students to get involved
in community initiatives and advocacy efforts related to economic and social justice, fostering a
sense of civic responsibility.
To ensure that each student builds a solid financial foundation, the program utilizes
regular assessments to gauge progress and identify areas that may need further attention. We aim
to increase financial knowledge, empower students, and promote economic equity and justice
within our communities. Together, we can build a future where our students are more financially
literate and economically resilient.
Methodology
Human-centered design (HCD) is a comprehensive problem-solving framework that
places a strong emphasis on making systems and products more responsive to the needs of
customers (Interaction Design Foundation, 2021). It adopts a qualitative approach to understand
customers' emotions, insights and needs deeply. The HCD design is focused on prioritizing
customer needs over system needs, and it utilizes rigorous qualitative research to achieve its

25
objectives. This approach enables creation of products and systems that meet customers' desires
while aligning with the current means and capabilities available. To develop a solution aimed at
enhancing the financial knowledge of African American high school students in Los Angeles,
three human-centered design tools were used: the people plan, logic model, and journey map.
These tools collectively created a holistic and user-centric solution proposing utilization of FDIC
Money Smart modules.
After identifying the target audience as African American high school students, the
"people plan" was used to consider their age, cultural backgrounds, and specific financial literacy
needs. Parents and students provided insight into their roles, needs, and expectations in the
project. User interviews were conducted with students to gather insights into their financial
knowledge, aspirations, and challenges. That data was used to identify which modules meet their
specific needs. Thus, the project goals were defined as increasing financial knowledge and
fostering a sense of financial empowerment among the students.
The "journey map" was used to visualize the financial education process of African
American high school students. To represent the typical student, personas were created that
considered their goals, motivations, and challenges related to financial literacy. The journey map
delineated the students' financial education process, highlighting touchpoints, pain points, and
opportunities for intervention. This facilitated identification of possible solutions for issues such
as curriculum relevance. Staff and instructors will pay attention to critical moments in the
students' financial journey, such as setting financial goals, making decisions, budgeting, saving,
and planning for independent living during and after the delivery of the curriculum. Resources
will be available at each stage, including the FDIC Money Smart modules, instructors' manuals,
and participants' guides to reinforce the knowledge taught.

26
The logic model is a framework outlining the inputs, activities, outputs, and intended
outcomes of a project. We have identified the resources required for the project, such as the
Money Smart modules, instructors, funding, and technology. We have also developed an outline
of critical activities, including curriculum selection, instructor training, student recruitment, and
program delivery. As a result, we have defined the immediate outputs we aim to achieve, such as
the number of students reached, modules completed, and student engagement levels. Our shortterm and long-term goals are to improve financial knowledge, increase confidence in making
financial decisions, and increase the likelihood of financial success, leading to societal impacts
such as reduced financial disparities and increased economic equity within the African American
community.
The design criteria tools were used to identify that the program should be culturally
sensitive and reflect the experiences and values of African-American students so that they can
relate to the content. The program must be accessible to all students, regardless of their financial
background or prior knowledge, and should cater to diverse learning styles. To achieve this, the
program should be engaging and interactive, capturing students' interest and encouraging active
participation. Instructors should be knowledgeable about the subject matter, culturally aware, and
capable of creating a supportive learning environment. Encouraging peer-to-peer interaction and
collaborative learning can be an effective way to reinforce financial knowledge and skills. The
program should incorporate mechanisms for regular feedback and evaluation to assess its
effectiveness and make necessary improvements.
Implementation Plan
Implementing a financial literacy program for African American high school students
based on the FDIC Money Smart modules can be successful and sustainable by following the

