Tapping Into the Unbanked Market And the Survey Says?: A Case Study of Financial Education in Chicago
Dr. Angela C. Lyons, Assistant Professor, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, presented "And the Survey Says?: A Case Study of Financial Education in Chicago," a report on an analysis of the effectiveness of financial literacy training. "Amid growing concern that the unbanked are inadequately prepared for today's complex financial marketplace, financial education programs seek to provide the knowledge needed to enter the banking mainstream," she said. "Our findings on the FDIC's Money Smart program in Chicago in drawing the unbanked into the bank was a two-year effort, using data collected from more than 300 participants. We found that the program was successful in that 80 percent of participants said they were committed to opening an account, even if the actual numbers opening accounts were lower. It was agreed that the benefits of financial education were significant," she said. "The unbanked and former unbanked alike were found to be making informed financial decisions, regardless of what those decisions were."