Financial Literacy: The Overlooked Case of Non-White Women

• In Event: A Bird's Eye View of Adult Learning: Understandings at Scale

Abstract

This paper investigates the level of financial literacy achieved by non-white women compared to three other ethnic/gender groups (white men, white women, non-white men). The study draws on the 2021 National Financial Capability Survey, with a sample of 27,118 respondents (of which 18.8% are non-white women). Prior studies have found a gap between males’ and females’ financial literacy; however, the gap has not been fully explained, and no specific research was found in relation to the women of color gap. The present study found that, after controlling for SES variables, non-white women score the lowest of all four ethnic/gender groups. A secondary finding is that this literacy gap persists across nearly all 50 states.

Author

• Horacio Rocha, Graduate Center - CUNY