27
EPIS (exploration, preparation, implementation, sustainment) framework (see Appendix A).
Each phase of the framework can be applied to this initiative as follows:
Exploration phase: A thorough assessment of the specific financial literacy needs and
challenges of African American high school students in the Los Angeles area was conducted. In
addition to a needs assessment, available resources, both within the school and community, to
support the program, such as funding, potential partners, qualified instructors, and access to the
Money Smart curriculum, were surveyed. Engagement of stakeholders such as students,
educators, parents, and community organizations was sought during the planning process. The
initial prototype group selected the Money Smart modules relevant to their experiences and
needs.
As part of the preparation phase, the prototype group selected three FDIC Money Smart
modules focusing on financial goals, decision-making, spending and saving plans, and planning
for independent living. The curriculum will be delivered by educators who have been trained to
be culturally sensitive and effectively teach the modules to engage and support African American
students. The program will provide printed curriculum materials, which will be mailed to each
participant. Additionally, technology requirements for interactive learning will be addressed. The
initial pilot group will have to provide their technology. However, as the program grows,
electronic devices will be purchased to provide low-income families access to live online
sessions.
During the implementation phase, a selected pilot group will participate in a threemodule scheduled online live session for three consecutive weeks. The curriculum is designed to
be interactive, engaging, and tailored to the interests of African American students. We will
continuously monitor the program's progress and gather feedback from students, parents, and

28
instructors to make necessary real-time adjustments. A Body of One will encourage the
community to become involved by providing additional resources, promoting the program, and
offering private donations.
During the sustainment phase, the program's effectiveness and impact on students'
financial knowledge will be regularly evaluated and assessed. The data collected from these
evaluations will be used to make necessary improvements and modifications to the program. As
the program expands and reaches more students, there will be a focus on building sustainable
relationships with local organizations, financial institutions, and community leaders to ensure
ongoing support and resources. Long-term partnerships will be fostered to aid in this. Students
will also be encouraged to advocate for financial education and economic equity in their
communities to help sustain the program's mission beyond the classroom.
The program's projected budget is priced at $11,135.60 per year. This cost covers a
stipend for the instructor, program manager, printing of materials, staff development, travel,
supplies, printing, and advertising. Private donors and grants are being sought to cover the pilot
cost of the program. The members of A Body of One board are considering hosting an event to
showcase the benefits of the financial literacy program during their winter toy drive. This
community engagement will highlight the importance of financial education in the African
American community. It will also provide an additional avenue for creating a mailing list to
increase participation.
When conducting a study on financial literacy for African American students, it is crucial
to take into account a number of ethical considerations to ensure that the research is conducted in
a responsible and ethical manner. One such consideration is informed consent, which requires
that researchers obtain consent from the participants prior to their participation in the study. This

29
involves informing the participants about the purpose of the study, what their participation will
involve, and any potential risks or benefits associated with their participation.
Another important ethical consideration is confidentiality and privacy. Researchers must
ensure that the participant's personal information is kept confidential and private, which includes
storing the data collected securely and restricting access to authorized personnel only.
Additionally, researchers must ensure that the study does not cause harm to the participants,
either physically or psychologically, and that they are not exposed to any unnecessary risks.
To further ensure the ethical conduct of the study, researchers must also avoid bias and
cultural insensitivity. This means designing the study in a way that avoids potential biases and
taking into account the cultural beliefs and practices of the participants. Researchers must also
ensure fairness in the study, treating all participants equally regardless of their race, ethnicity, or
other personal characteristics.
Finally, transparency is key in any research study. Researchers must be transparent about
their methods and findings, conducting the study and reporting the findings accurately and
honestly. Researchers can ensure that the research is conducted responsibly and ethically by
taking these ethical considerations into account when conducting the study.
Implications
In order to improve the financial literacy of African-American high school students, our
primary objective is to provide them with access to a reliable, evidence-based financial literacy
program. The FDIC curriculum can be utilized as is or customized to suit the specific needs of
the target audience. To ensure the program is tailored to the students, we will employ innovative
design thinking tools such as a logic model, journey map, and people plan. In addition, we will
collaborate with African-American high school students, their parents, and educators to make

