Cathy Faulcon Bowen

Money Matters of African Americans

This chapter highlights studies involving African Americans and money matters. Four themes are covered: money knowledge, wealth, spending choices, and retirement. Albeit slow, as a group African Americans or Blacks are making progress on the journey to financial security. Like the rest of the nation, financial knowledge could be improved. Their participation in the stock market has increased, yet it still trails the participation rates of other racial groups. Their spending power is expected to rise with their increased education level. They are as confident as all American workers about their retirement security although their savings and other preparations could be improved.

What Are Student Loan Borrowers Thinking? Insights From Focus Groups on College Selection and Student Loan Decision Making

This study used data from online focus groups collected from November 2014 to April 2015 to understand college students’ decision-making processes when borrowing money to finance their education. Data were collected using an online course management system. Results suggest that (a) students relied heavily on advice from parents, guidance counselors, and friends; (b) attending college was not possible without student loans; and (c) students knew very little about the loans they would be responsible for repaying. Recommendations for financial educators and counselors to help student borrowers make prudent decisions about education debt are presented.

Libraries and Financial Literacy Programs

In recent years, financial literacy has surfaced as a topic of discussion on many fronts and is the focus of this special issue. This introduction sets the foundation for the variety of articles aw...