Separated by Bars or Benjamins? A Comparison of the Finanical Knowledge and Habits of Arkansas Insiders and Arkansas' General Population

• In Event: Poster Session

Abstract

This study examines the level of financial literacy of male inmates in Arkansas’ correctional institutions as well as the Arkansas general public. While literature on the financial knowledge of the general American public is extensive, to the author’s knowledge, research into the financial literacy of prison insiders is relatively sparse. Primary data on 299 Arkansas inmates was collected, by the researchers, in order to ascertain the financial realities of those within correctional institutions. Furthermore, the 2012 National Financial Capability Study, funded by the Financial Industry Regulatory Authority (FINRA), is utilized to gather data on the financial literacy of the Arkansas male population. The present research examines and compares the financial practices and knowledge of the two separate samples of incarcerated and non-incarcerated populations. It is crucial to compare these populations because low levels of financial literacy often provide barriers to wealth and asset accumulation which may increase not only the likelihood of criminality but also the probability of recidivism.

Authors

• Marc D. Glidden, University of Arkansas at Little Rock

• Timothy C. Brown, University of Arkansas at Little Rock