30
any necessary modifications to the curriculum. Social workers often incorporate financial
capability training into their services, which includes facilitating access to basic necessities,
clinical care, resettlement programs, case management, and employment support. Their clients
benefit greatly from assistance with setting financial objectives, creating and adhering to
budgets, managing financial resources, establishing and maintaining strong credit, and gaining
knowledge of traditional financial institutions.
Social workers impart fundamental financial education to individuals, families, and
groups in various settings, such as neighborhood-based service centers, homeless shelters, mental
health agencies, substance abuse treatment facilities, and other community-based organizations
(Birkenmaier et al., 2013). Although not an exhaustive list, several financial capability programs
have been implemented at various institutions, including Arizona State University, the
University of Maryland, and social work schools in New York City. These initiatives were
tailored to each institution's interests and resources, emphasizing flexibility and measuring
outcomes through partnerships (Birkenmaier et al., 2013).
Undertaking a study on Financial Literacy for African American Students is an innovative
and socially impactful initiative. Financial literacy is the ability to comprehend and manage
individual finances effectively, a crucial life skill that enables individuals to make informed
decisions about their money and achieve financial stability (Singh, 2018). However, there is a
significant gap in financial literacy among different racial groups in the United States, with
African Americans being particularly disadvantaged. Consequently, conducting a study on
Financial Literacy for African American Students can help identify the specific challenges that
this group faces and develop targeted solutions to address them (Singh, 2018).

31
Through this study, culturally relevant financial education programs can be developed,
access to financial resources can be provided, and financial literacy can be promoted as a means
of achieving economic empowerment. Improving financial literacy among African American
students can help reduce the wealth gap and promote greater economic equality in society. This
study can provide significant value to the African American community by enabling them to gain
knowledge and skills to effectively manage their finances, make informed financial decisions,
and achieve financial stability. The success of this study can further inspire similar initiatives that
can empower other marginalized communities in the United States.
Conclusion
The primary objective of this curriculum is to establish collaborative partnerships with
various institutions to adapt and implement the curriculum based on successful university
models. One of the key areas of focus is addressing the unique interests and resources of
African-American high school students. The program is designed to be flexible and supportive of
students and stakeholders. The curriculum is constantly being experimented with and changed
based on user feedback. Stakeholder feedback is also used to assess the program's effectiveness
and make evidence-based decisions for program development.
A non-profit organization called A Body of One 501c3 has agreed to host the financial
literacy program for its 2024 program deliveries. To strengthen this partnership, monthly
progress meetings are held to better understand the agency's values, end-users, and community
members. In addition, grants targeted towards uplifting low-income communities, building
financial knowledge of children, and supporting African American women-led initiatives are
being researched to ensure that financial obligations are met. These funds will be used to
promote the program, hire staff and financial educators, and cover any costs associated with the

32
pilot program. A Body of One will also promote the events on their social media accounts and at
community events to increase program awareness.
To ensure compliance with the FDIC Money Smart Alliance, we receive regular
correspondence through a mailing list and attend webinars and training sessions regularly.
Staying up-to-date with curriculum changes helps us enhance the program's curriculum by
adapting evidence-based methods as necessary. Overall, we are committed to creating a
successful financial literacy program that is adaptable, inclusive, and responsive to the needs of
African-American high school students and their communities.

33
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Appendix A

40

41
The People Plan
Name Title Expertise/Reason for
Interviewing
Interview Questions Key Takeaways
1 Female, 15 Student Students in the target
age
What do you understand
about making financial
decisions?
If you were to
participate in a financial
literacy course, what
would you like to learn
about (list of topics
provided to select from)
Do you retain
information best when
images look like you?
Do you retain
information best when
language is like how you
speak?
The student wanted to learn how to
manage money to sustain her small
business—planning for business
once she completes high school.
(Modules 2, 4, &11) The curriculum
should be clear and relatable. Most
likely to use tools to increase
efficiency.
2 Mother,
two
students
Married Mother of
two school-age
students
Has children within
and outside of the
target age
What does your child
know about financial
literacy?
Do you talk about
making financial
decisions with your
child?
The mother stated that children
understand money but have no
formal financial literacy education.
Parents speak with older children
about making wise financial
decisions because it is attractive to
them for small businesses. The
younger child is not interested in

42
Do you feel financial
literacy is critical?
Please expand on the
yes/no response.
money management (no value of
money currently). The mother
believes that using simple language
and images that catch the children's
attention would be most successful.
3 Female, 17 Student She’s a student in the
target age
What do you understand
about making financial
decisions?
If you were to
participate in a financial
literacy course, what
would you like to learn
about (list of topics
provided to select from)
Do you retain
information best when
images look like you?
Do you retain
information best when
language is like how you
speak?
Student explained how she earns
money by babysitting and doing
chores around the home. She saves
that until she has enough money to
purchase something she wants
(clothes/shoes). She expressed no
interest in participating in learning
activities after school hours. If she
were made to participate, it would
need to keep her attention and be
something she can use. “What do I
get out of it?” Modules 3, 4, & 11.
Expressed her interest in black
culture. She would be more
interested in learning about finances
if the language and images were
related to black culture.
4 Guardian/
Mother
Married Guardian
of 17-year-old
female and 2-yearold female
Has child within the
target range
What does your child
know about financial
literacy?
Do you talk about
making financial
"My daughter knows how to spend
my money," the mother confirmed
her child's statement about earning
money to buy the things she wants.
Although the family does not have

43
decisions with your
child?
Do you feel financial
literacy is critical?
Please expand on the
yes/no response.
formal discussions about money, the
child is present when the parents
discuss their financial needs. The
mother emphasized the importance
of financial literacy while noting that
focusing on careers and income is
crucial.
5 Male, 16 Student He is a student of the
target age.
What do you understand
about making financial
decisions?
If you were to
participate in a financial
literacy course, what
would you like to learn
about (list of topics
provided to select from)
Do you retain
information best when
images look like you?
Do you retain
information best when
language is like how you
speak?
The student mentioned that he is
financially savvy and prefers to save
money for unforeseen circumstances.
He also said that his parents have
instilled in him the importance of
being wise with money, such as
saving and cooking at home instead
of eating out daily. Modules 1,2 &
11. If the content was appealing, he
found himself more interested in it if
the images related to his culture.
6 Mother Married Mother of
3 (two female, one
male)
Student in the target
age.
What does your child
know about financial
literacy?
The family discusses money and
sacrifices for desired items or
experiences. There has been no

44
Do you talk about
making financial
decisions with your
child?
Do you feel financial
literacy is critical?
Please expand on the
yes/no response.
formal financial literacy training or
planning with the family. Mother
reports that she and her husband
believe that if you work hard and
plan, you will be okay financially.
7 Female, 15 Student He is a student of the
target age.
What do you understand
about making financial
decisions?
If you were to
participate in a financial
literacy course, what
would you like to learn
about (list of topics
provided to select from)
Do you retain
information best when
images look like you?
Do you retain
information best when
language is like how you
speak?
“Not a lot”. The student indicated she
understood how to make purchases
in-store but did not think about what
goes into money to purchase items—
interested in saving and income.
Modules 3,4 and 5. The student
reported not paying attention to the
language and images during learning.

45
8 Mother Single Mother of
one
Student in the target
age.
What does your child
know about financial
literacy?
Do you talk about
making financial
decisions with your
child?
Do you feel financial
literacy is critical?
Please expand on the
yes/no response.
Family is open and often discusses
things like money and how to spend
as a whole group. There is no formal
talk or financial literacy education
with the child, but the child knows
how some financial decisions are
made (rent, leisure activities, eating,
cell phones). Follow-up questions on
how much the child knows and the
mother reported cost compared to
money available.
9 Male, 17 Student He is a student of the
target age.
What do you understand
about making financial
decisions?
If you were to
participate in a financial
literacy course, what
would you like to learn
about (list of topics
provided to select from)
Do you retain
information best when
images look like you?
Do you retain
information best when
language is like how you
speak?
“One important thing is to plan”. The
student reports that he writes out his
plan for spending money he gets
from his allowance. As a studentathlete, he says that is his priority, so
he does not work and relies on the
money he gets from his mother. He is
interested in Modules 4, 5, and 11.
He was neutral on language and
images but expressed that it would
“be cool” to see people who looked
like his community doing positive
things.

46
10 Mother Single Mother of 1
son.
Student in the target
age.
What does your child
know about financial
literacy?
Do you talk about
making financial
decisions with your
child?
Do you feel financial
literacy is critical?
Please expand on the
yes/no response.
The mother reported that she was
raised in a single-parent household.
As a result of seeing her mother
struggle to make financial decisions,
she decided that income and
intelligent financial decisions would
be a priority in her home. She
teaches her son to plan for his wants
and keep education first. Education is
crucial to this family, and they
continue to have upward mobility
with each generation. “I’m doing
better than my mother was, and my
son will surpass me with income and
financial decisions.”

47
FDIC Modules:
Module 1: Bank On It (1)
Module 2: Setting Goals and Making Financial Decisions (1,1)
Module 3: Making the Most of Your Income (1,1)
Module 4: Your Spending and Saving Plan (1,1,1,1)
Module 5: Saving for Your Goals and Your Future (1,1)
Module 6: Building Your Credit History
Module 7: Borrowing Basics
Module 8: Charge It Right
Module 9: Protecting Your Money and Your Identity
Module 10: Buying a Car
Module 11: Paying for Education and Training (1,1,1,1)
Module 12: Living on Your Own
The pilot group will use the initial prototyping to identify the modules students are most interested in.
After analyzing the feedback of the students and their parents, Modules 2, 4, and 11 were selected for the
pilot group. Out of the five families represented, three had two-parent households. There seemed to be no
discernible difference in interest between single and two-parent homes.
Design Criteria
CRITERIA OPPORTUNITY SPACE
MUST-haves
and nonnegotiables
The curriculum must be exciting and
relatable to what is currently going on
in their lives and futures. The students
like the idea of online delivery because
they can be attended quickly. The
parents like the virtual curriculum
because it keeps them from having to
shuttle the children around, given other
things in their lives.
-funding (grants and private investors)
The instructor should be mindful of the
student's responses to the curriculum to
provide feedback on what kept their interest.
The students within the pilot group will
provide feedback on which areas of the
curriculum were helpful in their
understanding of the material. Ensure that
every student can participate in the learning
sessions.

48
- Financial consultants (to adapt
curriculum and oversee other financial
products and resources.
-feedback from students and their
parents.
COULD haves
and optional
features
If the curriculum was delivered in
person, parents asked whether the
program provided students with
incentives such as money or snacks.
Considering some students are studentathletes, there could be a focus on how
to apply this as a student and athlete
making financial decisions.
-Family financial game night as an
opportunity to practice skills.
- Family learning sessions to get the
parents and students to see what is
working and not working about the
curriculum from each perspective.
Advertise the curriculum availability with
guidance counselors and coaches. Apply for
grants and seek partnerships with investors
to provide the participants with a stipend to
open a savings account.
SHOULD haves
and essential
features
A couple of parents reported that the
program should have material provided
to the students so they can review it
together. Another important feature to
have is action after learning. This could
be ongoing support or an opportunity to
open a savings account.
-Material is provided to each student in
paper form. They can use a mobile
device to attend the Zoom lessons.
-Follow up with the pilot group
regularly (monthly check-in for the first
six months) to monitor students' use of
skills learned and provide assistance to
reinforce skills.
A partnership can be made with local banks
to offer savings accounts. There could also
be partnerships with community-based
organizations that support children interested
in starting their businesses or attending
college or trade school.

49
WON’T have –
things that are
not on the table
The students reported wanting a
program that keeps their attention (not
dull) and is short.
-guarantee financial assistance for
meeting financial needs at home.
-A limit on the number of times a
student can participate in the
curriculum.
During curriculum delivery, the students
may be interested in playing online games.
The instructors can spend more time giving
examples.
FDIC Money Smart Curriculum
Module 1- Setting Goals and Making Financial Decisions
Instructor Guide
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq8SAAQ
Participant Guide
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq8lAAA
PowerPoint Slides
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq2rAAA
Module 2- Your Spending and Saving Plan
Instructor Guide
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq5HAA
Q
Participant Guide
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq5IAAQ
PowerPoint Slides
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq31AAA
Module 3- Living on Your Own
Instructor Guide
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq1MAA
Q
Participant Guide
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq8kAAA
PowerPoint Slides
https://catalog.fdic.gov/catalog/sfc/servlet.shepherd/document/download/069t000000ghq38AAA

50
Appendix B
Financial Literacy Program Budget
A. Salary/Stipend – Total: $5,000
The Program Manager oversees the program and will spend 100% of their time supervising the
administrator and professional development training staff. This individual’s annual stipend is
$500 each quarter of the pilot program contract, totaling $2,000.00 per quarter. The
administrator is a part-time assistant who will provide secretarial support to the manager and
consultant. This individual’s annual stipend is $250 per quarter of the pilot program totaling
$1,000.00 annually.
Instructor/Financial Educator is a part-time employee who will conduct quarterly training and
stay current with current trends. This individual’s annual salary is $500 each quarterly, totaling
$2,000.00 annually.
B. Fringes –
Total: $0.00
None.
C. Staff Development – Total: $300.00
The Program Manager and financial instructor will attend Classes at the local community
college to continue their education in social work and personal finances for two
semesters. 2 semesters x 2 classes x $75.00 per class=$300.00.
D. Travel –
Total: $35.60
The staff is expected to travel around the county/State to attend continuing education
trainings/conferences. The agency reimbursable rate is 0.445 and not the Federal rate of
0.585.
Program Manager 40 miles x 0.445 = $17.80
Instructor/Financial Educator 40 miles x 0.445 = $17.80
E. Equipment Purchases – Total: $2,00.00
One computer package including printer, scanner, Zoom business account, and Word
Programs will be purchased. The computer will be based in the administrative office and
used to develop and maintain client databases and perform administrative work
connected to this program.

51
I. Other –
Total: $2,500
Meeting Supplies: to provide supplies for administrative meetings, workshops, etc.,
$150.00 x 4 quarters per year = $600.00.
Office Supplies, including binders, file folders, printer paper, toner, staples, etc., $100.00 x
4 quarters per year = $400.00.
Phone and Internet Service: This service is needed to stay connected to funding sources,
parents, community collaborators, and staff. $ 50.00 per month x 12 months = $600.00.
Postage: Includes mailing, postage of flyers, program announcements, fiscal reports, etc.
$33.33 x 12 months =$400.00.
Printing: to include flyers, registration forms, handouts, workshop information, binding,
etc. $41.67 x 12 months = $500.00.
Advertising: To include hiring notices, meetings, and special events, $50.00 x 12 months =
$ 600.00.
Curricula Cost: (FDIC Money Smart): $00.00.
L. Indirect Costs – N/A
Total: $0
Total: $11,135.60
Time Horizon for Start-up:
Activities for Start-up Volume of Activities Potential Costs (time, purchases, etc)
Raise Money 3 sources (Grants, private donors, fundraisers) Once every 6 months. $300 in advertising twice a year
Hire Staff
Four parttime employees (Admin &
Supervisor/Manager, Custodial services &
instructor) Each employee will work no more than 2 hours per week to prepare and conduct trainings and receive a stipend each quarter.
Train Staff 4 times a year (once each quarter); Cost is incorporated with their quarterly stipend for the pilot program.
Program Development 4 times a year (once each quarter); Cost and time are dependent of pilot group feedback.
Office Materials and postage 4 times a year (once each quarter); $500 budget set for each quarter ($2,000 annually) to cover printing participant materials, office supplies and postage.

52
Category Comments
REVENUE
Grants & Contributions $10,000.00
Fundraising $5,000.00
Total REVENUE $15,000.00
EXPENSES
Personnel Exp
Wages/Salaries
Officers/Staff $3,000.00 $ 500 (Manager), $250 (Admin) each quarter
Other Parttime Staff $2,000.00 $500 (Instructor)
Sub-Total
Benefits (@30%)
Total Pers. Exp $5,000.00
Other Operating Exp
Advertising $600.00
Tech/Computers $2,000.00 Cover device and internet for administrator and manager
Travel $35.60
Trng/Prof Dev $600.00 Program Manager and financial instructor will attend Classes at the local community college to continue their education in the area of social work and personal finances for two semesters. 2 semesters x 2 classes x $75.00 per class=$300.00.
Printing/Postage $900.00
Office Supplies $2,000.00
Total Other Op Exp $6,135.60
Total EXPENSES $11,135.60
SURPLUS/DEFICIT $3,864.40
Total EXPENSES
SURPLUS/DEFICIT
Financial Literacy for African American High School Students
2024-2025

53
Participant Application Form for the Financial Literacy Program
Personal Information:
1. Full Name:
2. Date of Birth:
3. Gender:
4. Contact Information:
o Address:
o City:
o State:
o Zip Code:
o Email:
o Phone Number:
Educational Information:
5. Current School:
6. Grade/Year:
7. Are you currently enrolled in a financial literacy class at your school? (Yes/No)
Demographic Information:
8. Ethnicity: African American
9. Are you comfortable sharing any additional demographic information? (Optional)
Financial Background:
10. Are you currently employed? (Yes/No) - If yes, please specify your job title and employer
(if applicable).
11. Do you receive an allowance or have any personal income? (Yes/No) - If yes, please
specify the source and amount (if applicable).
12. Are you responsible for any personal financial expenses? (Yes/No) - If yes, please briefly
describe your financial responsibilities.
Why are you interested in participating in this program? (Please provide a brief
statement.)
Expectations and Goals:
13. What do you hope to gain from this financial literacy program?

54
14. Do you have any specific financial goals or challenges you want to address through this
program?
Media Release Consent:
15. Do you consent to using photographs, videos, or quotes from participating in program
activities for promotional and educational purposes? (Yes/No)
Emergency Contact:
16. Emergency Contact Name:
17. Relationship to Participant:
18. Emergency Contact Phone Number:
Declaration: I understand that by participating in this program, I am expected to actively engage
in learning activities and discussions related to financial literacy. I agree to be respectful of
others and contribute positively to the program.
Signature: Participant's/Parent Signature: ___________________________
Date: ___________________________

55
Participant Feedback Questions
1. What did you find most valuable about the financial literacy classes you attended?
2. Were any specific financial topics or concepts challenging to understand or apply?
3. Did the class materials (e.g., textbooks, worksheets, online resources) resonate with your
experiences and background as an African American student? Why or why not?
4. How did the financial literacy classes impact your knowledge and awareness of financial
management?
5. Have you used the information and skills you gained in the classes to make financial
decisions in your personal life? If so, can you provide examples?
6. Were there any teaching methods or activities that you found particularly engaging and
effective in enhancing your financial literacy?
7. Do you believe the financial literacy classes adequately addressed the unique financial
challenges or opportunities that African American individuals may face?
8. What suggestions do you have for improving the financial literacy classes or making
them more relevant to African American students?
9. Did you feel comfortable discussing financial topics and asking questions in class? If not,
what could be done to improve this aspect?
10. Have you noticed any changes in your financial behaviors or habits due to taking
financial literacy classes? Please describe.

56
11. Do you feel more confident managing your finances after participating in these classes?
Why or why not?
12. Would you recommend these financial literacy classes to other African American high
school students? Why or why not?

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Asset Metadata

Creator Rowles, Samantha D. (filename)

Core Title Financial literacy for African American students

School Suzanne Dworak-Peck School of Social Work

Degree Doctor of Social Work

Degree Program Social Work

Degree Conferral Date 2023-12

Publication Date 12/07/2023

Defense Date 11/13/2023

Publisher Los Angeles, California (original), University of Southern California (original), University of Southern California. Libraries (digital)

Tag African American,financial literacy,High school students,Literacy,OAI-PMH Harvest,students of color

Format theses (aat)

Language English

Contributor Electronically uploaded by the author (provenance)

Advisor Hunter, Harry (committee chair)

Creator Email rowless@usc.edu

Permanent Link (DOI) https://doi.org/10.25549/usctheses-oUC113787914

Unique identifier UC113787914

Identifier etd-RowlesSama-12531.pdf (filename)

Legacy Identifier etd-RowlesSama-12531

Document Type Capstone project

Format theses (aat)

Rights Rowles, Samantha D.

Internet Media Type application/pdf

Type texts

Source 20231211-usctheses-batch-1113 (batch), University of Southern California (contributing entity), University of Southern California Dissertations and Theses (collection)

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Repository Name University of Southern California Digital Library

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